Transforming Athlete Legacies Through Digital Collectibles

Since the dawn of sport, athletes have built their legacy on the playing field. We admire their accomplishments, hold on to their records, and cherish countless moments that define their wins. The 2010s saw the rise of social media, which transformed our access and insight into star players. A decade later, NFTs have emerged, allowing fans and athletes to connect in new ways. Blockchain-based collectibles and gaming are reshaping our engagement with athletes, enabling fans to contribute to, own, and expand the legacy of their favorite stars.

This op-ed is part of CoinDesk’s GameFi Week 2024.

In preparation for the upcoming Summer Olympics in Paris, Michel Cadot has advised the Prime Minister’s Office to utilize blockchain ticketing for major sports events during the Olympics. Attendees would receive rotating QR code tickets as NFTs shortly before the event, activating within the venue to minimize fraud and provide a lasting memory stored on the blockchain.

As organizations from the Olympics to the NFL, NBA, and MLB experiment with blockchain and NFTs, one must wonder if on-chain assets could secure the future of athletic legacies. Let’s explore how this technology has been used and its potential implications for the future.

NFTs Enable Fans to Own Iconic Moments

NFTs empower fans to possess a piece of the game by immortalizing iconic moments as digital collectibles. This prolongs the impact of the sport beyond the venue, cementing a timeless bond between fans and their teams. Owning these unique digital representations allows fans to engage with the sport more profoundly, providing a sense of ownership and participation that exceeds traditional viewing experiences. The innovative application of blockchain technology guarantees the eternal life of memorable plays and highlights, significantly bolstering fan loyalty and interaction.

For instance, a recent partnership between AC Milan and Fanblock has digitized stadium experiences. Fans can acquire virtual plots of land within stadiums, earning rewards from game events in their area during matches, such as goals and assists. In 2022, the AO introduced a celebratory NFT collection named Art Balls, featuring 6,776 unique digital tennis balls. Fans and creators can submit designs, and NFT ownership grants access to a digital tennis court in Decentraland’s Metaverse for streaming historical highlights. Each NFT also corresponds to a specific physical court section, rewarding owners of areas where significant shots occur with exclusive data.

Similarly, Major League Baseball has begun offering both historical and recent game highlights as NFTs, affording fans a chance to own memorable moments from games they attended. MLB also enables fans to own digital memorabilia, presenting a modern way to back their favorite players that overcomes risks associated with physical items.

Athletes’ Careers Can Expand Exponentially

Professional sports figures, known for their exceptional skills, often struggle to maximize their personal value beyond physical auctions. By leveraging NFTs, athletes can create ongoing revenue streams beyond their short active careers, usually ranging from 5 to 7 years. Agencies like Young Money APAA Sports now provide digital player cards, allowing athletes to profit from their name, image, and likeness and earn royalties from resales.

This digital strategy allows athletes to continue benefiting financially from their legacy while democratizing the auction process. Without intermediaries, NFTs grant athletes fresh avenues to monetize career highlights, memorabilia, and distinctive digital content directly to fans. Prominent athletes such as Tiger Woods, Khabib Nurmagomedov, and Lionel Messi are launching NFT collections.

Fan Tokens Empower Supporter Engagement

Additionally, sports organizations are embracing Fan Tokens—fungible crypto tokens that serve as currency for merchandise and VIP opportunities. These tokens operate in a DAO-like manner, allowing holders to vote on club matters and feel integral to their favorite teams’ activities. With clubs like Manchester City and AC Milan adopting this system, both fans and organizations benefit from new revenue streams.

Web3 Games Transform Fan Interaction

Web3 has also impacted gaming, particularly regarding sports. Successful Web3 games allow fans to take on general manager roles for their favorite teams or players, bridging reality with the virtual realm. Utilizing blockchain, players can own and trade digital assets, blending investment strategies with entertainment.

Mobile and browser-based Web3 games lead this trend, offering interactive experiences. For example, Sorare allows users to collect officially licensed digital assets and build fantasy teams. NBA Top Shot enables users to collect highlights and earn rewards, while FootballCoin lets players strategize using player cards. These platforms are enhancing fan engagement, providing athletes and clubs a path to shape their digital legacies.

Conclusion

The role of digital collectibles in redefining athlete legacies is set to be transformative. These innovations redefine athlete-fan interactions and democratize access to sports memorabilia, preserving key moments in history. Blockchain-based collectibles and games empower athletes to control their narratives and forge deeper connections with fans globally. Embracing these tools could allow athletes to transcend traditional marketing boundaries, leaving a lasting mark in the digital world.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.