The most successful Web3 projects in sports provided unique experiences and ownership beyond the digital
Dapper Labs’ NBA Top Shot exploded onto the NFT (non-fungible token) scene in 2020 and has had fans buzzing ever since. It’s heralded the beginning of a new era of digital sports collecting, hitting over $1 billion in revenue in 2022 and inspiring franchises, players, and brands to devise their own Web3 strategies to connect with fans and diversify their revenue streams.
The most successful projects in this space have bridged the gap between traditional sports collectibles or memorabilia and the unique interactive opportunities that NFTs provide. They get fans involved, give them ownership of things that have never existed before, and offer a tangible connection to real-world objects or experiences. Here are three critical takeaways from some of the most successful sports and Web3 collaborations that will enable you to make your next project a success.
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Give People Something Unique
The reason why NBA Top Shot (as well as Dapper Labs’ follow-up, NFL All Day) is such a smashing success goes beyond its nature as a digital collectible. Sure, people are collectors by nature — Millennials in particular — and trading card brands like Topps and Panini have successfully made the transition into NFTs. But NBA Top Shot goes beyond providing fans with ownership of a trading card — it gives them ownership of a Moment.
When fans “rip” a digital pack of NBA Top Shot “cards” and find Kawhi Leonard inside, they’re not just getting his picture. They get a collection of videos highlighting a game-winning jump shot Leonard made against the Charlotte Hornets following a two-week absence. They get a video feed from multiple angles, complete with slo-mo action shots. They get the score, the date the game was played, and background to give the Moment context. They can use these Moments in special Top Shot challenges that earn them additional collectibles. And they know exactly how rare this Moment is and how much it’s worth in real-world dollars right on the listing.
Top Shot found success because it discovered a way to deepen fans’ connection with their favorite sport in a way they wouldn’t have been able to before. There’s a sense of pride unlike anything else when discovering you get to own these incredible moments in sports history. On top of that, being able to trade or sell them to other collectors fosters a sense of community among fans.
Let the Fans Tell You What to Do
Web3 allows fans to connect with their favorite teams and players far beyond merely collecting branded goods. One of the pioneers in this space has discovered a way to let its fans take ownership of club decisions and guide the team’s future.
Soccer club Paris Saint-Germain made waves throughout the Web3 scene when it introduced the $PSG Fan Token in 2021 in partnership with Socios. In addition to granting token holders unique VIP benefits like access to special events and products, the $PSG Fan Token grants something few have access to: the ability to make decisions on designs and influence the direction of the team as if they were a financial stakeholder. So far, owners have been able to vote on the visual design of the Parc des Princes stadium roof ridge and the cover of the PSG Limited Edition of the FIFA 22 video game. Many more opportunities to shape the team’s future are on the horizon.
The $PSG Fan Token has seen incredible financial success, surpassing $15 billion in sales volume, because it taps into every die-hard fan’s innate desire to tell their favorite team what they should do. Web3 opens avenues for fans to buy into an opportunity to do just that. This decision-making capability means the token will remain valuable for passionate fans regardless of potential price fluctuations.
Tie Digital Collectibles to Real-World Objects and Experiences
While Web3 is more well-known among younger generations who have grown up on the internet, it’s still a new technology to the vast majority of sports fans out there. The best way to ease a broader audience into any Web3 project is to tie ownership of digital assets to real-world objects and experiences.
For example, the Golden State Warriors began minting their own playoff-themed NFTs in 2021 and again in 2022. This limited collection of NFTs wasn’t just valuable digital collectibles — owners would unlock additional real-world bonuses with each playoff game the Warriors won. Depending on the NFT, fans could earn signed memorabilia, game-worn jerseys, and even an opportunity to ride on the championship parade float. Regardless of rarity, all NFT owners also got access to a members-only, token-gated (providing access to goods through the ownership of digital tokens) Discord community, allowing them to chat with peers.
Both rounds of sales were hugely successful for the Warriors, with their first round of drops shattering the record for a single all-time highest sports NFT sale. Offering once-in-a-lifetime experiences and exclusive swag provides additional value for your NFT projects, enabling them to find a mainstream audience of collectors who otherwise may not be interested in digital collectibles. And when tied to the blockchain, you can guarantee proof of ownership of the digital asset, physical memorabilia, and intangible experience for the owner.
Chart Your Web3 Path
While many pro teams and athletes have found success within the Web3 marketplace, it’s still a relatively new space for most sports fans. Drawing in Web3 newcomers with unique experiences and ownership of real-world goods will enable brands to tap into additional revenue streams and unlock the potential of a sports collectible market valued at over $26 billion.
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