
Opinion by: Alexandre Dreyfus, CEO of Chiliz
Blockchain has reshaped every sector that has worked to implement the technology, from financial services to entertainment. This revolution is evident in how sports fans can now engage with their favorite teams, offering dynamic and direct interaction through fantasy sports games, digital membership and sports memorabilia digital ownership, transforming passive viewers into active participants.
While NFTs have experienced significant volatility since their inception, Fan Tokens have moved from strength to strength, going beyond their Web2 counterparts and providing fans with a truly engaging experience as part of their ownership.
Data from CoinMarketCap showed Fan Token trading volume surpassing $1 billion in just 24 hours, highlighting a robust secondary market and the ever-growing enthusiasm and presence of crypto-savvy sports fans.
Breaking down barriers
One of blockchain’s most significant benefits is its ability to transcend geographical boundaries. Traditionally, fans’ participation in their team has been limited to passive and local consumption. Blockchain shatters this barrier by enabling fans from around the globe to participate actively in team activities and decisions. Therein, it creates a sense of global community, particularly beneficial for fans living in regions where their favorite teams may not be widely followed.
Fans are keenly following teams abroad, even in the United Kingdom and Italy, nations with homegrown clubs. Tottenham Hotspur, for instance, enjoys significant popularity among South Koreans. With blockchain, a fan from any part of the world can now actively participate in the decision-making processes of a European football club, bridging physical distance with digital connection.
The psychological effects
A 2022 study called “The Psychology of Fan Engagement” found that 63% of sports fans say their emotional connection with players and teams enhances their overall sports experience. Globally, 83% of fans feel that their team could do…
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