The report says that the cross-sectional intersection of blockchain and sports creates a new world in which NFTs are likely to be used as both marketable assets for investors, as well as an important form of revenue for leagues. Sports have been slow on adopting crypto technology due to their high levels of regulation and cumbersome registration procedures but with more use cases coming into spotlight, regulatory bodies will need to rethink how they regulate digital currencies within their respective jurisdictions.
The “PwC Report” is a report that shows the future of sports lies at cross-section of crypto and NFTs. The report looks into how crypto can be used to purchase tickets, interact with players, and more. Read more in detail here: nft sports.
Tokenized tickets, NFT media rights, and sponsorship of digital or metaverse events, according to PwC, are all catalysts for industry development. The three key use cases for NFTs, according to the research, will revolutionize sports technological infrastructure and promote fan involvement.
Non-fungible tokens (NFTs) are the future of digital assets in sports, according to a recent analysis by PriceWaterhouseCoopers (PwC). NFTs, according to the Sports Outlook 2022 research, have the potential to profoundly change how consumers watch sports and connect with their favorite teams.
The paper cited three key use cases for NFTs in the athletic business, citing issues such as upgrading sports technological infrastructure and promoting fan engagement. The first is NFTs, which are platforms that offer valuable, authenticated, and limited-edition digital material, with the majority of them already being used in popular sports.
NBA Top Shot by Dapper Labs is one of the most successful.
The report specifically mentioned digitization, minting, and trading of players’ trading cards – such as the ones fronted by Paris-based Sorare – match tickets and other materials that can be placed on the blockchain and have the potential to be shared across the metaverse. NBA Top Shot by Dapper Labs is one of the most successful..
NFTs for Season Ticket Members (STM) are another important use case. They give season ticket holders with validated tokenized passes that enhance an already positive fan experience. Stadium experiences may also earn special edition collectable NFTs for the games they attended. STMs used to have access to extra unique material, and stadium experiences could also receive special edition collectible NFTs for the games they attended. Sponsors may gain as well if the teams they support allow them to guarantee that consumers who lose their actual tickets do not forfeit any further perks.
Finally, virtual access tokens are for fans who would rather pay a premium for a virtual experience rather than attend in-person games, which are predicted to be in high demand. Virtual access tokens, dubbed a “new form of season tickets,” will provide owners with extra behind-the-scenes privileges like as player cams, bench cameras, and even virtual locker-room access.
Tokenized tickets and NFT media rights are helping to drive the industry forward.
Paris-based Saint Germain and Manchester City are two of the most successful soccer teams in the world, with fan tokens that allow them to influence non-strategic game-day choices like walk-up music. These virtual coins would become considerably more in demand as interest in the metaverse and associated regions reached new highs.
As per the PwC report, ticket sales, sponsorships, and media rights are the most significant revenue streams for the teams and the leagues. It also expects Tokenized tickets and NFT media rights are helping to drive the industry forward., saying that digital asset sales could also become a huge revenue stream. The report added that for this to happen, the teams would need a tech stack that connects their new digital sales data with the existing customer database and a strong legal team to handle all the tax rules.
