How is Web3 a Game Changer for Sports, Clubs and Fans?
The global sports industry is worth over $500 Billion, and has a growth rate of over 40% year on year, add to that the gaming industry now exceeds $300 Billion per year, according to the latest Accenture report Gaming - The new super platform. This $300 Billion value means that the gaming industry is now bigger than movies and music.. combined, and shows no sign of slowing down. If you consider gaming and e-sport as sport, it would mean a valuation of an eye watering $800 Billion. As the gaming industry shifts from Web2.0 to Web3.0, this will ultimately bleed into all industries and has the power to be a real game changer.
“Web3.0 sees the Metaverse come into being, blending the real physical world together with virtual and augmented reality, and this is arguably the biggest game changer.”
It is critical to understand the difference between Web2.0 and Web3.0, to understand just how much of a game changer for the gaming industry this evolution is. Web2.0 is centralised, meaning that all aspects are governed and operated by centralised authorities (generally large corporations), whereas Web3.0 is decentralised, makes use of edge computing, peer-to-peer and distributed consensus, basically no one corporation or person has total control. Web3.0 allows for payment of in-game purchases with crypto-currencies whereas fiat currencies are used in Web2.0 based games. In Web3.0 special characters, items and in game advantages often make use of NFT’s which are able to be traded meaning players are able to not only earn money via trading NFT’s but also recover money when they no longer play the game and choose to sell their “owned” items. Web3.0 makes use of AI as well as blockchain technology (immutable ledger technology). Web3.0 sees the Metaverse come into being, blending the real physical world together with virtual and augmented reality, and this is arguably the biggest game changer.
This change in technology from Web2.0 to Web3.0 and the ever changing possibilities that this brings will allow for clubs, players and fans who embrace Web3.0 technology, to bring them closer together and achieve a more immersive experience. Through the use of Web3.0, there is now the possibility for football fans to have actual ownership of “players” through non-fungible tokens (NFTs). Immediately there are benefits to fans that purchase these NFT’s - As there are usually a limited number of NFT’s, fans that buy these NFT’s will immediately own something very few others can. These bragging rights are something football fans will relish. An additional benefit, as the NFT’s are minted on the blockchain, no one has the power to take away ownership of these NFTs. And, if the fan decides they have the option to simply sell or trade their NFT’s on open markets and recoup their value, or make money on their purchases.
Another area that is a game changer is how Web3.0 can bring fans closer to their favourite football stars is within the Metaverse. Looking at the opportunities that Web3.0 and Metaverse are able to provide, it’s clear that this will be a game changer. From the clubs to the players, avid investors to those who are simply football fans. All now have the chance to have an immersive experience while generating additional income.