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Welcome to another edition of The Wild West of Web3!

Truly stoked to have you here! 🤝 

For the ones who’ve been following my content for a while, it’s no surprise that sports play a very important role in my life - Skateboarding, Martial arts, and Surfing have been a vital part of my routine for many years.

The very way I approach life has been shaped by this connection - including the decision I made years ago when I decided to move from Germany to Portugal.

I said this in an “old” edition, but I really mean it when I say that sports have given me a skillset that is invaluable in the Web3 universe: balance, discipline, and adaptability.

So, whenever I have the chance to talk about sports in Web3, I can’t help but get excited by all the possibilities this environment can bring.

And today, we’ll explore some of them.

LFG!

Sports Market:
Where business meets passion

The sports market is colossal, both in size and influence - and it contains a very special ingredient: the unparalleled level of passion among fans and participants.

According to Global Industry Forecast, the global sports market is set to reach ~$680 billion by 2028. As said above, this immense space is fueled not just by the sheer number of events and merchandise but also by the deep emotional connections fans have with their teams and athletes.
This passion brings unique challenges in customer relationship management, where maintaining and enhancing fan engagement is crucial.

As such, fans expect more than just a transactional relationship; they crave a sense of community and belonging. If you support any sports team or athlete, I’m sure you’ll understand this “complex” relationship fans often have with their idols/clubs/teams.

→ “I love this team/athlete, so I’ll do something crazy/expensive to support them”

→ “We had a bad season, so I’ll buy the new jersey/kit to support my team during the recovery phase”

→ “I love my team/franchise but they moved to a new city, so I’m not buying new jerseys”

Yeah… When it comes to customers who are also passionate fans, it’s not always easy.

That’s why traditional approaches often fall short - but Web3 technologies present new opportunities.

With blockchain and NFTs for instance, sports organizations can offer personalized, immersive experiences that deepen fan loyalty. Sports brands can provide secure, transparent interactions, ensuring fans feel valued and integral to their favorite teams'/brands’ success.

Moreover, the global reach of sports presents additional opportunities for leveraging Web3. With billions of fans worldwide, sports teams can harness digital platforms to engage with their audiences across borders.
The ability to offer unique digital experiences can significantly enhance global fan engagement and revenue streams.

However, leveraging these opportunities requires understanding the unique dynamics of the sports market.

The integration of digital assets, personalized fan experiences, and community-driven engagement strategies can transform how sports teams connect with their audiences, and embracing these innovations can lead to more robust, loyal fan bases and new revenue streams.

Web3 Adoption in Sports:
A natural synergy

And if the previous segment got you thinking of “future scenarios”, it’s important to highlight that Web3 technology is already making moves in the sports industry, with more sports-related businesses adopting it at various levels.

From blockchain-based ticketing systems to collectible NFTs and immersive fan experiences, the integration of Web3 is reshaping how fans interact with their favorite sports.

A survey by PwC (with senior sports executives from across 43 countries) found that over 40% of respondents feel that Web3 and blockchain technology will provide a significant opportunity for sports organizations in videos, trading cards, and sporting items.

If we combine that information with the growing demand for more digital, immersive experiences, it’s not crazy to think that for many sports businesses is just a matter of “when”, and not “if”.

Another compelling example is tokenized loyalty programs being implemented worldwide. These programs allow fans to earn and trade rewards, fostering a deeper connection with their teams.
Such systems not only enhance fan engagement but also create new revenue streams for sports organizations.

(More on tokenization in editions #21 and #48)

And as much as you tend to focus on sports like football, basketball, or cricket based on their global appeal, or on brands like NBA, Barcelona, or The Olympics, Web3 is great because it can also help smaller projects or local teams, whether for fundraising or enhancing the interaction with their fans.

In past editions, we discussed things like “Creators Economy” and Web3 for start-ups, which can be adapted for those upcoming, smaller sports-related ideas/brands.

To sum it up: “Sports” is a broad space, with an insane amount of opportunities and possibilities, and Web3 can help you and your businesses make the best of them.

Spotlight:
Manchester United's Roblox adventure

Manchester United, one of the world’s biggest football clubs, has ventured into the digital space by launching an immersive experience on Roblox.

Partnering with Adidas, they introduced the new 2024/25 home kit within the Roblox metaverse, blending physical and digital fan interactions. This initiative allows fans to explore a virtual Old Trafford, engage in interactive experiences, and even purchase the digital kit for their avatars.

This move shows a strategic shift towards engaging younger, digitally native audiences who frequent platforms like Roblox, and by creating a virtual environment that mirrors the iconic stadium, Manchester United offers fans a unique way to connect with the club.
This engagement extends beyond just watching games, providing a sense of presence and participation in the team's digital ecosystem.

The success of such initiatives highlights the potential of Web3 technologies to enhance fan engagement and brand loyalty. By leveraging platforms like Roblox, sports teams can create innovative, immersive experiences that resonate with their digital-savvy audiences, ensuring long-term engagement and connection.

This initiative also opens up new revenue streams through digital merchandise sales and enhanced sponsorship opportunities. By combining physical and digital elements, Manchester United is setting an example of how sports teams can leverage new spaces to create unique, engaging fan experiences.

Imagine if there was a comprehensive course designed by BorgoAcademy and Exclusible to guide you through every step of the process of setting up your brand’s presence in this space.

Well, there is! 😃 

Mastering Brand Engagement on Roblox: Course by Exclusible and Borgo Academy was launched not too long ago, and of course, you are invited to join us 🙂.

I explained more about the course, and also about the potential around Roblox in edition #44. Feel free to check it out.

Spotlight 2:
Olympic NFTs for Paris 2024

The International Olympic Committee (IOC) is embracing Web3 with the launch of Paris 2024 NFT Pins, celebrating the upcoming Olympics in the French capital.

These digital collectibles offer fans a chance to own a piece of Olympic history, blending traditional memorabilia with current technology. This series of NFT pins features the Paris 2024 mascot, adding a new dimension to fan engagement.

These NFTs provide a verifiable, unique digital asset that fans can collect, trade, and showcase. By integrating blockchain technology, the IOC ensures the authenticity and scarcity of these pins.

The introduction of NFT pins marks an interesting step in modernizing the Olympic experience, catering to a tech-oriented audience that values digital ownership. As more sports organizations explore Web3, initiatives like these will likely become more prevalent, offering fans innovative ways to engage with their favorite events.

At the end of the day, from the customers’ perspective, it’s a risk-free chance to add an official collectible to their wallet, and for the brand(s) involved, a new way to engage with this audience.

Foot Locker: The HeARt Experience

Foot Locker is stepping into this new environment with their AR-powered "The HeARt Experience" for the Paris Olympic celebrations.

This initiative leverages augmented reality to create an immersive shopping experience that connects fans with the excitement of the Olympics.

The HeARt Experience offers a unique mix of physical and digital interactions, allowing customers to explore Olympic-themed content and exclusive merchandise. Fans can use their smartphones to interact with AR displays, view 3D models of products, and even participate in virtual challenges.

And according to the project’s website, “for every AR experience you uncover we reward you with XPoints you can use to enter sweepstakes and win amazing prizes!”.

You have been following my content for a while, you know I love exploring these new ways of interacting with customers - and that’s a great way to benefit from all the “hype” that The Olympics always bring.

By the way, for more insights on Immersive Commerce, click here.

Foot Locker's initiative is a great example of how retail can be transformed through technology. By integrating AR into their strategy, they are able to offer a more personalized and engaging shopping experience, which can attract tech-savvy consumers but also help set a new standard for retail experiences in the sports industry.

See you soon.

#LFGrow
Diego Borgo