NEW DELHI: Even as cricket teams battle it out in the ICC World Cup 2023 this sports season, Web3 payments and blockchain company Nordek plans to empower cricket fans around the world with digital memorabilia. Nordek, which also produces blockchain based gaming tech, is the title sponsor for the Netherlands Cricket Team in ICC World Cup 2023.
Globally, AC Milan, Juventus, FC Barcelona, AS Roma and others have implemented NFT tokens for their fan clubs.
“Blockchain can be used for issuing digital tickets with more transparency and security. It can be used to define a voting system for selecting players in teams. NFTs can represent ownership of digital collectibles like player trading cards, memorable game moments, or even digital merchandise. Fans can buy, sell, and trade these NFTs, creating a vibrant secondary market. Fans could vote on decisions like team branding, and jersey designs,” says Mr Kishore, cofounder of Blockchain company Nordek
Cricket Australia for instance already sells NFTs regarding Aussie cricket history online. Black Caps also sells its NFTs via Rario, a Dream11 invested company.
The race is on! 🏃🏻♂️
NORDEK NFT Cup is seeing the heat 🔥
Mint #NFTs of your favorite matches and get rewarded. 💸
— NORDEK (@officialnordek) October 21, 2023
Decentralized Autonomous Organizations (DAOs) and Non-Fungible Tokens (NFTs) can be a boon for sports fans worldwide, providing new and exciting opportunities for engagement and participation in the world of sports.
A DAO is a self-governing and autonomous blockchain entity that operates through code, smart contracts, and the consensus of its members, rather than traditional centralized management and decision-making as in a traditional fan club or a sports team management.
With blockchain, sports teams and organizations can release exclusive content (e.g., behind-the-scenes footage, limited edition artwork) as NFTs, giving fans a chance to own unique digital assets associated with their favorite teams. Fan tokens can be issued as NFTs, allowing fans to gain access to special rewards and experiences, such as meet-and-greets with players, VIP access to games, or exclusive merchandise.
NFTs can also represent digital tickets for sports events. These tickets are tamper-proof and provide a high level of security against fraud and scalping. Fans can also easily transfer or sell their tickets on secondary markets.
Sports teams can create interactive experiences for fans attending games by linking NFTs to augmented reality (AR) or virtual reality (VR) features, enhancing the overall fan experience.
DAOs and NFTs can be used to gamify fan engagement. Fans can earn NFTs for participating in online contests, predicting game outcomes, or achieving milestones related to their favorite teams. In future, fans can use DAOs and NFTs to crowdfund initiatives to support their favorite teams, such as stadium renovations, youth development programs, or charity partnerships.
DAOs and NFTs enable fans from around the world to participate in the sports ecosystem, regardless of their physical location. This expands the reach of sports organizations and increases their global fan base.
Blockchain companies have sponsored major sporting arenas and teams around the world. LA Arena, NBA, Alpine F1 Team Italian GP, Miami GP, Los Angeles Kings (NHL), Philadelphia 76ers (NBA), for instance, has been sponsored by blockchain companies, in the past five years.