Disclosure: The views and opinions expressed herein are solely those of the author and do not represent the views and opinions of the crypto.news editorial.
The impact that blockchain technology is having on the entertainment, creative, and sports industries is profound. Web3 is revolutionizing the way fans experience entertainment content and how they interact with their beloved athletes and sports teams. The web3 industry is revolutionizing sports, entertainment and culture. This is particularly the case in Asia.
Hong Kong, for example, has already taken bold steps to harness the potential of the next Internet. Hong Kong announced its enthusiasm to invest in web3 and shared its plans to become a leader in web3 innovation. Web3 is also driving digital transformation in Southeast Asia, unlocking new opportunities, connecting communities and accelerating adoption across the region.
In Southeast Asia, web3 is being leveraged to boost a variety of different sectors but, primarily, the creator economy. Vietnam, Thailand and the Philippines have shared plans to use web3 technology to champion the blockchain revolution.
Web3 is already reshaping content creation by enabling creators to create engaging and unique experiences for their audiences. With this in mind, web3 technologies are empowering writers, musicians, artists and other creatives. Sports superstars, artists, and musicians are also leveraging NFTs to revolutionize the idea of digital ownership.
They can sell unique and verifiable copies of their work to their fans. This breathes new life into sports, music, art and collectibles by transcending the limitations of physical media and bringing intellectual property and royalty distribution into the digital century. For example, in 2021, ONE Championship, Asia’s largest mixed martial arts (MMA) promotion, announced it would launch an nft-powered marketplace that would offer exclusive access to real-world benefits such as front-row seats, backstage passes and more to personalize the fan experience.
Web3 is bringing the metaverse and virtual worlds to life. These environments are incredibly immersive and offer users enhanced social experiences and interactivity. Users and fans can attend virtual events such as concerts and exhibitions, interact with each other, and own virtual assets represented as NFTs. The metaverse is redefining how entertainment is consumed and experienced by blurring the lines between the digital realm and reality.
The Philippine Basketball Association announced the arrival of digital collectibles for themed, gamification and commemorative purposes to enhance the fan experience. Fans will be able to collect past and present live game moments and seasonal merchandise on the virtual platform. The PBA’s goal with this is to unlock unique real-world and virtual-world experiences such as seat invitations, player meet-and-greets, discounts and online exclusives, and more.
The arrival of web3 has redefined the relationship between sports stars, creators and their audiences. It does this by elevating fan engagement through token-based reward experiences, loyalty incentives, and active participation. Fans can earn money by participating in community events or supporting their favorite athletes, establishing a symbiotic relationship that benefits both parties.
Take Resources Capital Football Club as an example. They were the first Asian football team to release nft collectibles. The collection included an exclusive card of the team’s captain and goalkeeper, one of its best players. The winning bidder received special access to all of the team’s games for the rest of the year. With the launch of the collection, fans were able to take ownership of a part of the club and its history.
Web3 is not only improving existing entertainment models, it is also disrupting traditional business practices. It is transforming existing entertainment models by offering immense potential for synergy and teamwork between startups and web3 entertainment companies. These partnerships are fostering innovation, which is creating the best of both worlds.
Web3 is revolutionizing the sports sector and many would say it is a perfect match. One of the hottest topics currently under this umbrella is digital collectibles, which enhance the fan experience and allow teams to reach new levels of fan growth, drive retention and return on investment (ROI), and deepen the relationships. The International Basketball Federation (FIBA) recently launched a series of distinctive digital collectibles.
Digital collectibles enable greater audience ownership by providing them with utility, control of their data, exclusive content, different membership packages, and more immersive virtual platforms. The FIBA nft collection features four offerings, each catering to the interests of basketball collectors and fans. From ‘Fan’s Frenzy’ to ‘Nation Pride’, each of the levels features a variety of skins and rewards.
In sports, these digital collectibles are used to offer exclusive access to content. Sports organizations can further use them as a valuable acquisition and retention tool by rewarding their most loyal users who contribute to the growth of their community. The sports sector should make the most of web3; Otherwise, they risk losing considerable revenue and growth opportunities. Web3 is a step in the right direction as more fans look for convenience, customization and value for money.
Web3 technology also enables secure and transparent ticketing systems. These work to ensure fair access to live events and reduce the likelihood of fraud. Smart contracts can also automate ticket transfers and sales, eliminating the need to use third-party ticketing platforms. Ultimately, web3 is providing new avenues for content monetization, fan engagement, and transparent transactions. This creates a more immersive and inclusive experience for all stakeholders.
While the integration of web3 technologies into the sports sector is still in its early stages, the potential is significant. These technologies will continue to evolve, and as they do, we can expect to see more innovative applications. As more fans become familiar with web3 technologies, their adoption will accelerate. This presents exciting opportunities for sports organizations and fans, but also for technology providers, entrepreneurs and investors in the web3 space.
Those who take advantage of web3 technologies will be the ones who thrive in the years to come. By enabling changes to ownership structures, monetization channels and incentives, web3 can become a more empowering and equitable ecosystem for those working in the sports, entertainment and culture industries. We are already seeing this change in Asia, and it is only a matter of time before it spreads to the rest of the world.
