What Happens When Web3 Meets the Sports Industry?

Web3 is the new rendition of the internet, bringing ownership and decentralization into the global web. When you combine Web3 with the sports industry, you get interesting platforms and many engagement opportunities for sports fans.

Apps that allow users to compete against one another in friendly games based on their knowledge of various sports have seen a meteoric rise in popularity over the past few years. Sports enthusiasts have jumped at the chance to show off their expertise in different areas of their favorite sports. 

Therefore, it shouldn't be surprising that fan engagement platforms have become a highly successful offshoot of the larger sporting industry that operates like a well-oiled machine. But, noting how far the industry has already come, there's always room for creativity and development.

Because the entire structure of sports monetization is changing, blockchain goods related to sports may see an opening to have an even bigger influence on amateur sports. 

Fan engagement platforms allow users to own NFT assets based on their favorite sports teams and players. NBA Top Shots, for example, lets players collect NFT video clips of specific moments within a basketball game. Fan engagement can also include marketplaces where fans can buy merchandise and access special perks. 

The potential of NFTs to bring digital and physical utility closer together has already started to take off. We've seen how these one-of-a-kind assets can be used to produce game tickets and immortalize historic events, such as with the NBA Top Shots. In addition, the experience for the fans will continue to be elevated to new levels of synchrony thanks to the exclusive items that will be made available. 

Fantasy sports is another space that is seeing adoption within the Web3 space. Because success in fantasy sports depends on how users are with current news and player developments, it is one of the most successful means of maintaining fans' interest outside matches. Fantasy sports may be found in various sports, from baseball to basketball and football. 

When it comes to fantasy sports, some platforms let users create fantasy teams with NFT characters based on real-world athletes. The fantasy team's success usually reflects the real-world performance of the team or the athletes, with a player's fantasy team doing better in the fantasy leagues if their real-life counterparts are performing well.

Since the fantasy team's performance is linked to real-world results, players can engage with the platform many times each week and watch more games because they are interested in the performance of their fantasy teams. Additionally, there is a focus on community inside the applications, with fans able to engage, trade, and interact with each other.

Owning and trading digital assets related to a fan's favorite sports team or player can also bring additional revenue to sports leagues that set up these engagement platforms. Web3 brings digital ownership to sports fans, allowing them to collect and trade blockchain-based assets, while the sports leagues have an additional revenue stream to benefit from.

Physical collectibles (i.e., baseball or soccer cards) have seen a lot of success. However, younger people are spending more time indoors and online. Due to this, bringing the digital collectibles market into the digital space is a great way to keep sports fans engaged.

Maincard creates a unique user experience for fans of all popular sports, enabling an exciting fantasy management platform that offers the potential for additional income in the form of money and NFT cards for guessing the results of matches in the world's top sports matches. 

Users purchase Maincards as in-game currency and try to match the most match results during the week, resulting in cash prizes and rare NFTs that can be collected, auctioned, or used in-game to wager among themselves for the most successful users. 

The team is creating new mechanics using blockchain technology for application in the fantasy management industry and democratizing outcome estimation in sports to provide an additional source of income for fans of this sport. 

A more unified fan experience is necessary to pave the way for new sports-related goods and services to be customized to cater to fans' spending habits. Sports platforms can offer a more personalized experience for fans by developing tools that enable digital participation on their part. A more satisfying customer experience translates to a healthier bottom line.

The digital-first fandom is putting new expectations on the world of sports, and the sports industry is adapting to meet those needs. If this architecture is executed effectively, it will benefit athletes, sports leagues, and sports teams. At scale, new income sources and a much-reduced amount of transactional friction across practically every facet of the ecosystem will synchronize the needs and desires of the athlete, the fan, the team, and the leagues. This will allow the needs and wants of fans to be met more efficiently. 

Conclusion

Web3 provides new ways for fans to engage with their favorite sports, whether through fantasy sports or sports NFTs. As a result, the Web3 space will have a considerable impact on the sports industry.