Integrating nonfungible tokens (NFTs) into the world of sports can offer various advantages, but it also presents challenges for athletes who wish to participate. This transition into the realm of Web3 requires time and effort.
Tom Fleetham, the head of business development for sports and gaming at Zilliqa, stated that many sports organizations he has worked with need to enhance the experience and monetization for international fans who cannot physically attend games. Additionally, younger audiences, particularly Gen Z, exhibit different behaviors compared to previous generations, indicating the need for a modern approach to tap into this market. Fleetham believes that NFTs can help overcome these challenges. He explained:
“However, although there are benefits to embracing NFTs, sports organizations and athletes must dedicate sufficient time to understand the intricacies involved in creating their NFT projects. I refer to the recent NFT failure of basketball star Dwight Howard as an example of the consequences of entering the crypto space unprepared.”
On January 19, Howard announced an NFT launch on the Avalanche blockchain. Unfortunately, the project failed to attract a significant number of buyers and was eventually withdrawn for a redesign. Community members criticized the project, and Howard was even accused of performing a rug pull by crypto detective ZachXBT.
Fleetham described Howard’s project as a “complete disaster,” leaving fans disappointed and at a financial loss. He emphasized that any athlete considering NFTs must actively ensure that every aspect of the project aligns with their brand. The executive also stressed the importance of properly executing the art, utility, marketing, and tokenomics. Failure to do so can result in reputational damage that outweighs any potential commercial benefits.
Cointelegraph attempted to reach out to Dwight Howard for comment but has not yet received a response.
While some athletes may encounter difficulties with their NFT endeavors, others have found success. On January 26, football star Cristiano Ronaldo showcased one use case for NFTs by engaging with fans who own his NFTs and providing them with tips for improving their skills in the sport.
Oh Thongsrinoon, the chief marketing officer of Altava Group, stated that Ronaldo’s involvement in Web3 could inspire other athletes to join in. Thongsrinoon explained:
“NFTs have the potential to foster a deeper connection between athletes, sports teams, and their fan bases. Sports elicit passionate feelings from fans, making it an ideal hobby for cultivating these connections.”
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