Bridging the Gap Between the Sports Industry and Web3

November 11, 2022 World Sports

Web3 represents a brand new frontier for the internet─ it lets consumers reimagine and relive interactions and experiences that once took place only on a physical plane. Many brands in the other industries ─ art, fashion, music, etc ─ have already long adapted and embraced Web3. For instance, the fashion sector with its virtual runways, digital fittings, and such; you can find out more about it here: https://www.coinlive.com/news/detail/?id=18356.

Another industry that has thoroughly welcomed Web3 is sports, which is one of the world’s most lucrative community-driven sectors. From NFT collections like virtual trading sport cards, sporting moments, digital memorabilia, and more, to virtual stadiums, it is definitely not wrong to say that the sports industry has taken full advantage of what Web3 has to offer. This is an industry that brings people from all walks of life and all around the globe, together.

In May, Digital Truist Park, a photo-realistic digital twin of Truist Park, was launched. The idea behind this virtual stadium was to construct a 3D multiplayer experience so baseball fans could visit the park from the comfort of their homes, then connect with like-minded and passionate people.

The virtual stadiums’ trend is expanding; bigger and more prominent leagues are already looking into it. The home stadium of Manchester City, the current Premier League champion, will become the first football stadium in the metaverse. This upcoming virtual universe will allow people to explore as digital avatars. Fans around the world, can don a special headset to view matches as if they were in the stadium themselves while their physical beings are resting comfortably at their residences. With physical stadiums, there are problems that cannot be solved but with a digital stadium, the barriers of physical reality can be overcome thanks to unlimited seating.

A startup aiming to pioneer sports entertainment’s evolution, Eterlast, intends to “create a new way for fans to engage with sports, teams, and players through NFTs, blockchain games, and immersive experiences” by partnering with world-leading sporting organisations. They have already secured a partnership with Queensberry Promotions (the leading boxing promoter) and obtained the largest boxing fights’ archive that includes Mike Tyson, Tyson Fury, and others.

CEO and founder of Eterlast, Joan Roure, said, “We are embarked on a mission, building the bridge for the next billion fans to enter EWeb3. We are targeting to consolidate global fragmented sports that tap into hundreds of millions of fans that enjoy their sport on a regular basis. We understand NFTs not as a product, but as a technology that enhances the experience of current use cases around gaming, collecting, and experiencing live event.”

In the upcoming months, Eterlast plans to bring over half a dozen different global sports IPs to the Web3 space.

One of the largest sporting events in the world, FIFA World Cup 2022, will start in just a little over a week later on November 20. With sponsorships from Crypto.com and Visa, this year’s World Cup is anticipated to be a monumental boost for crypto adoption. Interactive games, fan communities, collectibles, and more, will bridge the gap between sports and Web3.

In the past 18 months, crypto companies have committed over $2.4B to sports marketing as per Bloomberg. So with the World Cup drawing nearer, NFTs and Web3 are definitely keen to capitalise on this momentum. Visa had auctioned five soccer-themed NFTs in partnership with Crypto.com, featuring noteworthy goals from various countries in past World Cups with proceeds going to charity. In addition, at the FIFA Fan Festival, attending fans can get to play at the interactive playing field, which will capture their movements and create unique GIFs in their favourite national team’s colour. They can choose to receive their GIF as an NFT if they have a Crypto.com account.

OKX and Binance also provided fans with the ability to be more involved with the former launching its OKX Football Festival in anticipation of the World Cup. The event comprised of prize pool money of over $3M in tokens, exclusive experiences, and limited-edition NFTs. Chief Marketing Officer at OKX, Haider Rafique, has this to say, “OKX is investing heavily in its already leading web3 wallet and NFT marketplace platforms, and I can confidently say that this exciting festival is only the beginning of the new opportunities we’ll be offering”. Binance also launched perpetual contracts for its fan token index, which tracks the market performance of football club fan tokens in USDT.

All in all, no matter if it is through NFTs or the metaverse, the sports sector is not letting Web3’s window of opportunity go by so as to create stimulating new ways for audiences to take part and interact with their favourite brands. Web3 allows the expansion and enrichment of the customers’ and brands’ connection, thereby bringing the sports industry and the digital realm together.