This site uses cookies. Browsing the site, you agree to the use of cookies. If you need more information, please visit the Cookies Policy page

Русский

English

Enter / Registration

Cryptocurrencies: 9549 / Markets: 112989

Market Cap: $ 3 756 989 468 481 / 24h Vol: $ 523 064 392 273 / BTC Dominance: 59.613031454844%

Н News

How Digital Collectibles Are Shaping Athlete Legacies

Since the dawn of sport, athletes have built their legacy out on the playing field. We look up to their accomplishments; we hold on to their records, their milestones, and the countless moments that make up their wins. Starting in the 2010s, the introduction of social media transformed the playing field: giving us more access and insight into star players. A decade later, the emergence of NFTs gave fans and their favorite athletes a new way to connect. Now, blockchain-based collectibles and games are changing the way we see and engage with athletes: as fans increasingly have the tools to contribute to, own, and expand the field of play for their favorite stars.This op-ed is part of CoinDesk's GameFi Week 2024. Preparing for the upcoming Summer Olympics games in Paris, Michel Cadot advised the Prime Minister’s Office to implement blockchain ticketing for all major sports events around the Olympics held in Paris. Individuals would receive their tickets as rotating QR codes via blockchain technology, with NFT tickets sent a few days before the event. These tickets will activate within a specific perimeter of the event location to reduce ticket fraud but also allow event goers to have a lasting memory on the blockchain.As we see events like the Olympics and Leagues like the NFL, NBA, and MLB all experimenting with blockchain and NFTs in different ways, it begs the question – will on-chain assets be the future of athlete’s legacies? Let’s dive into how this technology is used to date and what this can mean for decades to come.NFTs allow fans to own a moment NFTs allow fans to own a piece of the game by immortalizing iconic moments as digital collectibles. This preservation extends the game's impact beyond its venue, creating a timeless connection between fans and their favorite sports. By owning these unique digital recreations, fans can engage with the sport on a deeper level, experiencing a sense of ownership and participation that goes beyond merely watching or interacting on social media. This innovative use of blockchain technology ensures that memorable plays and legendary highlights can live forever, enhancing fan loyalty and engagement.For example, a recent collaboration between AC Milan and Fanblock has tokenized the stadium experience. Fans can obtain virtual plots of land within stadiums, earning rewards based on in-game events that take place in their area during official matches, such as goals, assists, and yellow cards. In 2022, the AO announced a celebratory NFT collection called Art Balls, featuring 6,776 unique digital tennis balls. Fans and creators can submit designs for these NFTs. Owning an NFT grants access to a digital tennis court in Decentraland's Metaverse, where historical competition highlights are streamed. Additionally, each NFT is linked to a specific section of the physical court, and owners of the section where the winning shot lands will receive exclusive game data.In addition, Major League Baseball (MLB), now offers game highlights in both historical and recent games, allowing fans to own a piece of content they could not before that can forever memorialize a favorite moment or a game that they attended. MLB also allows fans to own memorabilia from players in a digital format, paving a new way to support favorite players that goes beyond a physical piece of memorabilia or trading card that could get lost, stolen, ripped or broken. With these assets living on-chain and forever verified, fans lessen these previously associated risks giving longer life to these valuable pieces.Star careers can become exponentialProfessional athletes, some of the most physically and mentally gifted individuals, have long struggled to fully capitalize on their personal value. Traditional physical auctions often fail to capture revenue for the athlete or their estate. By leveraging NFTs, athletes can create new revenue streams that extend beyond their active career years, which typically last only 5-7 years. Agencies like Young Money APAA Sports are now providing clients with their own digital player cards, enabling athletes to profit from their name, image, and likeness and collect royalties on any resales.Read more: Jeff Wilser - What Hamster Kombat Did: How Telegram Built a Web3 Gaming JuggernautThis digital approach allows athletes to capitalize on their fame and achievements in perpetuity, ensuring they benefit financially from their legacy. NFTs not only democratize the auction process by eliminating intermediaries but also provide athletes with ongoing opportunities to monetize their career highlights, memorabilia, and unique digital content directly to fans. Tiger Woods, Khabib Nurmagomedov, Stephen Curry, Micah Johnson, Son Heung Min, Rafael Nadal, Lionel Messi, Tony Hawk, Tom Brady, Usain Bolt, Wayne Gretzky are just a few examples of athletes who have officially licensed NFT collections.Fan tokens allow supporters to make decisionsWe’ve also seen the rise of sports organizations utilizing Fan Tokens – unlike NFTs, these are fungible, or interchangeable, crypto tokens that can be used as currency to exchange for merchandise, VIP experiences and more. These tokens are utilized in almost a DAO-type structure, meaning when a holder amasses enough tokens they are granted the ability to vote on club matters like designs, ticketing matters, and match locations. Fan Tokens give way to new and exciting possibilities for fans who are already ingrained in their favorite club’s activities allowing them to feel the rewards of a team's successes and grow their loyalty even further.While the Chiliz Fan Token arose as the first of its kind, popular clubs such as Manchester City and AC Milan have integrated this system as well. Not only do these tokens benefit the fans who decide to participate, but they also give the clubs a new stream of revenue which benefits the club as a whole, its players, and the fans alike.Web3 games let fans be general managersWeb3 has also wrapped its hands around gaming, offering a plethora of what can be iterated on when it comes to traditional gaming. While there have been hits and misses when it comes to Web3 gaming, there has been a lot of success when it comes to how Web3 gaming interacts with different aspects of sports. These games offer fans the ability to take on the role of general manager to their favorite teams or interact with their favorite players, bridging the real-world and the virtual world. Games leveraging blockchain as an underlying technological mechanism allow users to own, trade, and manage digital assets while also using crypto to blend investments with strategy and entertainment.Mobile and browser-based Web3 games are really at the forefront of the growth in Web3 sporting games. For example, Sorare is a fantasy football game where users can collect officially licensed digital collectibles to build teams and play in tournaments. With this, users act as the general manager to make strategic decisions for their teams, all while earning rewards. NBA Top Shot is another example where users can build teams, participate in challenges, collect highlights, and earn rewards. Finally, games like “FootballCoin,” a browser-based Web3 game, allow users to be the manager of their team using player cards of varying rarity and value to influence strategy and gameplay. Platforms like these engage existing and new fans in innovative ways giving way for athletes and clubs to shape legacies in the digital age.Read more: David Z Morris - 5 Blockchain Games: What Works and What Doesn'tWeb3 games serve as more than a new form of entertainment, it reevaluates how fans interact with sports and athletes. Allowing fans to engage directly with their favorite teams, sports, and athletes, help preserve and enhance how fans think about their favorite athletes in the present, but also as a way to have legacies live on, bringing fans closer to the action and deepening connections they feel to the game.The role of digital collectibles in shaping the legacy of athletes will be transformative. These new experiences not only redefine how athletes engage with their fans but also democratize access to sports memorabilia and preserve pivotal moments in sporting history. Blockchain-based collectibles and games empower athletes to take control of their digital presence and narrative, offering them a new way to share their stories and connect with fans worldwide. By embracing them, athletes can transcend the boundaries of traditional sports marketing and leave a lasting imprint on the digital landscape.Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.Edited by Benjamin Schiller.

Source

Н News

How Digital Collectibles Are Shaping Athlete Legacies

Similar news

$9.4B in liquidations over 24 Hours triggers ‘2021 type situation for altcoins’

XRP Price Prediction. Analysts See $2.90 Retest As Panic Selling Cools

How XRP and DOGE Lost Over Half Their Value in Today’s Crypto Flash Crash

Hong Kong and China Banks Test Blockchain Links for Credit Verification

Trump Tariffs Spark $19 Billion Crypto Liquidations in 24 Hours

Crypto Crash 2025: $19 Billion in Liquidations Make March 2020 Crash Look Small

Н News

How Digital Collectibles Are Shaping Athlete Legacies

Similar news

$9.4B in liquidations over 24 Hours triggers ‘2021 type situation for altcoins’

XRP Price Prediction. Analysts See $2.90 Retest As Panic Selling Cools

How XRP and DOGE Lost Over Half Their Value in Today’s Crypto Flash Crash

Hong Kong and China Banks Test Blockchain Links for Credit Verification

Trump Tariffs Spark $19 Billion Crypto Liquidations in 24 Hours

Crypto Crash 2025: $19 Billion in Liquidations Make March 2020 Crash Look Small

Stay in touch