NFTs in football: new mega-trend and huge opportunity
In the next few years, the application of NFT in football is likely to develop rapidly. It is the ideal vehicle for the fan experience and a tool to connect fans with the club. In addition to NFTs for trading cards or gaming scenarios, many other applications, merchandise, posters, autograph cards, NFT-based applications in games or use in 3D worlds will become standard within a few years. The whole NFT and blockchain space will develop into a very lucrative source of income for the club. St. Pauli has already started, and it is now offering digital NFT artwork for each game day. It won't be long before other clubs start offering matchday NFTs, like key match scenes or something like that. NFTs on 3D objects or 3D players should also be runaways. Adidas and now Werder Bremen have set a good example with 3D avatars as NFTs. It is already foreseeable that the use of NFTs will go mainstream, and virtually every fan currently using a social media portal is a potential buyer. “I see huge potential in the NFT market for football clubs. NFTs offer fans a new way to connect with their stars: owning rare and unique digital items such as merchandise, memorabilia and artwork that have the potential Value increases over time and is authenticated through permissionless, immutable, and open blockchains like Binance Blockchain,” said Dr. David An, director of NFT marketing at Binance.
Potential advantages of NFTs in football
And, that brings me to this topic, I think ultimately how people buy teams, get teams, get players and get rights. But in the end it's a day, and it's game time. It's not just paying for the actual movement out there, it's monetizing the audience that people are trying to buy. To the right. And, you know, IPL matches literally changed the face of sports in my opinion because apart from being a great sporting event, it also became a fun entertainment. You work with multiple event teams to deliver great experiences on TV and in stadiums, right? Then you have a pandemic, absolutely no experience in a stadium, crowd participation has to be done differently, some of the things that happen seem a little childish, like people, you know how they wave, you know, from somewhere TV. But my question really is, looking at this whole thing, if we're going to do this hybrid engagement model, the masses will definitely come back. But you know, that's how most things happen. How do you really drive audience engagement? Besides all that Mardi Gras stuff? in this case? Is there science behind this whole thing to attract a growing audience?
This is one of the ways to get them involved. To the right? I think fantasy leagues are a type of participation that's already happening, in esports there's a lot of other real money participation happening in the data, and it's always the only way you get fans to show interest in a game is to buy tickets or buy jerseys. Now there are more and more ways that are developing where I can show my interest in gaming, whether it's real money gambling or otherwise, or owning collectibles and all the other things that push to change the way we think about it. So that's an important aspect of gaming engagement because I think the economic model needs to be tweaked a little bit.
Omega economic theory and NFTs
Conceptually yes, but the upcoming grand delta is a case in point, the Chinese and Indian markets doesn't have any simulation or physics like the US market in terms of trading cards, you know jersey sales and stuff like that. Digitization actually helps you give you sources, give you publicity, and give you scarcity. To the right? I know it's a player x signed jersey, or an authentic clip. And it's all on the blockchain. If you give me a trading card signed by Wayne Gretzky, I'll assume it's Wayne Gretzky, I don't know I can verify that. I have no way to verify. But in this case, if you give me a clip signed by Steph Curry on the NBA website, you know, a digital clip, I know it's a real digital clip. Because it is verified on-chain. I know the number, I know the sequence. I know the price I know the chain of command who the first owner was and who the current owner is, and it's forever. This is a substantial change.
I think there will be a coexistence model. This will open up a new revenue stream that is more direct to consumers than the B2B2C model. Blockchain as a concept or as an evolutionary stage may be the same as the Internet in the early 1990s. They think e-mail is the coolest app on the Internet, and you know, we have ICQ and all that fancy stuff, nobody thinks about the app economy. Nobody imagined that most physical content could now be consulted on a computer. That was the first stage of evolution, which obviously opened the way for communication through the second stage. Now I know where my Uber driver is, I know where my Swiggy supplier is, I know where my money is, I can, we can interact on platforms like this, 20 years ago, 30 years ago, Still didn't exist, or were well thought out and would have been impossible 20 years ago, in the early days of the Internet.
So blockchain is in that space today. If it doesn't disrupt the current ecosystem, then something is wrong, and then it can't be considered a barrier that would change the industry enough, right? What would happen if he had this conversation? What will happen to Taylor Swift and the value chain that made us stars? Assuming you really we all see the age of ERP software and look right into the accountant's eyes and say no, no, it won't work, it won't, but the truth is they are becoming better accountants, aren't they, or more efficient. Let me put it this way, I am not saying that ERP is accounting software, but the development of this field. So you will find that there will be some glitches, there will be modes of coexistence, people still listen to the radio in the world of the Internet, right. So now it's not radio anymore. It will not dissolve.
By Roger K. Olsson