We are aware that blockchain technology is not only limited to cryptocurrencies, but it is applicable to various industries in addition to the world of finance. Well, how can it be applied to the world of sports, or what does such an application change?
The companionship of sports and technology have been maintained for long years by getting closer and closer. When we start to grasp blockchain technology better, it will not be surprising to see that it will join the companionship in question as well. We can already say that the seeds are being planted for the relationship of this duo.
Let’s start with NFT
When you think of the relationship between blockchain and the sports industry, what comes to mind first is the strong wind of NFT. We explained what NFT is in the previous article on BlockExplorer.
The NFT products of the industry which attract public attention include NBA Top Shot Series, the partnership established between Bayern Munich and Sorare, a fantasy football game, Mesut Özil Next Chapter Boots and The Kit products, which are launched by the cooperation of Mesut Özil and Genies Wearable.
The effect of NFT on various industries such as art, sports and games are undeniable. Especially introducing collectibles to an audience that have the sense of being a fan in them opened a brand-new era. However, the relationship between blockchain and the sports industry is not limited to that.
Whereas it is open to discussion whether the fan tokens are as influential as NFTs, they are the product of a completely different kind of technology, which has brought novelty to the football industry. Based on Ethereum and created by the cooperation of Chiliz and Socios.com, the purpose of fan tokens is to build a bridge between the fans and the club. Moreover, fans can consider the fan tokens listed on the markets as an investment tool.
The clubs which have launched fan tokens so far include Barcelona, Juventus, Paris Saint Germain, Milan, Roma, Atletico Madrid, CA Independiente, Manchester City, Galatasaray, Başakşehir and Trabzonspor.
Via fan tokens, the fans are entitled to have a say in the clubs’ decisions and VIP privileges. The surveys are organized to determine the new march or the design of the new uniform of the team, and the fans affect the decision with their votes.
It is safe to say that the fan tokens benefited both the clubs and the fans, particularly during the pandemic. The lack of spectators at the stadiums dampened the enthusiasm, and it caused an economic loss in the football community. Even if just a bit, fan tokens helped to fill this void.
What else can happen?
Let’s now discuss what can be done in the world of sports with blockchain technology. As is known to all, blockchain is a safe and transparent system, that processes and stores data. The traditional versions of the contracts between the clubs and players, suppliers, and sponsor brands can be replaced by unmediated digital contracts. Since smart contracts, created by blockchain systems, have a quality to be more reliable and transparent, the situations allowing for information pollution and misuse will be out of the question.
The existing online payment systems used to sell match tickets by combining the world of finance and sports can be based on the foundations of blockchain. In addition to NFT, the auctions for the physical collectibles can be held via a blockchain system. Thanks to the distributed ledger technology, there is no doubt that blockchain ensures high security and speed in such selling transactions. In addition to that, it will be economical for the clubs and the fans who have a new role as seller and buyer, respectively.
The security system of the world of sports can be reinforced
As it is well known, security violation incidents occur during sports contests all around the world. Thanks to the blockchain system, necessary arrangements can be made to prevent these violators from attending other matches. Therefore, it may be possible to watch the contests in a more secure and more enjoyable atmosphere.
These examples can easily be multiplied. It is possible to utilize blockchain technology for more creative and functional solutions and developments, which most of us cannot think of. As we mentioned at the start of the article, the priority lies in knowing this technology better and not limiting it to the world of finance. Once this priority is set, it will be downhill all the way, and thanks to this milestone technology product, the world of sport will gain a completely new dimension.
Bu içerik en son 26 October 2022 tarihinde güncellenmiştir.