Similar to the music industry, Web3 also offers many previously unheard-of opportunities for teams, athletes, and their fans to interact. This includes digital fantasy sports based on gaming cards in the form of NFTs.
For example, one NFT platform combines Web3 and sports player cards by digitizing football, baseball, and basketball player cards to allow users to create their own fantasy teams. Players can also submit their lineups to compete against each other in global tournaments, which provides players with a new way to communicate and connect with other fans. This allows players to personalize their fantasy virtual games on a platform supported by sports stars.
This connection with fans and increased sense of community is just the beginning. Web3 also has the potential to transform the sports industry by increasing transparency, ownership, and autonomy. This includes the use of smart contracts to participate in ticketing sports events and signing sponsorship agreements on the blockchain to ensure transparency and immutability.
1. Implementing Web3 and blockchain technology requires a certain level of technical expertise, which is beyond the capabilities of many athletes, musicians, and fashion designers or even their teams.
2. The cost of hiring Web3 developers is high. This will create a high barrier to entry, preventing small brands and individuals with lower budgets from fully enjoying the benefits of Web3.
3. It is necessary to evaluate whether the estimated revenue from adopting Web3 can justify its investment costs.
4. Can everyone involved in design and manufacturing provide traceable data on the blockchain system throughout the process.
Limitations
While Web3 can bring positive changes to the above industries, it also has some challenges and limitations.It is necessary to pay attention to whether it involves the supervision of relevant financial laws.
7 Sports Web3 Examples
1. Socios
Socios is a blockchain-powered platform that has transformed the way fans engage with their favourite sports clubs. Known for its fan tokens, Socios has established partnerships with major football clubs, esports organisations, Formula 1 teams, and other sports brands.
The platform allows fans to buy, sell, and trade these tokens, granting them exclusive voting rights and VIP rewards.
Socios is perhaps best known for its partnerships with iconic football clubs such as FC Barcelona and Manchester City. Fans can own tokens like the FC Barcelona Fan Token and the Manchester City Fan Token, enhancing their connection to the clubs.
Additionally, clubs can create and distribute NFTs as rewards to loyal fans. A notable example is AC Milan’s NFT featuring Zlatan Ibrahimovic’s celebration after scoring against AS Roma.
Despite its initial momentum, it is often argued that the utility of Socios tokens could be more extensive and offer more value to fans. However, with a total market cap of $450 million, Socios remains an established player in the Web3 sports landscape.
2. McLaren F1
McLaren F1 has made significant strides in bringing Web3 to its fan engagement strategy through its innovative use of NFTs.
Since the start of the 2023 Formula 1 season, McLaren F1 has distributed 2.1 million free NFTs to 574,500 unique fan wallets. These NFTs offer various utilities, including exclusive experiences and collectibles.
NFT holders have the chance to win a race experience for two in 2024, a 1-of-1 physical poster signed by a McLaren F1 Team driver, or a virtual meet-and-greet with McLaren Racing CEO Zak Brown.
Fans who collect all 23 race collectibles can enter a draw for these exclusive rewards.
3. NBA Top Shot
NBA Top Shot is one of the original Web3 sports projects that set the stage for licensed digital sports collectibles.
Launched by Dapper Labs, NBA Top Shot allows fans to purchase, trade, and own unique, officially licensed video highlights from the NBA, known as “moments.” These moments are stored on the blockchain, ensuring their authenticity and rarity.
The platform experienced a massive peak in 2021, with $50 million in sales in one day and over 100,000 unique traders. Each moment has a limited edition run and can be bought, sold, or gifted, creating a dynamic marketplace where fans can own a piece of NBA history.
NBA Top Shot has established itself as a trailblazer in the Web3 sports space, offering fans new ways to connect with their favourite teams and players.
4. Sorare
Sorare combines the thrill of fantasy sports with the benefits of blockchain ownership and scarcity by allowing users to collect and trade unique digital collectibles. These NFTs feature players from major football clubs and can be used in online fantasy football games and tournaments.
The platform consistently achieves impressive sales month and boasts a loyal user base of around 30,000 players. The platform engages fans by enabling them to own, trade, and compete with digital cards of their favourite players.
Sorare’s blend of collectibles with integrated utility supported by interactive gameplay has made it a standout project in the Web3 sports arena.
5. The Winners Circle
An up-and-coming project that is poised to disrupt the Web3 sports space, The Winners Circle is an innovative fan engagement platform launched by Racing League and powered by Zilliqa that rewards fans for their engagement and provides them with exclusive experiences.
This horse racing loyalty programme rewrites the rules of engagement to give fans the opportunity to have a stake in their favourite sport.
The platform offers extensive opportunities for engagement that include discounts on racehorse ownership syndicate shares, becoming a manager in a fantasy prediction game, and governance voting on crucial team decisions.
The Winners Circle also features a Skill2Earn prediction game where fans can earn $HRSE tokens for making accurate predictions in real-life races. These tokens provide various utilities, including part-ownership of racehorses and access to exclusive rewards.
The Winners Circle also plans to launch its $HRSE token this year, aiming to reach 2.5 million racing fans through its Racing League partnership.
The platform offers a level of meaningful engagement and opportunities for rewards that are truly unmatched. With its innovative Skill2Earn mechanics and recent partnership with star jockey Saffie Osborne, The Winners Circle is making waves as a promising new contender in the world of Web3 sports.
6. Maincard.io
Maincard.io is a Web3 sports fantasy card game where users can earn rewards by predicting real sports and esports events. Maincard.io adopts a free-to-play model and is committed to introducing Web3 concepts to the audience through an engaging and enjoyable experience and providing a new approach to sports prediction. The platform has expanded its development to various sports prediction areas, including esports, NBA, football (Premier League, La Liga, Bundesliga, Serie A, Ligue 1, etc.), NFL, NHL, MMA, MLB and cricket.
7. Atleta Network
Atleta Network is a Web3 sports project that aims to empower the development of the sports industry through blockchain technology. It offers multiple incentive programs, attracting more than 200,000 Web3 users to participate, including the Ambassador Program and the Developer Grants Program. Atleta is built on the Polkadot SDK, has cross-chain interoperability, and is developed by about 1,000 Web3 developers. It has in-depth cooperation with Binance and is tailored for the sports industry. Atleta has a unique architecture and consensus mechanism, providing a DeFi ecosystem for cryptocurrency trading, fantasy sports games, and sports star interactions.
How to Start My Sports Web3 ?
One of the simplest and most direct ways to develop sports Web3 digital assets is to issue sports NFTs, such as digital sports event mascot digital collectibles.