EconomyAre NFTs the new business in sports and entertainment?

Are NFTs the new business in sports and entertainment?

(Expansion) – Runners keep the kit of each race, music fans collect tickets to the shows of their favorite artists and many soccer fans hang their original jerseys in sight and order.

What is the secret of the collections? The originality. It is not the same to have an official shirt than a fake one. A true ticket to an iconic recital multiplies its value.

Today the runner could not only record the entire marathon history with blockchain technology, but also generate a collection with their finisher medals with personalized information on times, position, category, etc. It means that brands and clubs now have the opportunity to create unique and valuable experiences so that their fans treasure their brands for life in unforgettable moments, reinforcing the emotional bonds of their fans.

Milo Lockett, for example, offers works created in NFTs, soccer clubs have their own cryptocurrency and the members who buy it are more involved in the club’s decisions; the current vice president of Inter Milan, Javier Zanetti, has auctioned NFTs with images of iconic moments of his career so that the proceeds go to the PUPI Foundation.

But blockchain technology not only provides a unique experience and collection look, it also provides a secure ticketing platform that allows you to control the resale market, the real identification of the ticket holder and put an end to the ticket counterfeiting business. Following riots over ticket scalping in the European Champions Cup final, organizations such as the Rugby World Cup 2023 and the Paris 2024 Olympics plan to replace tickets with NFTs, which provide them with: organization and certification.

What can be done with an NFT?

The famous golden ticket: more than just a ticket, where with exclusive designs such as an audiovisual summary of a historical show or the words of the favorite player dedicated exclusively to you, they can be the first link in a chain of experiences lived through NFTs. Can you imagine the highlights of a game with the view from the same location where you have witnessed it?

the benefits club

Content marketing is the star these days. Offering content especially dedicated to people’s interests is the object of desire of any brand. NFT technology can generate segmentation and communication channels to grant discounts and benefits that provide exclusive value to those interested.

With NFTs we can revolutionize the concept of fanatics, thus generating new business for organizers and entities. It is here when the concept of the democratization of the industry becomes relevant. Now users will not only be able to be creators of specific content that could be translated into NFT technology, but they will also be owners of unique objects, which do not lose value over time as they are not conditioned by the economy of the country of origin. That is the true potential. It’s giving them the ability to say, ” I was there, this is mine, I’m part of this” while sharing it with the world.

The true revolution occurs when technology is applied to take the audience to live experiences of another level. Today we can obtain that experience digitally, personalized and with added value. NFTs are collectible and unique assets. They cannot be duplicated generating guarantees of originality and that is what this generation that flees from fakes is looking for.

Máximo Pellegrino is CMO of MEDALIO. You have a long history in the Marketing area of world class brands. Sydney 2000 Olympian. Follow him on LinkedIn. The opinions published in this column belong exclusively to the author.

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