With some form of digital transformation being carried out in the majority of industries, no one wants to get left behind. The sports world might not seem like something that changes a lot, but by looking at how it’s adapting to the changing business landscape, we can get an idea of how new opportunities are being created.
Using the Blockchain
The introduction of the blockchain has changed many industries, although the changes aren’t always obvious at first sight. In the case of sports, this technology gives us a chance to interact directly with our favorite players and franchises, who can monetize their popularity in a new way.
The use of fan tokens is an example of how an extra revenue stream has been added while increasing the level of fan engagement. Soccer clubs such as Barcelona, Arsenal, and Manchester City have been leading the way, which makes sense as they are among the clubs with the biggest global fanbases. In the NFL, 13 teams including the Chicago Bears and the New York Giants joined the Socios platform last year to explore this option, as reported by Decrypt.
Non-fungible tokens (NFTs) may provide another massive opportunity to transform sport into the digital world, as these are unique digital assets that can be sold to fans and collectors. The NBA Top Shot Collection shows how this works, with the Rookie Debut NFT giving the buyers a limited-edition collectible that shows a rookie’s first career highlight in the pro league.
Globalization Leads to A Wider Audience Reach
Sports have always been popular all over the world, but in the past, it was very much a case of local teams gaining support in their own country or region. Recently, the globalization that we’ve seen in other types of business has also reached the sports world, which has led to increased interest in the major leagues and teams everywhere, among other effects.
This has led to sports betting becoming sought after in many regions too, with sites such as Sportingtech offering a platform that allows operators from different countries to easily set up an online sportsbook. This includes a customization and localization option, which shows that local options are still needed, even when the overall solution is suitable on a global basis.
Going back to basketball and football, the introduction of a greater number of foreign players has brought new TV viewers to these sports and had also meant that more promising athletes in other parts of the world may train for these sports with the hope of being drafted to the American leagues in the future. On the other hand, the growing popularity of soccer in North America and the fact that the 2026 FIFA World Cup will be played there has produced many new business opportunities.
All of these areas are crucial to the sustainable growth of the sports industry, and it’s clear that many businesses are already looking at new ways to use them as they try to expand into new markets.
