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On The Table Read Magazine, “the best entertainment magazine in the UK“, we ask whether blockchain will impact the sports industry and sports fandom.
The sports industry, like many others, continues to change and has undergone huge shifts in recent years. In 2020, there were fewer fans wanting to watch live matches; instead, there was a greater shift to digital. As such, the sports and esports industries have looked for creative ways to keep people engaged. One of these creative ways is blockchain, which has fundamentally impacted the sports industry.
Cryptocurrency in Online Casinos
As blockchain has become more and more present in the world, it has started to appear in different parts of general life. One of these is online casinos. Some online casinos allow you to deposit and withdraw your winnings in cryptocurrency, and there are more and more of these online casinos every day. If you would like to find an online casino where you can use your cryptocurrency, you need to take a look at wishcasinos which has some online casino reviews.
One of the biggest reasons why people prefer cryptocurrency is that it is untraceable. Players feel more secure when depositing and withdrawing money this way. If you are excited about betting with crypto money, we recommend that you try it out at an online casino you trust. Without further ado, let’s talk about how blockchain will increase sports fandom in the future.
Increasing Fan Engagement
One of the biggest reasons for the advancement of blockchain may be the introduction of fan tokens. These tokens allow fans to buy these designated club coins with dollars, euros, pounds sterling, etc. Fans could use these tokens to buy the items they want, be they it collectibles, jerseys, etc. Or they can use them to meet other fans like themselves and participate in mobile voting. The existence of these tokens makes people feel closer to their favorite team.
Nowadays, many teams are using these tokens to monetize and increase fan interactivity. For example, Barcelona‘s fan tokens sold out in less than two hours in 2020. Fans with these tokens had the chance to participate in surveys about the team.
At the same time, it is important to know that these tokens are not just for clubs and teams to make money. Because the participation of the fans and their interactive progress is great for both the team and the fans.
Rewards for Fans
As mentioned earlier, blockchain can be used to create fan engagement platforms that make fans more interactive. Teams and clubs can use loyalty programs on these platforms. They could give rewards to fans who create and share content on the platform or collect rewards to purchase collectibles. Such platforms make fans feel valued and closer to the team, while at the same time strengthening the team’s ties with some of its sponsors.
Minimizes Fraud
Ticket counterfeiting or fraud has been a concern for the sports industry for years. Teams have been looking for measures to address this, but with the advent of blockchain, they are finding the most appropriate solutions. The transparency of the technology allows people’s tickets to be verified and traced to guarantee this. Blockchain also makes it easier to buy tickets without the need for intermediaries. This avoids penalty fees for fans who cannot attend a match and allows the ticket to be transferred. This also applies when matches are canceled for any reason. It becomes very easy to reschedule the match and re-arrange the tickets.
Shareholders’ Confidence in E-Sports Increases
There are multiple investors in the e-sports industry. These include players and media, game producers, and team management. As such, some information needs to be repeated over and over. It would not be easy for a single party to keep track of this data seamlessly. Thanks to the decentralization of the blockchain, a platform can be created to connect all these parties. In this way, these investors can communicate as they wish. Thanks to programmable smart contracts, each party will feel more secure.
Trading Cards – but In a Modern World
Even when we were young, we saw these sports cards or collection items being traded, which were a great source of revenue for the teams. With blockchain technology, this old tradition has been digitized and can be done more easily.
Conclusion
As you can see, blockchain technology has brought about major changes in sports and esports, and most importantly, it has served as a bridge that connects these two fields. We are sure that in the future we will see many more of these developments. These changes and developments have been positive for both fans and teams, and we hope they will continue to be so.
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