Blockchain technology is gradually winning the sports industry. Cryptocurrencies, which often constitute our first association with the term ‘blockchain’, do not form the only use of it. There are plenty of other possibilities to achieve success with fan engagement monetisation.
What areas of your sports club can you better with the help of no longer mysterious blockchain technology? Let’s analyse it step by step!
- What exactly is blockchain,
- How does it work,
- How sports clubs can make it their advantage.
FANS POSSESS A PART OF THE CLUB – ADVANTAGES OF NUMEROUS SMALL STAKEHOLDERS
The fundamental possibility that blockchain gives is selling a share of a player or a club to individual entities. Such a method helps not only to receive additional revenue that sports clubs can further invest, but it also allows them to engage fans on the highest possible level.
By allowing your supporters to invest their money in your brand, you give them the possibility to feel like one of the club’s stakeholders. The more they believe your club will be successful, the higher their willingness to invest their money in your project as it will also bring financial profits to them.
Blockchain technology also allows you to conduct the same type of scheme but on a smaller scale. You don’t want to have your whole club “shared”? No worries! You might prefer to have it located in one of your players.
Those who decide to invest their money in the transfer of one of the young promising players you’re interested in will be given the part of your financial gain (of course, only if the predictions work out and the player is sold with profit afterwards).
Sharing the financial risks and gains with your supporters. Is there anything that may impact your club’s fan engagement more significantly than this kind of blockchain technology use? Difficult to imagine right now!