Interactive
BLOCKCHAIN IN SPORTS BETTING PROTOKOL
already in demand; FC Barcelona’s $1.3 million initial round of fan tokens sold out in under two hours.
2. DIGITAL TRADING CARDS
Trading cards and collectibles have always been a profitable revenue stream for clubs. But a digital age and a growing digital-native fan base (influenced by gaming and esports) demands an evolution into digital collectibles. By creating digital trading cards and memorabilia that fans can buy and trade, clubs are keeping pace with the changing consumption habits of fans and ensuring an even broader appeal. Blockchain- powered crypto collectables utilizing Non-Fungible tokens allow teams to create either unique or limited-edition collectibles, all provable via a secure and transparent digital ledger. We’ve seen this in practice with the wild popularity of the CryptoKitties game in 2017, but the same principles could easily be applied to digital sports collectibles.
Tese blockchain applications have a huge range of possibilities and lucrative revenue streams for the sports industry. Fans could purchase limited-edition player trading cards, or earn incentives for collecting all team players. In baseball, for instance, Major League fans can purchase All Star cards at a range of prices, generating new income for the club and appealing to a younger audience of sports fans.
3. REWARDING FANS ON ENGAGEMENT PLATFORMS
In the same way that blockchain can facilitate tokens and collectables to drive fan engagement, it can also be used to create engagement platforms for fans. On these platforms, fans can be rewarded for certain things, such as creating and sharing content, or through loyalty programmes that allow them to accumulate points or rewards to spend on merchandise, tickets, and digital collectibles. Tese platforms not only help to foster a sense of community for fans but can also enhance a club’s relationship with sponsors. Blockchain technology is transparent in nature, as everyone on the blockchain can be permissioned to have access to the information stored in it. For teams, this means the ability to share fan interaction data seamlessly with sponsors.
For sponsors, it means verified and immutable engagement metrics, and for fans it means visibility over the transactions when it comes to being awarded or spending loyalty points. Plus, because this information is decentralised (i.e. stored on a secure blockchain network, rather than one centralized server), there is also no single point of failure, making the data incredibly secure and almost impossible to corrupt. Blockchain, then, can provide
P136 NEWSWIRE / INTERACTIVE / MARKET DATA
These blockchain applications have a huge range of possibilities and lucrative revenue streams for the sports industry. Fans could purchase limited- edition player trading cards, or earn incentives for collecting all team players. In baseball, for instance, Major League fans can purchase All Star cards at a range of prices, generating new income for the club and appealing to a younger audience of sports fans.
reassurance of the validity of the metrics and insights gathered from fan interactions, helping sponsors generate a better ROI.
4. FIGHTING TICKET FRAUD
One of the biggest problems in the industry is ticket touting and counterfeiting. Sports clubs are looking for more effective ways to prevent fraud and many are turning to blockchain for an answer. Tis is because the technology’s transparent nature means that anyone can look up and verify the validity of a ticket, as well as tracing them back to the club to ensure they are legitimate.
As well as enabling more secure purchasing and storing of tickets, transferring tickets is made easier on the blockchain as it allows peer-to- peer transfers without intermediaries, letting fans who are unable to attend an event transfer their ticket securely without penalty fees or central actors. Tis is also true in the case of sports fixtures being delayed or cancelled, making rescheduling a simpler process for everyone.
5. BUILDING STAKEHOLDER TRUST IN ESPORTS
eSports is fast growing in popularity, with predictions that by 2021 eSports will see an annual growth rate of around 14% and the number of casual viewers and eSports enthusiasts rising to 557 million.
eSports involves multiple investors, from game developers to sponsors, team managers, players, sponsors, and media. Te problem with having so many stakeholders is that there is a huge number of transactions that have to take place, meaning information has to be repeated unnecessarily for each party. Intermediaries must also be involved, as in business transactions like these it does not make sense for one party to hold all the information. Blockchain’s decentralised nature can provide a single platform to bring all these actors together, allowing stakeholders to connect without
intermediaries. Tis allows for a more fluid process when it comes to the transfer of players, prize money or media rights through programmable smart contracts. Not only does this increase trust in the relatively new medium, but it also removes concerns over unfair distribution of prize money or payments.
6. GIVING ESPORTS PLAYERS THEIR AUTONOMY
Unfortunately, as a young industry, eSports is vulnerable to exploitation, and is currently facing a problem with match-fixing. Managers can pressure players to lose matches, and
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