Nfts
NFTs and the Future of Fan Engagement: How NFTs Can Drive Engagement with Sports Brands
Reading time: 3 minutes
By: Evgeniy Babitsyn, Marketing Director, Paris.io
The sports industry is in the midst of its own digital transformation journey with the introduction of new technologies, and at the forefront of this digital shift are NFTs – also known as non-fungible tokens.
NFTs can represent any type of digital object, and in recent years they have been commonly used for original collectibles and works of art – but they are now entering the sporting arena in a way unique. The beauty of NFTs is the unique metadata and ownership information that is tracked through the blockchain, making them a one-of-a-kind digital collectible that cannot be duplicated. Due to their collectible nature, it is only natural that NFTs have attracted the attention of sports enthusiasts and die-hard fans.
In fact, according to Deloitte Researchapproximately 40% of Gen Z and millennial sports fans are at least somewhat familiar with the use of NFTs and fan tokens in sports.
But why ? And how can they boost engagement?
NFTs are quickly emerging as a powerful tool for sports brands to drive deeper fan engagement and unlock new revenue streams. This is because sports fans are, by nature, competitive and eager to own exclusive content from their players, teams and brands that they love so much. They want to be part of the action.
By playing on this sentiment and thereby strengthening fan loyalty, sports brands have a huge opportunity to elevate their revenue streams to new heights and gain a competitive advantage over other brands.
Imagine an athlete releasing a limited-edition NFT that represents the most iconic moment of their career, like the game-winning shot or a record-breaking performance. Fans who own this NFT can then access exclusive content related to that moment, including behind-the-scenes footage or interviews.
There is truly no limit to these tokens, and depending on the asset, they can be highly sought after. As more sports fans adopt digital tokens, sports brands are quickly realizing that there is huge potential for fan engagement if they continue to innovate with this technology.
Bringing collectibles into the 21st century
Sports memorabilia and collectibles have been a way for fans to feel more connected to their favorite teams and athletes for centuries. And now, thanks to advances in technology – specifically blockchain technology – fans can collect in the digital realm, gaining access to truly “clean” digital objects and experiences.
Beyond digital art or collectibles, NFTs can also incorporate the idea of gamification, exclusive content and experiences into their NFTs – allowing fans to engage more actively while unlocking new income opportunities.
The possibilities are endless, going far beyond just digital collectibles. They can also provide fans with access to exclusive digital or in-person experiences, events and products. Think front row seats or a post-game meet and greet.
Thus, NFTs offer brands a great way to diversify their revenue streams by strategically monetizing their content and intellectual property.
It’s truly a win-win, fans can own a piece of their favorite team’s history while also financially supporting their team. And sports brands can benefit from more loyal fans.
Transforming the fan experience
Engagement is essential for sports brands. After all, fans are ultimately the most important stakeholders. And offering NFTs can be a powerful tool for fostering deeper engagement within fan communities. NFTs offer fans more innovative ways to connect, prove their loyalty, and have their allegiance recognized.
Let’s look NBA Overhand Shot. NBA Top Shot is the perfect example of a blockchain-based platform that allows fans to digitally own and collect officially licensed NBA collectibles. The platform offers exclusive collectibles, including videos of the NBA’s biggest moments and highlights.
And football teams are also following suit. Manchester City, PSG, FC Barcelona have all joined in on the NFT hype – offering their own NFT collections to passionate supporters, such as worn jerseys, trophies and much more.
Sports betting and NFTs
And when it comes to sports betting, NFTs take the iGaming experience to the next level. Fans can purchase NFTs that represent specific bets, such as the winner of a particular game or the performance of a specific player. These NFTs can then be traded or sold, just like other NFTs, providing a new level of flexibility and excitement for betting.
The use of NFTs in the sports industry is still in its early stages, but has already shown great potential. We can expect more applications to come in from the sports world, including on Bets.io. Watch this place.
Looking ahead, the future is incredibly bright for sports brands leveraging NFTs as part of their business operations. Those who embrace these powerful new ways to inspire fans and forge deeper relationships with their communities will see their efforts translate into business value.