HomeMetaverseSport and The Metaverse: The Next Big Opportunity?

Sport and The Metaverse: The Next Big Opportunity?

Over the past year, the metaverse has been one of the biggest stories in the tech world. We have seen several brands come into the metaverse in a big way. Naturally, that means that we will also see sports brands and teams join in on the metaverse frenzy. Here, we will take a look at how sports will be shaped in the metaverse and what opportunities lie ahead. 

How Sports Can Take Advantage Of The Metaverse?

There are several ways that sports can leverage themselves in the metaverse. For instance, sports teams will be able to connect with their fan base. For instance, fans will be able to interact with the player’s avatar during virtual “meet and greets.” Also, sports teams will be able to sell NFTs at their metaverse stores. There is even the possibility of sports teams selling plots of real estate to their fans so they can build clubhouses of club seats for virtual events. 

Some Sports Organizations Are Already In the Metaverse 

While the metaverse is still very much new. We already have several professional sports teams that are already taking advantage of the Web3 revolution. For instance, Major League Baseball’s Atlanta Braves have created a metaverse version of Truist Park. The construction of the virtual park was made after the team watched the success of the Travis Scott 2020 virtual concert which was sponsored by Fortnite. 

Not to be outdone, the Premier League football team Manchester United is building a metaverse version of Etihad Stadium from the digital company Hawkeye. As you can see, we may see every major sports team have a virtual version of their home field in the metaverse. 

Because building a presence on the metaverse is not as expensive as marketing in the real world. There is an opportunity for the smaller sporting organization to build a formidable fan base in the metaverse. This could allow a sort of “leveling of the playing field” when it comes to metaverse marketing. 

Video Games and Sports Meet In The Metaverse 

The popularity of video games continues to explode. In particular sports-focused video games is a multi-billion dollar industry. That makes sports gaming a natural fit in the metaverse. It may be possible that the metaverse will host large-scale sporting events. Imagine for a moment that you visit an online football game in the metaverse where you can participate as a player or as a spectator. These events can be organized by existing sports teams or entirely new metaverse-only sports teams can be created for the event. 

The Economics Of Sports In the Metaverse 

Sports teams will likely build a presence in a metaverse as a marketing tool. However, that does not mean that there isn’t an opportunity to make money. Today, teams and athletes are creating and selling non-fungible tokens or NFTs of their likeness. While these NFTs have originated outside of the metaverse, these digital assets may unlock rights and privileges inside of a metaverse platform. For instance, a team may sell an NFT which will allow you to own a plot of virtual real estate that is controlled by the team. 

By creating an economy within the metaverse, sports will likely thrive on the platform. That is because teams or organizations will have a way to raise funds to expand their metaverse projects. Also, sports teams can create a market in NFTs which will spur an active secondary market. This will likely lure in investors and speculators will help to grow sporting in the metaverse. 

Why Sports and the Metaverse Will Be a Big Deal? 

The biggest reason we are going to see lots of sports teams and sporting events in the metaverse is because of engagement. Sports teams need to have a loyal fanbase to fill seats at their home games. Sometimes it is hard to get the fan base to gather outside of their home field. By creating an immerse experience in the metaverse, a sports team will be able to cultivate and grow their fan base. This could lead to more ticket and merchandise sales. 

How Sports Will Work in the Metaverse

Because the metaverse is still very new, it can be a challenge to fully understand how the experience works. For instance, you may be wondering if you need special hardware to participate in the metaverse. In some cases, you may need to use a VR helmet or some other hardware to enjoy a fully immersed experience. However, it will not be necessary. 

Additionally, you may be wondering if you need to have an avatar to visit your favorite sports team in the metaverse. In some cases, you may need to have an avatar. However, you may be able to attend events without having to place an avatar in the actual location. Finally, you may be wondering about the cost. Visiting the metaverse should not cost you anything. However, there will be many opportunities to purchase NFTs or other virtual merchandise from your favorite team. 

Are There Any Dangers To Sporting In the Metaverse? 

The biggest danger to sports in the metaverse will likely be fraud. Because of the decentralized nature of the metaverse and web3, bad actors will likely create counterfeit sports NFTs and sport metaverse projects. This could create a headache for sports organizations which may discover multiple fraud projects being created in their name. Because of this, participants in the metaverse need to be careful before participating in any project. 

Understanding the Growth Of Sports In the Metaverse 

Over the next few years, we should see more and more teams come into the metaverse. Not only that, we may see the emergence of all new sporting organizations originate from this new platform. From baseball to football and virtual sports, the possibilities will be endless. One thing is for sure, sporting in the metaverse is going to be a big deal for years to come.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments