While there may be benefits in integrating nonfungible tokens (NFTs) within the world of sports, there are also challenges for athletes who want to get in, requiring time and effort when diving into the world of Web3.
Tom Fleetham, head of business development for sports and gaming at Zilliqa, said that among the sports organizations he worked with, many needed to improve the experience and monetization for international fans who could never visit stadiums. In addition, younger audiences like Gen Z had different behaviors from previous generations, suggesting that a modern approach may be required in tapping this market. The executive believes that NFTs can play a role in overcoming such challenges. Fleetham explained:
“I believe that NFTs can play a big role in overcoming both of these challenges. International fans want to feel closer to their team, and the opportunity to own NFTs that provide exclusive access, products and experiences is a huge untapped opportunity.”
However, while there are benefits to jumping into the NFT space, Fleetham explained that sports organizations or athletes need to spend enough time to understand the intricacies behind creating their NFT projects. The executive pointed toward the recent NFT debacle of the basketball star Dwight Howard, when the athlete jumped into the crypto space, seemingly unprepared.
On Jan. 19, Howard announced an NFT drop on the Avalanche blockchain. However, the entire project was a miss, only attracting a handful of buyers and eventually being pulled back for a redesign. The project attracted criticisms from community members, with Howard even being accused by crypto detective ZachXBT of performing a rug pull.
Thanks @DwightHoward for the quick rug pull. pic.twitter.com/PSuAwCsYGW
— ZachXBT (@zachxbt) January 30, 2024
Fleetham described Howard’s project as a “complete disaster,” which left fans underwhelmed and out of pocket. “Any athlete considering NFTs needs to take a very active role to ensure that every aspect of the project represents…
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