Why Every Athlete Should Be Thinking About Web3 In 2023
Malcolm Lemmons
Former Pro Athlete | Founder of Vetted Sports | Senior Advisor at Trusted Sports | Daily insights around sports, technology & investing
Athletes are some of the most influential individuals on this planet.
They drive culture.
They influence political change.
They inspire millions.
Yet, I still believe we’re only at the beginning of the revolution that is the “modern-day athlete.”
In today’s world, athletes are mega billion-dollar entities.
Take?Lebron James?for example…
Not only is he the highest-paid NBA player of all time with over?$528 million?in career earnings, he recently became a billionaire because of the brand he’s built off the court.
Some of his business ventures include:
Not to mention, a number of other endorsements & investments.
Now, I know what you’re thinking…
Not every athlete is Lebron James of course, but…
As media platforms have become democratized, every athlete has a unique opportunity to grow their platform and create sustainable career options and wealth outside of their sport.
This brings me to the point of why web3 is so important.
But first, let’s define what web3 is if you don’t already know.
Web3 (also known as Web 3.0) is?an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.
Basically, we’re moving towards an internet where users can own, leverage and better control their IP, and data as well as minimize third-party involvement.
We’re moving towards a more decentralized internet ecosystem using?blockchain technology.
Web 3.0 as the internet owned by builders and users.
— Chris Dixon
So why does all of this matter for athletes?
Because community is the focal point of web3.
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Web3 is inherently community-driven and athletes are nothing without their fans and/or community.
And while there is an ongoing debate about whether web3 is completely?decentralized, with this technology athletes theoretically have more ownership and power over their brands than they did previously.
They can build deeper connections, drive further engagement and enhance fan interaction with?NFTs.
They can leverage?tokens?to turn fans into super fans and create exclusive access.
They can even use?VR?&?AR?capabilities to give fans a behind-the-scenes look and leverage their image and likeness in unimaginative ways, respectively.
All of this is just scratching the surface of the possibilities that web3 can bring when it comes to athletes maximizing their brands on and off the playing field.
There are a number of current and former players who are already building different projects in the space including?Spencer Dinwiddie,?Baron Davis,?and?Dez Bryant.
And day by day we’re seeing more partnerships emerge between athletes, brands, and?organizations.
Web3 is very much in its infancy, but athletes are the perfect use case based on their status and the regard to which we hold them in society.
Though all of this doesn’t come without skeptics and people who don't see the benefits of web3.
But for the ones who do believe and get in early, the upside is enormous.
In my opinion, web3 is about empowerment more than anything else.
It’s about giving participants and creators the opportunity to own more of what they put out into this world.
It’s about challenging the status quo and reshaping the current system that is in place.
Web3 is about the people.
Not the establishments.
So regardless of the sport, athletic level, or gender — there is ample opportunity for all athletes to build and explore in this web3 world.
The fact of the matter is that this technology is here to stay.
If you look at history — there has never been a time when innovation moved backward.
So it isn’t a matter of whether or not blockchain and web3 will change the sports landscape.
It’s only a matter of when.
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Founder of TWG & Director of Hoyas Rising
2 年So good, Malcolm! NIL at the end of the day is about intellectual property (IP). Love how you're at the vanguard of sports and web3. Excited to keep learning with you going forward!