Kaunas, Lithuania – News Direct – DappRadar
DappRadarthe global dapp store, has announced its first Sports Report, which focuses on the increasing presence of Web3 projects and applications in the world of sports and their unique ability to enhance fan experiences.
At a time when the entire world is focused on the 2022 FIFA World Cup in Qatar, Web3 is connecting millions of people around the world through a range of sponsorships, endorsement deals and immersive digital experiences centered around esports.
DappRadar’s sports report specifically highlights the growing popularity of blockchain-based fantasy sports games like Sorare, in which fans are tasked with collecting NFT-based player cards hosted on Starkware, an Ethereum L2 solution. Over the past 30 days, Sorare has become the second largest NFT collection in terms of trading volume, behind only the legendary Bored Ape Yacht Club, with the biggest single sale featuring Man City star Erling Haaland’s Unique Card which sold for a whopping £265 ETH or 609,000 euros last January. This was followed by the sale of Kylian Mbappe’s card for a staggering €416,000, with Messi and Ronaldo’s tickets fetching more than €200,000 each.
Not only card games enjoy great popularity. Fans can actually use the blockchain to participate in the way their favorite clubs are run through the Socios.com platform. To do this, they need to buy fan tokens minted on the Chiliz blockchain, representing specific clubs such as Barcelona, Lazio and Paris Saint-Germain. With these tokens, fans can then participate in regular polls to select new jersey designs, jersey numbers and motivational messages for their favorite players. At the same time, token holders get a chance to win official merchandise, VIP tickets to games and online meetings with players, and more.
Given the benefits, it’s not surprising that at the time of writing, more than 82 popular clubs have launched fan tokens on Socios. However, teams will do well to note that the price of their fan tokens may be impacted by negative outcomes. After Argentina’s shocking 2-1 loss to Saudi Arabia in their first World Cup match, the price of the AFA token fell by more than 25%!
Digital sports memorabilia is another emerging concept in Web3 sports offerings. For example, the NBA Top Shot NFT collection on Flow generated an impressive $450 million in trading volume in Q1 2021, which was a staggering 36% of the total NFT market at the time. Created by Dapper Labs, the collection focuses on short videos known as “Moments” that capture some of the most exciting clips from NBA games.
According to DappRadar, Flow’s collections are popular because they reduce friction for users unfamiliar with the blockchain. Whenever someone buys a “Moment” NFT, a wallet is automatically created for them. So the user does not need any technical knowledge to participate. This year, the NBA top shot collection has generated more than $200 million in revenue from 8.1 million trades, despite severe bear market conditions across the crypto industry. A competing NFL-focused collection called All Day has grossed over $35 million on one million trades this year. Dapper Labs also offers collections for UFC fights and Spanish La Liga matches.
After all, Web3 companies are making themselves felt throughout the sports world with powerful advertising campaigns. DappRadar’s report notes that FIFA, for example, recently signed Algorand as its official sponsor and blockchain partner. Algorand now hosts FIFA’s official collection of NFTs called FIFA+ Connect. Elsewhere, Formula 1 has struck a massive $100 million advertising deal with exchange and wallet ecosystem Crypto.com in the summer of 2021, while 80% of its racing teams have at least one crypto partnership with brands like ByBit, OKX and have Tezos.
Crypto.com has been particularly active in seeking athletic partnerships, completing similar multi-million dollar deals with Staples Center, PSG and NHL team Canadiens. Crypto.com recently signed a deal with Budweiser to promote itself in that company’s new Budverse digital world.
established in 2018, DappRadar is The World’s Dapp Store: a global store for decentralized applications (dapps) that makes it easy for its base of more than 1 million monthly users to track, analyze and discover dapp activity through its online platform. The platform currently hosts more than 12,000 dapps across 49 protocols and offers a wealth of consumer-friendly tools including comprehensive NFT assessment, portfolio management and daily industry-leading, actionable insights.
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Founded in 2018, DappRadar is The World’s Dapp Store: a global store for decentralized applications (dapps) that makes it easy for its base of more than 1 million users per month to track, analyze, dapp activity across its online platform and to discover. The platform currently hosts 9,000 dapps from 30+ protocols and offers a wealth of consumer-friendly tools including comprehensive NFT assessment, portfolio management and daily industry-leading, actionable insights.
View the source version on newsdirect.com: https://newsdirect.com/news/dappradars-sports-report-explains-how-fifa-world-cup-introduces-web3-to-5-billion-people-469997089