Web 3.0 to embrace sports industry’s business

Introduction

With Covid 19, our way of life has undergone a significant transformation. Every aspect of our life has undergone tremendous change, from our weekly grocery shopping to our workplace setup. Similar to how travel and many other industries have changed due to digital technology, sports also have. Despite the fact that the pandemic resulted in many positive improvements, its detrimental impacts on income and revenues are equally clear. 

Additionally, the sports industry is not immune to its consequences. Due to the COVID-19 epidemic, numerous domestic and international sporting events have been canceled or rescheduled. It not only upsets sports fans but also harms the sport’s ability to make money. In order to make up for this loss, several professional sports leagues are presently investigating Web3. To engage with sports fans worldwide and find new revenue streams, Web3 is utilizing the release of fan tokens, also known as non-fungible tokens (NFTs). Because it tries to raise money without sacrificing any equity, sports professionals can refer to this as a clever initiative.

About Web3

Web3, the latest iteration of the internet, has added decentralization and Blockchain technologies. Web3 has the ability to enhance the online experience for all users significantly. Will Web3 replace Web2 if you’re contrasting the two and have that question in mind? Our direct answer to your question is no; it won’t replace the current edition. Web3’s goal is to improve the internet rather than completely replace the previous version. Web3 uses NFTs, virtual currencies, and blockchains to give ownership back to the general public. 

Sports leagues that are into Web3

The transition to full digitalization in the sports business started somewhat slowly. But now that momentum has started to build, professional sports are starting to adopt a new perspective gradually.

The second-highest spending category for NBA sponsorships this year is cryptocurrencies. NBA and Dapper Labs, the business responsible for the CryptoKitties NFTs, worked together to introduce NBA Top Shot. The NBA Top Shot is an NFT with a basketball theme that allows fans to purchase, sell, and collect the match’s historical highlights. According to NFT, this project is one of the best collectible cryptocurrency projects.

In an effort to find new revenue sources this year, the NHL has also jumped on the Bitcoin rollercoaster. NHL collaborated with Sweet, the NFT marketplace, to provide fans with contemporary and vintage video clips. 

The leading Premier League soccer teams have also begun using fan tokens to build more personalized bonds with their fans. Manchester City, Arsenal, and Paris St. Germain have each established their own fan tokens on Socios.com: $CITY, $AFC, and $PSG. This makes it possible for fans to follow their teams whenever and wherever they want.

As you can see from the above examples, gamification and tokenization are well-liked strategies used by different sports to interact with their fans.

About Fan tokens

A Fan Token is a blockchain-based digital asset that enables access to sports organizations’ services to its supporters via the Socios.com app.

By using fan tokens, members can access a variety of fan-related membership perks, such as the ability to vote on club decisions, incentives, item designs, and special events. In contrast to NFTs, fan tokens are completely “fungible” or interchangeable. As a result, the tokens work much like currency or cash to purchase goods from sports clubs and other products.

How were Fan tokens minted?

The three fan tokens—$CITY, $AFC, and $PSG—mentioned above were all created on Chiliz. Chillz is a blockchain service company that primarily serves the needs of businesses in the sports and entertainment industries.

Benefits of Fan tokens for holders

Fan Token owners benefit in many different ways. The majority of fan tokens on Socios.com, including $CITY, $AFC, and $PSG, will be able to access the following advantages, including VIP advantages, take control of the situation and choose wisely, win amazing prizes to make dreams come true, join the next generation of super fans.

The supporters eventually make the team’s decisions, which is very crucial. Some of the football teams described above-permitted owners of fan tokens to select the message to be posted in the locker room and other locations, the greatest defensive performance of the season, and the team’s slogans for the captain’s armband.

How to Purchase Fan tokens?

There are two ways to buy fan tokens. The above-mentioned fan tokens can be purchased directly on Socios.com, but to exchange them for any fan tokens, you must first purchase the in-app currency Chiliz ($CHZ) with a debit or credit card later.

Users also have the choice of purchasing different fan tokens on reputable cryptocurrency exchanges like Poloniex. With the listed cryptocurrencies on Poloniex, you can buy and sell fan tokens on the spot market.

How can Fan token holders contribute to Web3?

People are becoming more eager to participate in an impending technology revolution as their excitement over blockchain, cryptocurrencies, and web3 grows. The fascinating aspect of the cryptocurrency industry is the abundance of options for contributors. As long as you possess a fan token, you will participate in building the Web3 ecosystem.

The main purpose of fan tokens was to enable token holders to communicate with and influence their chosen sports organizations. The most important aspect of utility tokens is their capacity to allow token holders to decide as a group and specify the best practices, or governance, for the clubs.

About Poloniex

Founded in 2014, the global cryptocurrency exchange Poloniex provides spot trading, futures trading, and leveraged tokens. The creator of TRON, H.E. Justin Sun, gave money to Poloniex in 2019 so that it may expand its clientele internationally.

Poloniex now provides services in more than 100 regions, countries, and languages. In 2022, Poloniex unveiled a brand-new trading platform with enhanced use, speed, and stability. Poloniex will continue to educate clients about the possibilities of cryptocurrencies by working with TRON, which has been designated as the national blockchain for the Commonwealth of Dominica and has been awarded the statutory status in the country for TRX, BTT, JST, NFT, USDD, USDT, and TUSD.