Nfts
How Digital Collectibles Are Shaping Athletes’ Legacies — TradingView News
Since the dawn of sports, athletes have built their legacies on the playing field. We admire their achievements, cling to their records, their milestones, and the countless moments that marked their victories. Beginning in the 2010s, the advent of social media transformed the playing field, making it easier to access and learn about stars. A decade later, the emergence of NFTs gave fans and their favorite athletes a new way to connect. Today, blockchain-based collectibles and games are changing the way we view and interact with athletes, giving fans more tools to contribute, own, and expand their favorite stars’ playing field.
This editorial is part of CoinDesk GameFi Week 2024.
In anticipation of the upcoming Summer Olympics in Paris, Michel Cadot has advised the Prime Minister’s office to implement blockchain ticketing for all major sporting events around the Olympics held in Paris. Individuals would receive their tickets in the form of rotating QR codes via blockchain technology, with NFT tickets sent a few days before the event. These tickets will activate within a specific perimeter of the event venue to reduce ticket fraud but also allow attendees to keep a lasting souvenir on the blockchain.
As events like the Olympics and leagues like the NFL, NBA, and MLB all experiment with blockchain and NFTs in different ways, the question arises: Will on-chain assets be the future of athlete legacies? Let’s take a look at how this technology is being used today and what it could mean for decades to come.
NFTs allow fans to own a moment
NFTs allow fans to own a piece of the game by immortalizing iconic moments as digital collectibles. This preservation extends the impact of the game beyond its original location, creating a timeless connection between fans and their favorite sports. By owning these unique digital recreations, fans can engage with the sport on a deeper level, feeling a sense of ownership and participation that goes beyond simply watching or interacting on social media. This innovative use of blockchain technology ensures that memorable games and legendary highlights can live on forever, strengthening fan loyalty and engagement.
For example, a recent collaboration between AC Milan and Fanblock tokenized the stadium experience. Fans can obtain virtual plots of land in stadiums, earning rewards based on in-game events that take place in their area during official matches, such as goals, assists, and yellow cards. In 2022, the AO announced a celebratory NFT collection called Art Balls, featuring 6,776 unique digital tennis balls. Fans and creators can submit designs for these NFTs. Owning an NFT grants access to a digital tennis court in the Decentraland metaverse, where highlights from the historic competition are streamed. Additionally, each NFT is tied to a specific section of the physical court, and owners of the section where the winning shot lands will receive exclusive game data.
Additionally, Major League Baseball (MLB) now offers historical and recent game highlights, allowing fans to own content they couldn’t previously own that can forever commemorate a favorite moment or game they attended. MLB is also allowing fans to own player memorabilia in a digital format, opening up a new way to support their favorite players that goes beyond a physical keepsake or trading card that could be lost, stolen, torn or broken. With these assets living on-chain and forever verified, fans reduce these previously associated risks by extending the life of these valuable pieces.
Stars’ careers can become exponential
Professional athletes, some of the most physically and mentally gifted individuals, have long struggled to fully leverage their personal value. Traditional physical auctions often fail to generate revenue for the athlete or their estate. By leveraging NFTs, athletes can create new revenue streams that extend beyond their active career years, which typically last only 5-7 years. Agencies like Young Money APAA Sports are now providing their clients with their own digital player cards, allowing athletes to profit from their name, image, and likeness and collect royalties on any resale.
This digital approach allows athletes to capitalize on their fame and achievements in perpetuity, ensuring they benefit financially from their legacy. NFTs not only democratize the auction process by eliminating the middleman, but also provide athletes with ongoing opportunities to monetize their career highlights, memorabilia, and unique digital content directly from fans. Tiger Woods, Khabib Nurmagomedov, Stephen Curry, Micah Johnson, Son Heung Min, Rafael Nadal, Lionel Messi, Tony Hawk, Tom Brady, Usain Bolt, Wayne Gretzky are just a few examples of athletes who have officially licensed NFT collections.
Fan tokens allow fans to make decisions
We’ve also seen the rise of sports organisations using Fan Tokens. Unlike NFTs, these are fungible or interchangeable cryptographic tokens that can be used as currency for merchandise, VIP experiences and more. These tokens are used in a DAO-like structure, meaning that when a holder accumulates enough tokens, they have the ability to vote on club-related matters such as designs, ticketing issues and match venues. Fan Tokens open up exciting new possibilities for fans who are already engaged with their favourite club, allowing them to feel the rewards of a team’s success and further strengthen their loyalty.
While the Chiliz Fan Token is the first of its kind, popular clubs like Manchester City and AC Milan have also integrated this system. Not only do these tokens benefit the fans who decide to participate, but they also provide clubs with a new revenue stream that benefits the club as a whole, its players, and the fans.
Web3 games let fans become general managers
Web3 has also taken an interest in video gaming, offering a wealth of opportunities for iteration on traditional gaming. While there have been successes and failures in Web3 gaming, there has been much success in how Web3 gaming interacts with different aspects of sports. These games offer fans the opportunity to take on the role of general manager of their favorite teams or interact with their favorite players, bridging the gap between the real and virtual worlds. Games that leverage blockchain as the underlying technology enable users to own, trade, and manage digital assets while using crypto to combine investment, strategy, and entertainment.
Web3 games on mobile and browser are really at the forefront of the growth of sports games on Web3. For example, Sorare is a fantasy football game where users can collect officially licensed digital items to form teams and compete in tournaments. With this, users act as a general manager to make strategic decisions for their teams, while earning rewards. NBA Top Shot is another example where users can form teams, compete in challenges, collect highlights and earn rewards. Finally, games like “FootballCoin”, a Web3 browser game, allow users to become the manager of their team by using player cards of varying rarity and value to influence strategy and gameplay. Platforms like these engage existing and new fans in innovative ways, allowing athletes and clubs to shape the legacy of the digital age.
Web3 games are more than just a new form of entertainment, they are re-evaluating how fans interact with sports and athletes. By allowing fans to engage directly with their favorite teams, sports, and athletes, they help preserve and enhance the way fans perceive their favorite athletes in the present, but they are also a way to perpetuate the legacy, bringing fans closer to the action and deepening the connection they feel with the game.
The role of digital collectibles in building athlete legacies will be transformative. These new experiences not only redefine how athletes engage with their fans, but also democratize access to sports memorabilia and preserve key moments in sports history. Blockchain-based collectibles and games allow athletes to take control of their digital presence and narrative, providing a new way for them to share their stories and connect with fans around the world. By embracing them, athletes can transcend the boundaries of traditional sports marketing and leave a lasting mark on the digital landscape.
Note: The opinions expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.