With Non-Fungible Tokens, Professional Sports Can Create New Fan Experiences
Scroll DownSome of the advantages offered by environments in the blockchain-based metaverse include opportunities to own virtual products and for interactions in the community, but is this enough? The research firm Strategy Analytics seems to think so. It projects the global Metaverse market will grow to almost $42 billion in the next 4 years. Brands including Nike and retailers like Walmart are creating a footprint in the Metaverse marketplace. The role of NFTs Key players in leveraging the ecosystems are NFTs. The rise of the Metaverse will further fuel the already growing trend in these nonfungible tokens. In the future, it is predicted that a presence in the Metaverse will be just as essential as occupying the social media space is today. Companies like Ethernity are taking advantage of platforms such as The Sandbox to sell NFT products. What can virtual athletic jerseys be used for? They can provide a boost to the skills and powers of avatars sporting these garments, which come complete with team names. Sports fans experience enhanced interactivity while corporations monetize assets via the blockchain network. Virtual Store Fronts and Sports Stadiums It's no wonder that Samsung is planning a store in Decentraland. The shop, only accessible for a limited time, will provide users a replica of the electronics giant’s New York City based outlet to explore. This metaverse based storefront will allow consumers to interact with Samsung’s products in an immersive and customizable fashion. Interactive quests, special NFT badges and wearables, and opportunities to acquire exclusive wearables will all encourage user interactions. Other organizations are sure to follow Samsung’s lead in launching their own virtual stores on sites such as Decentraland. This is an exciting trend that is bound to accelerate in the future and to expand in scope. For example, the Australian Open recently partnered with Decentraland to host events in the metaverse. These will mirror the real-world events in virtual venues such as a rendering of the Rod Laver Arena in Melbourne Park. Entertainment hubs will provide tennis fans to enjoy not only replays of current matches but also historical enactments of prior ones. Behind-the-scenes coverage will allow a unique level of immersion for enthusiasts. While it’s hard to predict the future, the trend of brand involvement in the Metaverse seems to be here to stay.
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