Market Trends of Blockchain in Sports Industry
This section covers the major market trends shaping the Blockchain in Sports Market according to our research experts:
Managing fans engagment platfroms using blockchain is expected to dive growth for the market
- Blockchain technology in the sports industry is opening up innovations and revenue streams in many ways, from fan tokens and digital collectibles to fan loyalty and engagement platforms.
- Blockchain technology offers numerous innovation opportunities, including data insights, smart contracts, tickets, and tokens. For Instance, Sequoia Games Chooses Algorand to Reimagine NBA Gaming for Next Generation Sports Fans engagement.
- Sports clubs and organizations can benefit from new technologies like blockchain by implementing more secure and transparent ticket exchange markets. A mobile ticketing system based on Blockchain Technology will ensure transparency and security for clubs and fans.
- Blockchain technology is used in the fan loyalty and engagement platform, which will drive new growth opportunities for the market. The fans use these blockchain-based platforms to reward for taking specific actions, such as interacting with clubs sites, creating, sharing, and liking content, or through loyalty programs. It allows them to accumulate rewards or points to spend on merchandising tickets or digital collectibles.
- According to KPMG, Blockchain technology and cryptocurrency investments are growing by USD 14.2 billion in H1-2022, which is expected to drive new growth opportunities in the sports market.
Understand The Key Trends Shaping This Market
Download Sample
North America is Expected to Hold a Largest Market Share
- North America is expected to hold a significant share of the blockchain in the sports market. The digital systems and blockchain networks may present to monetize fan engagement further and attract sports industry sponsors. These significant factors contribute to blockchain growth in the sports market.
- The rising adoption of cryptocurrencies and digital tokens across North America is expected to drive new growth opportunities for blockchain in the sports market. For Instance, FIFA (International Federation of Association Football) agreed to a sponsorship and technical collaboration agreement with blockchain technology startup Algorand. According to the agreement terms, Algorand will become FIFA's official blockchain platform and supply the official blockchain-supported wallet solution. According to the sponsorship deal, Algorand will be a FIFA World Cup Qatar of the last year's Regional Supporter in North America and Europe and an Official Sponsor of the FIFA Women's World Cup Australia and New Zealand this year.
- Blockchain technology is used in the sports industry at the ticketing level as a more accessible and secure way to purchase, store, or even transfer tickets between owners or events. Blockchain can switch their access without paying penalty fees or losing money, making for a much more efficient user experience. As the data on the blockchain is immutable, no one can falsely claim to have bought a ticket or dispute a price. Blockchain-based ticketing systems eliminate the possibility of counterfeit tickets as they can be instantly validated by blockchain technology. Adopting blockchain technology in sports will drive and bring new market growth opportunities.
- The appeal of fan tokens comes from their capacity to significantly boost involvement while generating new revenue sources for clubs. Fans may purchase tickets using FIAT currencies like dollars, pounds, and euros and exchange them for merchandise, collectibles, or exclusive interactions like a VIP "meet the player" experience. Blockchain technology in sports issues their virtual currencies. Fans can interact with the club, and the players, earn points, get discounts, and participate in a virtual ecosystem.
Get Analysis on Important Geographic Markets
Download Sample
