Are all ways to integrate NFTs or cryptocurrency into their business models. But what does this fit actually look like? And how close are we?
How Integral Is Licensing in Sports NFTs?
Making sure real-world teams are actually represented digitally is pivotal, all experts agreed. In order to make this a possibility, someone must acquire the rights for each team and league. Each expert said that process is interesting, but each team brings something different.
Brian O’Hagan says “In our case, everything we do is officially licensed. It’s like a traditional marketplace. If you don’t have the supply (teams) then it will be hard to create any demand. The more teams we have, the more interest from global users we noticed. Onboarding all these new teams onto a whole new world is exciting. Educating the clubs, their players and their fans is really exciting”. Max Rabinovitch adds “To be successful, it needs to feel like a native product. It shouldn’t feel like a Chiliz or SoRare asset. It should feel like a team asset. It’s fundamental to what we all do”.
Not on Top Shot yet? 👀
Kick start your @NBA Top Shot collection with the most 🔥 plays from this szn
Are Fans Starting to Take Ownership in Clubs With NFTs?
The experts aren’t so sure about that. Rabinovitch says it’s the wrong way to look at it. Instead of ownership in a team, we should look at it as ownership in the experience. It’s an added-level membership experience. He says “It’s less of a financial incentive, than it is an experiential incentive”.
Adding, Matt Solomon says “the benefit of being engaged with the fan experience. With athletes as part of the ecosystem, this allows fans to interact with them like never before. Giving the power of their experiences back to the users”.
How Has The Sports World Reacted to NFT Integration?
Sports fans are interesting creatures. Typically stuck in their ways, it is difficult to break a fan’s routine. O’Hagan says SoRare saw lots of skepticism at first.
He still acknowledges that they still need to educate. But as more new users onboard, more opportunities present themselves. O’Hagan says more sports IP is gaining traction in the digital world. And as this happens, more brands and communities will look for their piece of the pie. Sports fans are a massive marketing opportunity on their own. There is an emotional connection between the fan and their club. If a brand can slide in and be part of that connection, especially as we bring that connection to a new level with Web3, companies will jump at that opportunity. More companies and teams are being educated on this opportunity so they will be more open to it.
And when you speak on the reaction of the crypto community as a whole, Rabinovitch says they are happy to see the different applications.
The mainstream adoption, that end of the rainbow, is coming but there needs to be a catalyst. When people see these things, they see this as a good way to turn a lot of heads. Give casual folks a reason to learn about this stuff. [Though I do agree], there is still a lot of education to do”.
How Should Sports Fans First Interact with The Blockchain?
All experts agree to take it easy and go at your own pace. Find avenues and projects that interest you and go from there. Solomon ends with “We have very strong communities across the board. Go in and chat with these communities who have been in your exact shoes before and learn from those people”
Follow our new AltcoinBuzz Public NFT Wallet to keep an eye on collections we’re buying, selling and holding! Use this as a jumping-off point for your own research.