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How Blockchain in Sports Is Changing the Game

Whether it’s through blockchain-powered collectables or enhanced loyalty schemes. Blockchain technology in sports is helping teams generate revenue and fan engagement right when they need it most.

Addressing Impacted Revenues

It’s been a tough year for the sports industry. Shutdowns, social distancing and changing fan habits have severely impacted revenues for many clubs, venues and operators. In response, forward-thinking organisations are turning to innovative technology such as blockchain to help open up new revenue streams. Fan tokens, digital collectables and more efficient systems, all powered by blockchain technology, are enabling clubs to engage more fans and boost revenues.

Blockchain in esports

Building Decentralized Ecosystems

For the Esports industry, bringing a range of players and stakeholders together can be tricky. What happens if you need to connect players with sponsors and game producers? Or when different stakeholders need to securely use the same platform to distribute prize money, transfer assets or engage with certain players? With blockchain technology, the Esports industry is creating vast, interactive ecosystems where essential stakeholders can interact exactly how they need to — in a more connected, more transparent, yet more secure environment.

Blockchain Use Cases in the Sports Industry

So how is the sports industry using blockchain? From issuing rare collectables to sports betting; blockchain technology in sports is being used to improve processes, open up new revenue opportunities and provide transparency.

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Fan Tokens

Fan tokens, issued on the blockchain are a digital asset that can be bought, sold or exchanged by fans. These tokens work as a currency, exchangeable for merchandise, collectables or exclusive interactions. This opens up new revenue streams for clubs and sporting organizations through tokenization and loyalty programmes — along with creating exclusive fan communities for better engagement of international audiences.

 

Blockchain-Based Ticket Distribution

Blockchain technology is helping sports teams overcome the multitude of complex challenges they face in relation to both ticket fraud and ticket touting. By being able to prove the authenticity and source of tickets, create fan-to-fan exchanges and eliminate the need to connect with vulnerable centralized ticketing systems to authenticate tickets — clubs can drive operational efficiencies and reduce costs.

Provably-Fair Sports Betting and Online Gambling

With the introduction of blockchain technology providing a permanent record of verifiable and unchangeable transactions, gamblers are now benefiting from a much fairer system for both placing and claiming bets. Bets can be securely placed and authenticated using consensus-driven blockchain technology and smart contracts can be executed to automatically pay out winnings without the need for intermediaries or reliance on centralized systems.

Digital Trading Cards and Collectables

Blockchain technology in sports provides the industry with a more advanced process for tracking and proving the authenticity of digital trading cards, collectables, and even official merchandise — all key revenue streams. Items can be verified and traced on the blockchain allowing for an immutable history of each individual asset. Non-fungible tokens (NFTs) enable the creation of rare or unique assets (such as rare trading cards or unique memorabilia) that cannot be forged or replicated.

Bringing Use Cases to Life

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