Fan engagement has experienced a seismic shift as Covid forced a change in the way we consume sports. The move to online and digital had already begun but was accelerated by the pandemic. It has become critical for organizations to find alternative fan engagement and revenue generating initiatives for fans who prefer to consume sports and events through their technology as well as in person.
Teams must digitally transform to enable fan engagement smart stadiums and through fans devices to create loyalty and nurture loyalty. We’ve all seen apps, social and AR/VR begin to change the game, but now we have a new player that has come hard and fast, the blockchain. With the explosion of NBA Top Shot we are seeing the blockchain being introduced as a game changer in fan engagement and revenue generation in a key growth demographic that teams must to take advantage of.
With blockchain technology, users get access to a decentralized network which facilitates transactions in real-time that is further visible on the documents in real-time. As a distributed ledger system it makes the process of sharing documents more secure and transparent, which as you can imagine has limitless potential in ticketing, game experiences and merchandise as well as integrated experiences for fans to “own” a piece of the action through the purchase of moments(like Top Shot) or other crypto collectibles that have absolutely blown up in the last few months. With blockchain tokens, organizations can deliver loyalty programs that encourages sports fans to become more involved as well as to earn rewards for their involvement and have votes and exclusive benefits only available to token holders. AC Milan and Barcelona have had extremely successful fan token rollouts and have taken advantage of a completely new revenue stream. These uses only scratch the surface of the possibilities of blockchain, the organizations that can be the most creative and forward thinking will reap the most reqards and have the opportunity to truly transform fandom.
There is an unlimited array of uses for the blockchain and crypto collectibles and token available for organizations. The key is to work together to create a strategy and get ahead of the game for utilizing the tech to drive revenue in your organization. This is a brand new vertical and a chance for teams to be leaders in the space and create more runway for the business to generate revenue in an industry that is looking for new ways to grow and engage the key young demographic that is digital first. If the teams with the IP don’t do it first it will allow third parties to come in and take that revenue much like what happened in the fantasy sports space, which makes it even more important for teams to act now to take advantage of this space while it still evolves.