NFTs (non-fungible tokens), the Metaverse and Blockchain technology are disrupting industries from sport to medicine to trading, with some believing we’re experiencing the 21st century’s equivalent of the industrial revolution. The growing development of these technologies is converging with the increasing desire for the sports industry to bring audiences and fans further into the fold of their favourite athletes and teams.
Skylab and Skylab: Elite Performance Analysis are perfectly placed to take advantage of this new digital era, with both our digital and sports performance analysis divisions providing services which can leverage NFT, metaverse and Blockchain technology to effect positive change in sport.
These new technologies, whilst revolutionary, all require web or app-based platforms in order to exist and prove useful. Whilst the likes of Facebook, Google, Crypto.com and a few others are offering their own platforms, they are incredibly niche and for specific use-cases. The sports world would not be able to, at the moment anyway, benefit from these platforms.
With Skylab’s years of experience in digital development and our extensive knowledge of the sports industry, our web and app development services are primed for any sports teams and organisations who want to bring the Metaverse or NFT technology into their digital channels.The development of a platform to host a metaverse or NFT activations could drive increased fan engagement and can also fill a gap which many have criticised of NFTs.
NFTs have been criticised for seemingly having nothing which underpins their value. They are worth whatever someone is willing to pay for them. This criticism has been bolstered by internet memes selling for upwards of $60million. However, by leveraging club’s, organisation’s and athlete’s values, data, branding and ideals to underpin the value of NFTs, you can create new, profitable, future-proofed fan-engagement streams.
Skylab: Elite Performance Analysis
On the subject of underpinning value – data and analytics in sport have a history of denoting worth in digital assets, from the costs of players in fantasy leagues to FIFA’s Ultimate Team system. The gap between using data to validate these digital assets and validating the value of NFTs is not significant at all.
By using Skylab: Elite Performance Analysis services, such as Data Capture or Analysis and Insights, organisations and athletes are able to gain insights into their performance, allowing them to make better decisions on and off track. However, they can also use this data to mint personal, highly valuable NFTs which have their value underpinned by the data collected and analysed by EPA.
In October, an NFT Trading Card of Cristiano Ronaldo sold for €400,000 becoming the second highest valued trading card ever. It included no stats, just his country and club. Analysts at blockchain firm Algorand estimate the card could have gone for atleast 10x that price if it had some actual, tangible data associated with it.
Ultimately, it is no longer a case of IF organisations will be adopting NFT or Metaverse technology, it is now a case of WHEN. These technologies have the potential to open up channels for increased fan engagement whilst also creating expansive revenue streams for clubs and organisations all the way from elite level to grassroots.
If you’d like to learn more about how Skylab or Skylab: Elite Performance Analysis can help you navigate your first steps into the world of NFTs or the Metaverse, please get in touch at email@example.com.