Today, more and more Australian sports are looking at breakthrough technologies that enable turbochargers and revenue diversification for athletes themselves, not just clubs and leagues.
Australia Soccer League, Cricket Australia, National Basketball League, Tennis Australia all determine strategies for cricket and NFT. While speculation about digital artwork dominates headlines, for large sports codes, blockchain technology works with fans by providing a unique experience while helping monetize powerful sports brands. We provide a new way to interact.
It’s a growing global business. According to Deloitte’s report, 4-5 million sports fans around the world will buy or donate collectible NFT sports by the end of this year. Deloitte believes that sports media-related NFTs will generate more than $ 2 billion ($ 2.7 billion) in 2022, about double last year.
Jeremy Leliger, Commissioner of the National Basketball League, said:
“Sports will use collectibles as a relatively easy first step to soak their toes and understand technology, so that innovative and entrepreneurial sports teams and rights holders You’ll see that technology begins to embody a compelling strategy for what it can unleash in the long run. “
Basketball was a pioneer. In the United States, the NBA made the top shot in 2020. It provides NFT-based clips of highlights for slam dunk and other games that can be traded on online forums. Over $ 600 million is in the hands of the NBA Top Shot Marketplace. In 2019, a particular LeBron James Dunk sold for $ 387,000.
The partner who helped the NBA create top shots was Dapper Labs, the same company that created CryptoKitties in 2017, and launched the entire NFT category. This allows users to create and sell digital cats.
Other US sports are on the rise. The National Football League offers fans the option to add NFTs to create commemorative digital ticket stubs. You can make special offers to truck stub owners.
Today, Crypto extends its tentacles to Australian sports. When the AFL season began on Wednesday night at Melbourne Cricket Ground, an ad on crypto.com surrounded the ground and another crypto exchange, CoinSpot, was seen in a jumper at the Western Bulldogs. But while they are happy to receive money from crypto exchanges, sports are trying to do more.
AFL, Cricket Australia and Tennis Australia executives will be performing at the NFT Talkfest all day alongside NBL’s Roeriger at the Marvel Stadium in Melbourne this Wednesday. Their appearance has sparked more speculation about each sport’s strategy. Mik Naayem, one of the co-founders of Dapper Labs, is also speaking at this event hosted by Blockchain Australia.
Tennis Australia is the most advanced in the group. We were already selling NFTs to our fans at the Australian Open in January and were overwhelmed by the positive reaction. This included the sale of NFTs corresponding to the unique virtual squares of real tennis courts. The owner of the NFT won the matchball when the winning shot landed on the spot. Tennis Australia described this as a fun way to attract new fans.
One of the owners of the Tennis NFT was consultant Greg Oakford. He said, “I improved the experience of audiences around the world,” and it was a fun game to participate in. We also believe that the NFT, which represents where Ashleigh Barty’s winning shot landed to win the women’s title, could be valuable in itself.
Individual players are also considering how NFTs can support their brands. At AFL, Brownlow’s dual medalist Gary Ablet Jr. and Cricket’s Adam Gilchrist are working with a company called Pickstar to create NFT collector’s items. Globally, F1 driver Pierre Guthrie is working with Phantom and Australian crypto advisory firm Trovio to exchange some exclusive merchandise, including helmets and VIP Access signed to meet himself last year. I dropped the NFT.
Former Wallabies coach Michael Cheika is a Trobio advisor and works with athletes to help create NFTs to strengthen the brand.
Mr. Leliger said the NBL is going to bid to find NFT partners and is preparing to choose them. He said the natural place where Australian sports begin is the collectibles (such as the NBA) for creating digital versions of trading cards.
He adds “fan tokens” to sports to allow supporters to participate in club decisions and gives NFT holders special access to special experiences in both physical and digital clubs. I was hoping to add another “utility token” to make it so.
“I think you’ll see a huge amount of innovation in what NFTs can unleash, not only in the physical world, but also in the digital world,” said Leliger. “Blockchain is more than just the ability to create NFTs. Beyond utility tokens, there are compelling uses around loyalty and gamification.”
Global Sports is thinking about other NFT use cases, such as creating digital skins in video games and rewarding rights owners in an automated way. With the advent of “Decentralized Autonomous Organizations”, token holders can also vote for club decisions.
For example, the Barcelona Football Club is experimenting with allowing token holders to submit and vote for dressing room wall designs. In the United States, the Krause House DAO, named after the former boss of the Chicago Bulls’ Jerry Krause, was created with the goal of purchasing an NBA team managed by token owners, but many also do this. It’s far from being considered a step.
Sports prepares for a counterattack from community groups who are already concerned about the impact of gambling companies on sports.Rev. Tim Costello said Parents In January, cryptocurrency trading was a “corrupting and compromising” sport. He said he doubts that AFL works with crypto.com.
Consumer protection is also lacking given that the entire region is unregulated. Fans may not be aware that while NFTs convey ownership of images and clips, they usually do not provide rights to the underlying asset itself. Also, although NFTs may be in short supply, they are easy to create and can flood exchanges with large numbers of NFTs, which can saturate the market.
Oakford said sports should be aware of the potential dangers, including speculative trading in the secondary market. He says it is inevitable that there will be growing pain and lessons.
Still, he said, the market will evolve “not about the ridiculous coins you buy to get rich overnight, but about the underlying technology that enables people to have a better experience.” “Coins are bought for their practicality and fun.”
Regarding the sports league, Leliger said: “After all, it means that owners of different rights have different opportunities to commercialize those rights.”