How NFTs Are Being Used in the Sports Industry

Non-fungible tokens (NFTs) are unique blockchain-based assets. NFTs provide content developers with the ability to restrict the number of owners of an item to as few as one, thus introducing a quality of scarcity into the digital realm where it has previously not been present.

NFTs, along with many other types of digital content ownership, are anticipated to serve as the foundation for value exchange in Web3, a more decentralized version of the internet that is now being developed and has interoperable platforms. On the other hand, Web3 could provide the framework for a metaverse or a set of metaverses. A metaverse is a landscape of virtual places where users can easily move between different experiences.

Why P2E Proves It Works

The success of the gaming business may be attributed to the desire of players to temporarily escape their lives by immersing themselves in the virtual world of online games.

Play-to-Earn (P2E) gaming has become popular for gamers to earn an income. In this trend, gamers of NFT-based games are allowed to gather many enticing prizes while playing the game. Players can earn prizes like in-game assets and tokens by participating actively in these games.

However, these rewards may be bartered or sold based on the gamer's needs. In traditional video games, this isn't possible because players don't own the in-game assets, so players cannot trade those items in most cases.

The value of the NFTs that blockchain gamers are awarded rises in line with market demand, allowing players the opportunity to sell their tokens at a price that is far more than what they first paid for them.

Fans have many more opportunities to interact with their favorite clubs' thanks to the introduction of blockchain assets. There will be more possibilities to participate in meaningful conversations with athletes and teams from various sports. Let's assume that steps are carried out to improve the fan's experience. In that case, there is a possibility that fans may develop closer bonds with the teams that their favorite players play for.

Consequently, sports organizations could increase their earnings via NFTs. However, to be successful, teams must employ blockchain technology to link the NFTs to customer purchase records.

In addition, companies are responsible for assessing the possibility of legal risk and the implications this may have for their respective tax structures. Finally, the regulatory atmosphere around blockchain technology is beginning to emerge like that of NFTs.

AC Milan and Monkey League are working together to make Web3 Sports Football a reality

AC Milan announced a new partnership with MonkeyLeague, an AAA-quality, web3 football game built atop the Solana blockchain, becoming the Rossoneri's new NFT Gaming Partner.

MonkeyLeague is a strategy-based football game in which users build and manage their dream team of at least six MonkeyPlayer NFTs (striker, midfielder, defender, and goalkeeper), compete against real players, and climb the league ranks. The game economy is centered around an in-game currency, MonkeyBucks ($MBS), and in-game assets that hold value in and out of the game.

The new wide-ranging, strategic, and design partnership between MonkeyLeague and AC Milan includes creating exclusive, Rossoneri-branded NFT game assets, wearables, special game tournaments, co-marketing events, and a host of other exciting initiatives, such as club players playtesting the game.

As part of the deal, MonkeyLeague will work closely with the Italian Champions to launch a new collection of branded AC Milan NFT game assets, including new MonkeyPlayers, skins, and Stadiums. The first and more exclusive batch will be auctioned on October 6th on MagicEden, with the NFTs going to the highest bidders. In addition, some of the highly-sought after AC Milan MonkeyPlayers to be auctioned will come with physical AC Milan jerseys signed by the entire Club.  

In addition, MonkeyLeague will launch its initial MonkeyPlayer NFT breeding season in partnership with AC Milan, where AC Milan branded assets can randomly emerge through the breeding process. There will also be additional NFTs available, including in-game Stadiums and land. 

The partnership marks a significant new growth phase for the entire MonkeyLeague community and fits perfectly in MonkeyLeague's mission to bridge web2 and web3. For AC Milan, the new partnership with MonkeyLeague is part of a wider Web 3.0 strategy that sees the Club working with experts to create unique digital experiences for its fans, which aim to give them more access, and more ownership and bring them even closer to their beloved Club.  

Casper Stylsvig, Chief Revenue Officer of AC Milan, commented: "We are thrilled to kick off this partnership with MonkeyLeague, a collaboration that allows us to strengthen our positioning in the field of digital innovation. We are particularly proud to be the first football club to partner with MonkeyLeague, bringing this game to our supporters worldwide and offering them a new innovative way to engage with their favorite team." 

Oren Langberg, Head of Marketing & Partnerships at MonkeyLeague, said: "Partnering with champions like AC Milan, an absolute iconic Club throughout football's history, is another testament to what we are building and where we are headed as a game and game studio. It represents a key step in our plans to bridge the Web2 and Web3 worlds." 

The partnership will also see AC Milan sponsoring several high-profile future MonkeyLeague esports tournaments that will bring together the game's best players from around the world to play in hotly-contested matches, with the winners taking home exclusive rewards. At the same time, there will be promotions galore, with prizes including VIP match tickets to some of the biggest games at Milan's legendary San Siro stadium and signed AC Milan shirts and other gear. 

The game itself will benefit from the input of some of AC Milan's biggest stars, as several squad players participate in playtesting the game and providing feedback and guidance to ensure the gameplay is as realistic and engaging as possible. 

Final Thoughts

This industry has always been pretty effective at adjusting to shifts in customer behavior, and Web3 is arguably one of the most major ones it has had to deal with.

Teams must be prepared for a landscape in sports that is about to undergo a radical reinvention of a major part of the way people watch sports. This will affect a significant percentage of the landscape in how people watch sports.