Blog

The way people enjoy sports have changed significantly in the last five years, and especially in the last two, with the restrictions related to the Covid-19 pandemic in place. &nbsp;Outside audience was not allowed in in-person games and sports venues were limited to virtual audiences. &nbsp;Leagues, fans, teams, athletes and the entire sports industry had to rethink and come up with innovative ways to be involved, enjoy and engage in their favorite sports.Virtual reality, metaverse, blockchain technology and digital collectibles are some of the technologies that were explored and utilized during this pandemic period. &nbsp;And even after sports arenas have opened their doors to excited fans, there is now a higher expectation to keep the fans engaged while inside the venue, as well as after the event. &nbsp;Brands, media, and sports organizations continued using these new technologies to boost engagement, communicate with fans in various channels, and incentivize the fans to watch more games, anticipate and join other future special events.In between games, fans are continually engaged with their favorite athletes and sports teams by memorializing highlights and historical moments. &nbsp;Collecting digital assets, such as the ones from NBA Topshot, allow the fans to showcase their collections and support their favorite athletes and teams. &nbsp;This strategy enhances loyalty programs and encourages fans to return to watching games in-person again. &nbsp;Digital collectibles are ….Sports Collectibles have been a trend for many generations. &nbsp;People have always collected trading cards, autographed merchandise like hats, bats, balls, shirts, shoes, posters, and items with momentous significance such as the ball that broke home run records, vintage sports merchandise, and other memorabilia. &nbsp;Nowadays, anyone can mint anything that could be of value to the avid collector and die-hard fan – including personal items and childhood photos never before seen on traditional media. &nbsp;These digital asset collections in sports can also be monetized, as the verified owners are able to generate revenue by reselling. <a data-mce-href="datacurve.io" href="datacurve.io">The NFT Brewery</a> is creating the infrastructure to make it easy for teams, leagues, and even amateur sports to jump in on the digital assets bandwagon.&nbsp;Most Popular ApplicationsLet’s look at some of the most popular applications of digital assets and tokens in sports.<a data-mce-href="https://nbatopshot.com/" href="https://nbatopshot.com/">NBA Top Shot</a> is the only officially licensed NBA collectible marketplace where collectors, gamers, and NBA fans can collect NBA Top Shot Moment collectibles. &nbsp;Hosted on the blockchain, NBA Top Shot allows users to purchase licensed highlight video clips of their favorite sports teams and historical NBA moments with cryptocurrency or a credit card. &nbsp;Further, users can showcase their collections and resell their digital assets.<a data-mce-href="https://sorare.com/" href="https://sorare.com/">Sorare</a> is a fantasy football game that enables users to buy and collect digital assets featuring sports players and build virtual teams. Users can compete against other teams, while earning points depending on how their players perform in their actual games. &nbsp;The cards have different values and sell as common, rare, super rare, and unique.&nbsp;<a data-mce-href="https://autograph.io/" href="https://autograph.io/">Autograph</a> is co-founded by famous quarterback Tom Brady. &nbsp;Autograph brings together the most iconic brands and legendary names in sports, entertainment and culture to create unique digital collections and experiences. &nbsp;

Digital Assets in Sports

Dynamic NFTs, or dNFTs, are a type of non-fungible token that can be used to represent a unique and indivisible digital asset. Unlike static NFTs, which are essentially just digital representations of a single, unchanging image or piece of information, dynamic NFTs can be programmed to display different information or even change their appearance over time. This allows them to be used to represent a wide range of digital assets, from collectible digital art to in-game items or even virtual real estate. Because they can be programmed to be unique and to change over time, dNFTs are often considered to be a more versatile and interesting type of non-fungible token than static NFTs.One potential use case for dynamic NFTs is in the world of digital art and collectibles. For example, an artist could create a dynamic NFT that represents a unique digital painting, and program it to change over time to reflect the current season or time of day. This would give collectors a unique and ever-changing digital asset to own and admire.Another use case for dynamic NFTs is in the realm of gaming. For example, a game developer could create dNFTs to represent unique in-game items that can be traded or used by players. These items could be programmed to change appearance or behavior over time, adding an extra layer of rarity and value to the game.Dynamic NFTs could also be used in virtual reality environments to represent virtual real estate or other virtual assets that can be bought, sold, or traded. For example, a virtual world could issue dNFTs that represent unique virtual properties, which could then be owned and traded by players. These properties could be programmed to change appearance or behavior over time, making them more unique and valuable.It is also possible to use dynamic NFTs in science research to represent unique research data or findings. For example, a scientist could create a dynamic NFT to represent a unique dataset, and program it to update with new information as the research progresses. This could provide a way for researchers to easily share and verify their data, as well as to establish ownership and credit for their work. Additionally, because dynamic NFTs can be programmed to change over time, they could potentially be used to represent complex data structures or simulations that evolve over time. This could provide a new way for scientists to collaborate and share their work, and could potentially lead to new breakthroughs in a variety of fields.In education, dynamic NFTs can be used as a way to represent and share educational content. For example, a teacher could create a dynamic NFT to represent a lesson plan, and program it to display different information or resources depending on the needs of the student. This could provide a flexible and interactive way for students to access and engage with educational content, and could potentially make it easier for teachers to personalize their lessons for individual students. Additionally, because dynamic NFTs are unique and can be traded or sold, they could also provide a way for educators to create and share their own educational content with others, potentially leading to new and innovative teaching methods.Dynamic NFTs, just as anything else in the web 3.0 space are still in its nascent stage. &nbsp;There are many potential uses for this technology. &nbsp;If you are interested in learning about how you can utilized dynamic NFTs in your business, feel free to reach us at <a data-mce-href="datacurve.io" href="datacurve.io" data-mce-selected="inline-boundary">The NFT Brewery</a>.

What Are Dynamic NFTs?

Location-based Digital Assets for Sports and Entertainment&nbsp;It has been over two years since all sports and entertainment venues were shut down and in-person events were all cancelled due to a global pandemic. &nbsp;Several months later, people have finally started coming back to watch concerts, sports and other events. &nbsp;Now that in-person events are back, marketers are challenged on how to engage the customers during events that will reignite their passion to watch events in-person and encourage them return to the venue and incentivize them with loyalty rewards.&nbsp;The new generation of audience has elevated their expectations when it comes to fan experiences. &nbsp;They come to events not just to enjoy the event itself, but to socialize and build a community with other people of the same interest. &nbsp;They want an enhanced fan experience — one where they feel they belong, recognized, and appreciated. &nbsp;They want to be able to share their experiences through video streaming or posting photos.&nbsp;This is a generation that is incredibly technology-savvy and are constantly connected with their communities. &nbsp;They engage easily in the digital world – be it in web 2.0’s social media or web 3.0’s metaverse. &nbsp;They acquire digital assets that serve as proofs of activities they participate in, places they have been to, or rare items that have some exclusivity attached to it. &nbsp; If sports and entertainment industry is able to take advantage of innovative technologies to make it more exciting for these fans to come to their events, it is a win-win situation.&nbsp;Loyalty rewards are table stakes.&nbsp;A tried and tested strategy in marketing is the reward system. &nbsp;Most brands have implemented a reward system that will allow them to reach their loyal customers and offer discounts or exclusive access to future events. &nbsp;Small businesses had the punch cards that provide a free item on the 10th visit or purchase. &nbsp;Retailers have a reward system where customers earn cash back after reaching a purchase amount threshold. &nbsp;Airlines reward their frequent flyers with upgrades and early boarding. &nbsp;Others provide deep discounts to their most loyal customers.Now what if the sports and event venues are able to connect with their patrons while they are in the event, identify and build a community with them, enhance the fan experience during and after the event, and offer rewards for the current and future events?&nbsp;For example, at a sports event — patrons scan a QR code on their phones that takes them to a digital asset that is redeemable only while they are at the venue. &nbsp;This is possible through location-based digital assets. &nbsp;These are digital assets that are unlocked and redeemable only if the customer is within a certain radius of a tagged location.&nbsp;Right there and then, after they redeem the digital asset, they get exclusive access to an after-party with their favorite sports celebrity, or are given an exclusive merchandise of their favorite team, or are offered a discount at a food merchant in the venue. &nbsp;The possibilities are endless! &nbsp;Loyalty rewards lay the foundations for a mechanism to gain insights about their patrons, market the appropriate future events and offer rewards to their loyal fans.Digital assets can contain any type of data. Attributes like time, location and identity can be attached to it. It is a smart contract that defines what the digital asset represents, and the complete transaction history attached to it, secured and stored publicly on the blockchain. Utilizing location-based digital assets will allow sports and entertainment events to identify and reward patrons who are physically coming to their locations. &nbsp;Location based digital assets can spur loyalty – and events are best positioned to take advantage of this innovative technology as they attract the next generation of digital first audience.

Loyalty Rewards and Digital Assets for Sports and Entertainment

Portrait, smile and volunteer group selfie outdoors for climate change, charity cleaning and recycling. Earth day, community service and happy people laughing and taking photo with peace sign at park

Non-fungible tokens, or NFTs, are a type of cryptocurrency that allows people to claim ownership over digital assets. NFTs have been a hot topic in the news all year, with people using them to buy and sell digital art, music, and more. While the current focus of NFTs is on their ownership model, other potential uses for them are just as valuable. Enter, NFTs for Good.&nbsp;NFTs offer a unique way for people to donate to causes they care about. Because they are stored on the blockchain, donors can be confident that their donations will go where they are supposed to go. &nbsp;Additionally, because NFTs can be purchased with cryptocurrency, donors can remain anonymous if they choose to.<h3>Role Of Non-Profit Organizations</h3>Some charities, like the American Red Cross, have been <a data-mce-href="https://www.coindesk.com/markets/2014/11/26/american-red-cross-now-accepts-bitcoin-donations/" href="https://www.coindesk.com/markets/2014/11/26/american-red-cross-now-accepts-bitcoin-donations/">accepting bitcoin</a> as donations since 2014. With the recent outbreak of the COVID-19 pandemic and the consequent lockdowns, there has been an increase in interest (or at least, consideration) in donating cryptocurrency. This is because during the pandemic, in-person charity events was not possible, so this “fringe” financing method has become more appealing. Cryptocurrency donations are also flexible and borderless, making them accessible from anywhere in the world.With the rise of blockchain technology and its applications, non-profit organizations have started to use it to create a more secure and transparent system. One example of this is the non-profit organization named <a data-mce-href="https://giveth.io/" href="https://giveth.io/">Giveth</a>, which has recently conducted a campaign to bring the problem of land grabbing to light. They created a token-based charity platform that allows users to donate in cryptocurrency. The more Ether you put in, the more tokens you get. However, it is not just about token-based donations, but about transparency and accountability for both donor and recipient. One of the main issues in the charity industry is that donors don’t know where their money is going and how much of it will reach the intended recipients. Blockchain technology brings transparency to the whole system, and it can even be used to track where the money went.The funds generated from selling digital assets can provide the seller with more options, like being able to donate a portion of their earnings to a charity of their choice. This is what we call “moral investing”, where you’re not only purpose-driven but you have the potential to make a real difference with the cause you’ve chosen. Nonprofits and other organizations looking to fundraise can take advantage of this by creating digital art that aligns with their mission – like Dainty Dolphins, which showcases marine life to raise awareness for endangered species. Moreover, about one-fourth of their profits go toward charities that support and protect ocean wildlife.<h3>Keys To Success</h3>NFT markets are growing rapidly and more people are holding considerable investments in cryptocurrency. As a result, NFTs will play a bigger role in charitable contributions and fundraising. Charities that want to take advantage of this will need to establish policies to accept NFTs and cryptocurrencies. As <a data-mce-href="datacurve.io" href="datacurve.io" data-mce-selected="inline-boundary">we</a> have worked with our customers, we realize that there are many tricky issues that need to be considered by both potential donors and charities.&nbsp;Some of the issues that need to be considered include:-How will the charity value the NFT?-What if the value of the NFT goes down after it is donated?-How will the charity handle taxes on the NFT?– What if the donor wants to remain anonymous?Since there are so many potential problems that could arise, both donors and charities need to do their research and think carefully about all of the possible implications before moving forward with any NFT donations.

NFTs for Good

Non-fungible tokens or NFTs in fashion is a hot trend to watch out for. The growing use and utility of NFTs, can be observed in different aspects of life, and the fashion industry is no exception to it. With the inception of Metaverse and its associated applications, the utility of fashion goods in the form of virtual avatars has been a trendsetter and can certainly be enabled using NFTs.The aspect of using blockchain technology in NFTs help overcome privacy issues and streamline the transaction processes. There are many ways fashion brands can use blockchain technology to disrupt the industry for their benefit. For example, designers can use NFTs to create unique pieces of clothing for special events. They can also use NFTs to reward online communities for helping promote their brands. Another way NFTs can be used in the fashion industry is to create a digital marketplace where designers can sell their original fashion designs. Let’s take a look at some of the fashion brands using NFTs in their businesses.<h3>Fashion Brands Using NFTs</h3>Some companies are now working on offering more luxurious digital experiences to attract NFT-loving consumers. Australia-based start-up “Neuno” is one such digital platform where fashion fans can buy, store and digitally wear, sell, and trade designer clothes using the Flow BlockChain. The company is teaming up with high-end fashion labels to incorporate NFTs into their garments. For example, someone who buys a designer blouse will be able to use their NFT in a variety of ways, like virtually trying on the blouse or dressing their gaming avatar in the same shirt.As we are seeing a growing interest in the Metaverse (virtual environments), consumer interest in virtual fashion and demand for fun, personalized, and immersive digital experiences have not wavered in the post-lockdown landscape. The pandemic has simply highlighted what was already gaining interest digitally – from brand activations within video games to virtual dressing rooms where consumers can try out various clothes and figure out what fits their requirements.Brands are discovering the potential of NFTs and are beginning to experiment by combining them with physical goods. For example, Tiffany’s has released Cryptopunk pendants and Nike-owned RTFKT has created “Cryptokicks.” This concept of combining NFTs with physical products is appealing to consumers all over the world. In the past, a product’s digital twin can only be created after the physical model was completed. However, with NFTs, a digital twin can be created at any point in the manufacturing or sales cycle. For many brands, digital twins can help improve production decisions and choices. At The NFT Brewery, we are working with retail brands to bring fashion accessories such as sunglasses and watches to the metaverse, helping brands to play in the new digital economy.&nbsp;<h3>Keys To Success</h3>To sum it up, NFTs allow creators to generate income from their content with the help of fans and followers. As fashion brands make their way into the virtual world, this allows for more creative freedom when it comes to designing pieces without having to worry about material cost or environmental impact. &nbsp;So how will the NFT craze disrupt the fashion industry? Most luxury brands will be quick to release digital collections that can be accessed by anyone, without the need for a physical experience. The goal is not to get rid of physical stores, but to make fashion more accessible to those who want to try new brands but cannot or do not need to see the items in real life.

NFTs in Fashion

In today’s market, we’re seeing more and more brands popping up that offer excellent online experiences and have built strong, loyal relationships with their customers. However, brand loyalty is fading fast as consumers are confronted with more choice. Additionally, as purchase costs continue to rise, these brands are trying their best to explore new ways to maintain a strong relationship with their target audience. Various programs which enhance the positive connection between the brand and customers are gradually becoming significant as brands are interested in both short-term and long-term strategies to improve performance brand development. By doing this, they hope to create long-term customers and step into a new paradigm of brand loyalty.There are a few points that set successful NFTs apart from the flops in 2021. Firstly, they were consistent with the brand and easily recognizable as part of the larger brand community. Secondly, they were targeted at the brand’s existing community of consumers who were most likely to appreciate and invest in the NFT market. And lastly, they were authentic and presented truly rare items rather than simply focusing on mass production. All these factors will weigh heavily in creating brand loyalty for the next generation of consumers.&nbsp;Here’s how Nike, a renowned brand <a data-mce-href="https://www.nytimes.com/2022/05/26/style/nike-nft-sneaker.html" href="https://www.nytimes.com/2022/05/26/style/nike-nft-sneaker.html">utilized NFTs appropriately</a>:In February 2021, Nike partnered with a creator-led organization on a project called Cryptokicks which introduced a new way for fans to collect digital sneakers. The model was based on scarcity, similar to how Nike releases limited editions of real-world sneakers. What was different about this project was that NFT (non-fungible token) owners would get a specific percentage of shares from sales with Nike. This was entirely new and hadn’t been seen before in the industry. A large number of NFTs immediately sold out and therefore this project got the attention of many fans. This demonstrated a new way for brands to interact with and engage their fans, which will only become more popular in the years to come. The result: an army grown up on brand loyalty.&nbsp;By introducing NFTs as rewards for their customers, brands are providing a unique and innovative way to show appreciation for their loyalty. In October 2021, beauty brand <a data-mce-href="https://www.clinique.com/nft" href="https://www.clinique.com/nft" data-mce-selected="inline-boundary">Clinique</a> became one of the first to launch such a contest, in which participants were rewarded with a branded digital collectible NFT for sharing stories of joy and optimism. This NFT gave them access to fan-favorite out-of-stock products. With smart rewards member programs like this, brands are modernizing the way loyalty programs function. By opening up NFT access only to their loyalty program members, brands are both rewarding and incentivizing their members to join.&nbsp;NFTs (non-fungible tokens) are starting to gain more attention as organizations begin to see their potential applications. NFTs, digital assets, and new technology are beginning to be integrated into loyalty programs to encourage engagement and long-term customer loyalty. NFTs are becoming a social currency that allows people to connect with brands on a more personal level. Since NFTs offer a more creative canvas, brands can use them as a more potent touchpoint.<h3>Keys To Success</h3>There are many opportunities for businesses to integrate NFTs and loyalty programs right now. By creating a piece of brand history or rewarding certain behaviors, brands can establish themselves as relevant and engaged members of the blockchain community. However, simply executing a successful NFT project is not enough. Brands must also focus on establishing engagement and community to stay relevant in this rapidly-moving space.&nbsp;Reach out to <a data-mce-href="datacurve.io" href="datacurve.io">The NFT Brewery</a> to learn how we can empower your loyalty rewards programs with NFTs and digital assets.&nbsp;

NFTs For The Next Generation of Brand Loyalty

DataCurve, Inc