3 Innovative Web3 Concepts That Could Emerge In Sports In 2023

Both 2021 and 2022 have been pivotal years in web3, crypto, and blockchain.

Especially when it comes to sports properties and athletes.

During these years, we began to see some of the biggest sports brands in the world such as?Nike ,?DraftKings , and?Fanatics ?test the web3 waters.

We witnessed some of the most notable athletes in the world such as?Cristiano Ronaldo ,?Manny Pacquiao , and,?Lebron James ?form partnerships with NFT platforms and crypto exchanges.

In the same instance, we also, unfortunately, experienced?major companies collapsing , cryptocurrencies going to zero, and multiple failed NFT roadmaps.

Despite the ups and downs throughout the industry, the biggest takeaway is that the cat is out of the bag and web3 is here to stay.

Within the past several months, I’ve studied the sports and web3 market intently to see what’s to lie ahead for 2023.

Here are my top web3 sports concepts I believe will further emerge going into 2023:

NFT Ticketing

Scalping.

Fraudulent tickets.

Illicit reselling.

These are all significant issues in the ticketing space.

But with blockchain technology, NFT tickets can’t be forged and/or duplicated.

A quick verification of a cryptographic hash can separate the real thing from a fake in seconds, and the complete history of the ticket is recorded from the moment it is minted all the way through sale and redemption.

This in itself can assist in eliminating a lot of these issues that we’ve seen with event ticketing.

Furthermore, the concept of “dynamic tickets” can be implemented which could be digital passes that update as they are redeemed and offer additional bonuses such as airdrops of additional NFTs, access to exclusive merchandise, or free vouchers for food and beverages.

Teams such as the?Dallas Mavericks ?have already started to explore what this looks like and I believe other leagues and organizations will start to do the same in 2023.

Metaverse Experiences

During this year's World Cup in Qatar, there were several multi-national brands that held digital activations for fans including Roblox, Visa, and Budweiser.

Metaverse platform Upland steered a lot of these virtual experiences allowing fans to participate in minigames, purchase collectible moments, and gain special access to digital viewings and rooms.

Shortly after the conclusion of the Argentian national team’s World Cup victory in Qatar, the?Argentina Football Association ?partnered with?Upland .

This partnership includes:

• The Argentine Football Association (AFA) will license Upland’s metaverse to the country’s professional football league.
• Argentine football teams, clubs, players, tickets, game highlights, historical moments, and other exclusive offers are expected to be gamified.

The economic value of the sports metaverse is expected to grow to $80 billion by 2030, according to a?report by Web3 Studio , a Web3 financial advisory and investment firm which consulted experts and put together a report on sports in the metaverse.

This is a trend that will continue largely based on the fact that there are a lot of untapped fan engagement opportunities to be explored in a virtual setting.

There is an influx of capital pouring into this space and that is not because of happenstance.

Physical & Digital Product Pairing

Nike x RTFKT is the staple partnership when it comes to this, but brands such as PUMA, and ADIDAS have also entered the conversation as of late.

This acquisition, which took place in 2021, led to the launch of Nike’s metaverse sneaker line RTFKT x Nike Dunk Genesis CryptoKicks.

By purchasing one of these NFTs, consumers are able to wear their sneakers in the metaverse and claim the right to own their own pair in the real world to match.

Marrying the physical and digital worlds for “phygital” drops, as they call it, are moving beyond just purchasing an item for display to creating something bigger.

These brands are focused on bringing pieces of the real and the virtual world together to create unique experiences for consumers whether that’s additional utility, ways to customize avatars, or even for trading purposes.

In Conclusion…

To be completely honest, we’re years off from any of this becoming mainstream.

The average individual has yet to learn how any of these things work nor do most care at the moment.

Although this is the case, I’m incredibly optimistic because of the efficiency and effectiveness blockchain technology can provide.

Blockchain can help improve business models, build new revenue streams, increase engagement across participants and revamp outdated infrastructure for brands and individuals alike.

Sports provide an excellent testing ground because of its unique set of characteristics that align perfectly with what web3 represents.

There’s a ton of speculation out there from believers and non-believers.

At the end of the day, all that matters is the truth which only time can tell.

And if you want to learn more about the future of sports, sign up for our free weekly newsletter here:?https://thehypereport.beehiiv.com/