The sports industry is at the peak of a technological revolution driven by blockchain technology. Enhancing fan engagement and creating new revenue streams, has a notable impact on traditional business. The Paris 2024 Olympics is around the corner and the UEFA just had a successful closure. Let's check out the development of blockchain and how they have changed the industry.
Applications of Blockchain in Sports
Blockchain technology expands the possibility of sports games. Athletics Rush, a digital athletics game which is based on the Tezos blockchain, by TapNation was released before the opening of The Paris 2024 Olympics. The game offers a mobile gaming experience with global competitions and blockchain rewards for players worldwide. Sorare, a fantasy sports game combines sports collectibles and NFT. The platform lets users buy digital player cards tokenized on the Ethereum blockchain; those unique cards can also be traded on the marketplace.
Blockchain has caused a revolution in how sports tickets work. Platforms like Aventus are event ticketing platforms built on the Ethereum network and powered by smart contracts. Using blockchain technology, ensures seamless event ticket purchasing between event organizers, promoters, and buyers, preventing fraud and ensuring ticket authenticity.
Sports tokens are changing how fans interact with their teams. Paris Saint-Germain minted the PSG token on the Ethereum blockchain. People who own Paris Saint-Germain (PSG) can participate in the process of choosing the message to write on the captain's armband. Holders also gain access to selected VIP experiences at the club and can use the tokens to acquire official PSG team merchandise. PSG is also available on the Socios fan token platform where fan token owners can buy or trade tokens. The innovations have turned fans from passive spectators to active participants.
Blockchain Shaping the Sports Industry
Blockchain opens up possibilities and ensures transparency. The technology also gives fans a stake in their favorite teams, fostering a deeper connection and loyalty. This opens up new ways to make money through trading by using decentralized finance apps.
According to CoinGecko, the market value of the Chiliz, the native coin of the Socios blockchain, has climbed from about $687 million to over $1.07 billion at the start of the year and is comparable to the 2022 World Cup level. Thanks to new technology, the sports industry can boost fan involvement, increase revenue, and be more open by using blockchain, DeFi, and NFTs.
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