How NFTs Can Enhance Fan Experience
NFTs have a wide range of potential uses that include projects like profile pictures (PFPs) and earning from games (P2E). NFTs are also being used by the sports industry for enhancing fan experience by providing them the opportunity to interact with team players. NFTs have become increasingly famous and it is estimated that the sector will grow further in the coming years. Let’s take a look at some of the uses of NFTs aimed at enhancing the overall fan experience.
Sports Leagues And Fan Experience
Sports enthusiasts look for opportunities where they can interact with their national team players whether it is watching live games or attending major events. This presents a great opportunity for sports organizations to make more profit by producing an online marketplace where fans can trade digital assets. So far, sports leagues have been the biggest beneficiaries of this trend, but other businesses are starting to get in on the action as well. For example, the National Basketball Association (NBA) which is quite famous, recently launched its own digital collectibles platform called NBA Top Shot where fans can trade digital versions of highlights from the games. This is just one instance of how companies are trying their best to take advantage of fan involvement. As fans become more and more interested in their favorite teams, we can expect to see even more innovative ways for businesses to cash in.
The NFL is beginning to make some big changes when it comes to the fan experience. They’ve only recently started to encourage advertising for sports betting, which has led to the rise of several betting companies, like FanDuel or DraftKings. These companies are now turning to NFTs to take things to a new level. In a recent press release, DraftKings announced that it has partnered with the NFL to launch exclusive NFTs for the 2022-2023 season. DraftKings will hold the licensing rights for NFL athletes as the NFTs will be minted to look like the player. This is a big move by the NFL and it’s sure to enhance the fan experiences even further. With DraftKings’ help, fans will be able to get even closer to their favorite players and teams.
Sports organizations that use digital assets in the right way could make a big difference in how fans feel about their favorite teams. For example, it will be easier for fans to keep up with the teams and athletes they care about the most. However, the focus should be on getting fans to take part, not on trying to make quick money by selling tokens.
Keys To Success
The best fan engagement solutions will put the user first and focus on high engagement and retention rates. Additionally, educating people about NFTs (non-fungible tokens) will help bring the sports business into the Web3 era. There is a lot of potential for businesses in the sports industry to offer blockchain-based assets to their customers, as 76% of passionate sports fans around the world want to learn more about NFTs. NFTs can increase sports fan engagement by converting real-world things into digital assets which can be traded.
In addition, sports teams and leagues can get ever closer to their fans by creating meaningful experiences for them. Understanding fan behavior and personalizing them in real time will create enormous value for sports franchises while adding meaningful interactivity for a large set of next generation of consumers. The NFT Brewery is working with the IIFX to create a range of fan experiences that will usher in a new generation of interactivity and unlock value for fans and leagues alike.