Blockchain in the the sports industry
From sports rights management and asset tracking, to fan engagement and harnessing of big data, blockchain has a lot to offer the sports industry.
Description: Blockchain has a huge number of potential applications. Learn how new technology can transform the sports industry.
Blockchain is becoming the mainstream in many industries, including the sports industry. Star players, well-known clubs and startups have shown unprecedented interest in the new technology, offering blockchain solutions that fundamentally change the mechanisms of financing, interaction with fans, investors and advertisers.
The potential of distributed register technology in terms of security, transparency and cooperation has already been appreciated by representatives of many fields, from finance, logistics, law and medicine to energy and agriculture. Gradually, blockchain is also being introduced in sports, one of the largest markets, which will exceed $600 billion by the end of 2020.
So what can new things be brought by a blockchain to the sports industry to provide more opportunities for athletes and their fans, as well as to expand the crypto ecosystem?
Regardless of the sport, fans are one of the most important assets of clubs and individual players. Therefore, more and more marketing strategies are aimed at attracting new fans who can not only observe the careers of their favorite athletes, but also directly participate in important decisions concerning their professional life.
For example, several well-known European football clubs, including Pari Saint-Germain, Juventus, Roma, Athletico Madrid and others have partnered with the Socios blockchain project. The platform provides teams with the opportunity to produce their own tokens, which fans can purchase and use to vote for important decisions. In addition, token owners have access to rare collectibles, personal communication with club stars, participation in charity events and even in some matches.
According to co-founder of Socios Alexander Dreyfus, the platform aims to create a global football community and the largest marketplace for fans, while also promoting blockchain and digital currencies.
Another way to use the blockchain to expand the audience of fans is to introduce cryptocurrency payments. For example, Portuguese professional football club Benfica this season began to accept payment in the cryptocurrency in its official online store, including the purchase of tickets for matches. In order to prevent counterfeiting and duplication, the Union of European Football Associations (UEFA) has created a special mobile application to sell tickets based on a blockchain.
Nowadays, the sports industry is involved in processing a huge amount of data, from the rules of competition and forecasting the results of matches to the health indicators and achievements of players. When properly analyzed and structured, this information is of great value because it enables teams and individual athletes to improve their performance.
Injury prevention can be an important area of use. Solutions based on distributed registry technology, smart contracts and AI are ideal not only for data storage, analysis and sharing, but also for solving legal problems in the event of an athlete’s injury.
For example, Microsoft’s Sports Performance Platform helps coaches track, optimize and predict what players will do. By using machine learning techniques, team coaches can analyze an athlete’s activity over a period of time, rest periods for recovery, and predict the likelihood of injury.
Blockchain in cybersport
Cybersports is one of the fastest growing and profitable industries with multi-billion-dollar turnover. The industry annually attracts a huge number of new users, and celebrities, large investors and technology companies are actively interested in cybersports.
According to the latest research, the main audience of electronic games is the young generation of 21 to 35 years old. Due to their age, eSports enthusiasts do not remember the times when money was mostly cash, and games are only available offline. They can easily perceive any technological novelties, including blockchain and cryptocurrency.
Already today there is a trend of successful interaction of digital currencies with the cybersports industry, and the inflow of investments contributes to the prosperity of this tandem. Last year alone, Dreamteam raised $5 million during a funding round supported by Mangrove Capital Partners and entered into partnerships with major players in the industry.
“The huge growth in the popularity of eSports, combined with the active adoption of the latest technologies by gamers, creates the ideal environment for the development of the blockchain in this area. Through the use of smart contracts, the platforms decentralize participation in tournaments, ensure fair distribution of winnings and protection against fraud,” said David Varokier, partner at Mangrove Capital Partners.
The Blockchain has tremendous potential to fundamentally transform the sports industry, making participants more competitive, opening up new opportunities to attract fans and investment. The introduction of innovative technologies contributes to the development of the entire ecosystem, and blockchains are likely to play a key role in this process in the near future.
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