Guide to Blockchain in Sports
Updated: Dec 25, 2022
Blockchain is a decentralized ledger that records transactions. It is a digital ledger that can be programmed to record not just financial transactions but virtually everything of value.
Blockchain technology has the potential to revolutionize the sports industry by providing transparency and security for all stakeholders involved in the process.
“The blockchain technology can be used for sports community building, betting, non fungible token, collectibles, and more.”
The sports industry is one of the industries that can be revolutionized by blockchain. NFTs are already making it's road in to SportsTech. Sports data, such as player statistics and game scores, can be stored in a decentralized database which will allow for more transparency and accuracy.
Blockchain will also improve the efficiency of transactions between players, teams, sponsors, and game operators. This will reduce the time it takes to process payments and make it easier to monitor revenue streams across all parties involved in a given transaction.
Some startups are building powerful sports products utilizing Blockchain technology. One of the most successful product is NBA Topshots
NBA Topshots
NBA's TopShot product is a blockchain-based virtual trading card platform. It comes out of a partnership between the NBA, NBA Players Association, and Dapper Labs. The platform runs on the FLOW blockchain, developed by Dapper Labs as a “developer-friendly blockchain to power the next generation of games, apps and digital assets.”
This system works just like trading cards, but combines NBA highlights with digital art. The NBA licenses the reels to Dapper Laps, who create Moments from the footage. Moments are highlights from videos attached to NFTs. Each comes with a unique digital serial number that guarantees authenticity and indicates the rarity of the moment. Moments is the foundation that makes up the TopShots ecosystem.
NBA TopShots has already generated revenue more then $1 billion.
URL : https://nbatopshot.com
ShotCaller
SportsFirst has been working with ShotCaller to build next generation Fan engagement & fantasy sports solution on top of FLOW Blockchain.
ShotCaller is a social gaming platform where fans to make free-2-play sports predictions & win rewards from local businesses for playing along (e.g. beer, burgers, or digital assets).
For local businesses & brands, our platform acts as an entertainment/marketing tool to connect & engage with customers.
For Fans, we entertain & give voice to those interested in gaming but alienated by betting products tailored for diehards.
ShotCaller NFTs (non-fungible tokens) come with rewards linked to our beloved community partners. This inaugural NFT drop highlights rewards supporting vibrant black-owned Minneapolis-Saint Paul businesses, with sale proceeds going towards WEB3 education for youth at the Smart North Tech Hub, located right outside of George Floyd Square
At SportsFirst, we have built amazing sports solutions for our clients. Let's build next generation sports technology together.