Sports have the ability to reach everyone worldwide. The FIFA World Cup was viewed by more than 3.6 billion people in 2018, and we’ll see if that number increases this year. Will it be more effective in the Metaverse?
Web3 Studio, a Web3 financial advice and investment organization that worked with experts and compiled a report on sports in the metaverse, predicts that the economic worth of the sports metaverse would increase to $80 billion by 2030.
And the report depicted an intriguing landscape of places where digital technologies — ranging from collectible non-fungible tokens (NFTs) to digital eSports — may increase fan involvement. By 2030, the sports metaverse will be worth $80 billion.
“This is driven by rapidly growing consumer interest in new ways to engage with their favorite sports and teams, as well as a positive attitude from sports stars toward new forms of monetizing their experiences,” the report said. By following Metaverse news, you can find out about the most up to date events in the world of sports in Metaverse.
The company determined the potential market size by evaluating the bottoms-up possibility for each component of the sports metaverse, with “moments” being the highest opportunity at $29 billion and esports the smallest at $2 billion.
The report also shows a view of the sports metaverse landscape. This is shown in the image of the market landscape below, which shows how new categories are appearing. The NFT craze began with NBA Top Shot, which sold “moments” to fans. The collectible NFT was made by Dapper Labs. In February 2021, $224 million worth of NFTs were sold. As fans bought the collectibles, it spread to other sports. The NFT market was also driven by games and trading cards, which made companies like Sorare worth $4.3 billion.
Makers of wearables and fan gear, such as The Football Club and FanCurve, introduced their own digital products. Adidas and Nike followed suit, with Nike purchasing RTFKT and launching the Swoosh community application. Teams offer tokens to fans and athletes. Fans who obtained these tokens were able to vote, such as selecting the song for Juventus Turin’s goal celebration.
Esports teams and individuals in competitive games competed for financial gain. Teams like FaZe have become lifestyle brands, yet League of Legends, Dota 2, and Fortnite, the Web2 era’s huge smashes, are still absent.
And virtual real estate and the Metaverse arose to provide VIP experiences for fans. Decentraland, Somnium Space, ization The Sandbox have all capitalized on the concept of transforming cyberspace’s unused real estate into something more valuable.
The report emphasizes a generational transition among sports fans, from older passive viewers who participate in linear entertainment to younger active fans who seek more opportunities to engage with their favorite sports. This is why FIFA is creating blockchain collaborations with platforms such as Allogorand and Roblox, which are introducing an interactive FIFA World on their platform, which has more than 50 million active users. According to Web3 Studio, GenZ enthusiasts are highly willing to pay for game content. And their consumption is shifting from passive media such as television to youth-oriented social media.
Web3 has begun to accept sports sponsorships. From Budweiser to Visa, brands are going into this arena, and it’s one of the themes we’ll be exploring at our GamesBeat Summit: Metaverse 3 event on February 1-2, 2023. These brands will be followed by sports fans wherever they go, including on Metaways.
IMPORTANT DISCLAIMER: All content provided on this website, any hyperlinked sites, social media accounts and other platforms is for general information only and has been procured from third party sources. We make no warranties of any kind regarding this content. None of the content should be interpreted as financial, legal, or other advice meant to be relied on for any purpose. Any use or reliance on this content is done at your own risk and discretion. It is your responsibility to conduct research, review, analyze, and verify the content before relying on it.
