Despite FTX And The Crypto Winter NFTs Are The Future Of Fan Engagement

Forget “crypto winter” and the collapse of FTX, blockchain technology remains the future of consumer relationship management (CRM) and holds the key to unlocking amplified consumer/fan engagement in the world of sports. .Many of the leading consulting firms, including Accenture
ACN
Deloitte, PwC, KPMG and McKinsey & Company have released a research report that gives a positive view of the potential of blockchain technology and NFTs to transform the way sports teams and leagues drive fan loyalty.

The reason is that, according to their research, blockchain technology offers a valuable tool for both token (NFT) issuers and recipients. For publishers, it improves the quality of data about fans. Recipient (Fan) blockchain technology, through NFTs, offers Fans unprecedented profits that can actually be owned, traded, or sold in a controlled marketplace.

And it’s coming faster than you think. A major barrier to mass adoption has been the need to create crypto wallets such as Metamask, which require knowledge of cryptocurrencies. As a result, adoption has been confined to enthusiastic yet niche communities. Issuing and collecting these NFTs has become easier for everyone without them knowing.

NFTs are receptacles for anything fans value, whether digital goods or access (collectibles or entry to special locations in the metaverse) or real-world things such as tickets, merchandise, or food. Or think of connective tissue. Drinks, experiences and even voting rights. The advantage of issuing these assets in the form of NFTs is that they are registered on the blockchain and can be used, traded or sold by fans on the marketplace created by the issuer.

For publishers, the “purse” provides a treasure trove of data to help them better understand their fans, learn fan behavior patterns from the “purse”, and enable publishers to better understand their fans and engage in desired behaviors. provide incentives for

It has its origins in the collectible space fueled by the breakout success of Dapper Labs NBA Top Shots. Dapper and the NFL are partnering on similar projects. NFL “All Day” Allowing fans watching your games to own collectible moments.

FIFA has also entered the space by partnering with blockchain company Algorand.
Argo
Launches the FIFA+Collect program that allows fans to own digital collectibles featuring iconic moments from the FIFA World Cup and FIFA Women’s World Cup. It claims to reach 3 to 5 billion people.

However, with the collapse of the digital collectibles market, many have withdrawn. NBA Top Shots creator Dapper Labs laid off 22% of its workforce as the collectibles market collapsed. and CAndy Digital, a division of fanatics, did the same with one-third of employees

Despite all this, the market opportunity is ripe for growth as attention shifts from NFTs as mere collectibles to NFTs that represent the right of fans to “own” the most attractive and valuable things. increase. For the first time, NFT unlocks the right of fans to own, trade, or sell these assets on a regulated marketplace, tracking their participation in games and events, purchasing merchandise, or engaging in social media campaigns to reward fans. Used to reward. Voting rights on team-related decisions (at the team’s sole discretion, of course) This creates a more immersive and interactive experience for fans, helping the team to better understand and engage with their audience. All this is coming and how quickly is the question.