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How Protokol Can Help Sports Teams

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A Challenging Landscape

From difficulties with engaging an increasingly changing and demanding fanbase, to limitations with delivering digital-only communities and experiences, to issues with generating actionable data – the sports industry faces some key challenges.

Fan Engagement

With fanbases becoming increasingly mobile and digital-first, along with international and remote audiences demanding more - teams are struggling with effective fan engagement.

Fan Experience

Fans are increasingly demanding more from the fan experience, both inside and outside of stadiums. This is hampered by outdated loyalty programs in need of innovation.

Data Insights

Digital-first fanbases are generating more data than ever before, but clubs and sponsors are struggling to interpret and even monetise this valuable resource.

Fan Monetisation

Covid-19 illustrated an over-reliance on traditional/ physical channels for revenue generation which outlined the need for sports orgs to diversify their digital channels in the long-term.

Rethinking Digital

The key to a sports organisation’s ability to solve challenges around fan engagement, or unlock new opportunities for revenue generation, lies in the strength of their digital strategy. Like most industries, the sports industry has found it difficult to keep up with the blistering pace of technological innovation, as well as the changes in both audience behaviour and consumption habits that result. By effectively leveraging new technology and a more diverse digital strategy, new opportunities are unlocked.

Driving Digital Transformation With Blockchainin

Blockchain isn’t a technology for the future, it’s a technology for today. That’s why leading organisations and teams across many different sport disciplines and leagues are already leveraging it as a fundamental element of their digital strategy. Innovative applications of blockchain are allowing teams to unlock new revenue streams and create new ways of both engaging and delighting their fanbase.

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Blockchain Use Cases in the Sports Industry

So how is the sports industry using blockchain? From issuing the next generation of digital collectibles to unlocking brand new ways of monetising and engaging the entire fanbase via fan tokens; blockchain use cases in sports are now being brought to life as viable solutions that are facilitating new revenue streams, engaging fans and enabling closer, more profitable relationships with sponsors.

Protokol Sports Industry Solutions

NFTs & Digital Assets

NFTs are powering digital collectibles, experiences, rewards and more for sports — opening up profitable revenue streams and helping to engage fanbases.

Benefits

  1. Fan Engagement: Realise new ways to engage and delight a global fanbase through unique experiences and digital-only privileges.
  2. Fan Monetisation: Unlock new opportunities to monetise your fanbase by leveraging digital assets to create a more interactive fan experience.
  3. Fan Loyalty: Build stronger emotional connections and more profitable relationships with your fanbase through new reward mechanisms.
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Fan Tokens

Facilitate fan influence, build exclusive communities and create additional revenue streams.

Benefits

  1. Fan Monetisation: Demand for fan tokens facilitates supplementary revenue streams and reoccurring revenue.
  2. Fan Engagement: By creating an exclusive community of fans (benefiting from exclusive interactions), fan engagement is increased.
  3. Sponsor/Partner ROI: Awarding tokens in exchange for interacting with sponsored content increases engagement and ROI for sponsors.
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Loyalty & Rewards

Increasing fan engagement, strengthening fan relationships and boosting sponsor ROI.

Benefits

  1. Fan Loyalty: Incentivise revenue-generating behaviour and create new ways to reward fan loyalty for your team as well as your network of sponsors.
  2. Fan Engagement: Drive new ways for fans to interact, engage and communicate with your team and network of sponsors.
  3. Sponsor/Partner Ecosystem: Bring your sponsors/partners closer to your fanbase and facilitate new mechanisms for interaction.
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Additional Blockchain Use-Cases in Sports

Competitive athletes have big dreams. Yet, while they may have the talent, they often lack the funding to take those aspirations to the next level. That’s where crowdfunding for sports teams and athletes comes in. Turning to their fanbase, sports teams and aspiring athletes are raising money to train, travel, and take their talent to the world stage.

Blockchain technology in sports is also being applied at the ticketing level as an easier and more secure way of purchasing, storing, or even transferring tickets between owners or events. Thanks to its decentralized nature removing the need for intermediaries and central actors (as well as insecure centralized systems), fans who find themselves unable to attend an event, for example, can simply switch their ticket without paying penalty fees or losing their money, making for a much more efficient user experience.

By using blockchain for sports betting, issues related to fraud and a lack of transparency are removed. This is because, due to blockchain’s decentralised nature, no single party owns the data. Plus, each time a transaction occurs on the blockchain, a record of that transaction is added to a transparent ledger. It’s this immutable data and transparency that enables bookmakers to ensure provably fair gambling.

Resources

Ebook

Blockchain in the Sports Industry

Increasing fan engagement and unlocking new revenue streams through blockchain

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Ebook

Unlocking the Power of NFTs for Sports Teams

Utilising NFTs to improve engagement, monetisation and relationships across your entire ecosystem

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Book a Free Consultation

Book a free video consultation with our experts to explore how Protokol’s custom solutions can help solve your key challenges such as driving fan engagement, generating additional revenues or strengthening relationships with sponsors.

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