As the World Cup in Qatar draws to a close, a report from Web3 Studios reveals an interesting insight into the sports metaverse industry, claiming it is “at an inflection point.” This indicates that the industry could reach $80 billion by 2030.
The report included contributors from Animoca Brands, FaceIt, ConsenSys, The Football Company, Apex Capital, Upland, LootMogal, and other leading companies in the space.
As the image below shows, the World Cup was represented by web3 projects and brands.
The document declares that “the sports metaverse space could generate over $80 billion by 2030.” However, subsequent challenges have been addressed and are critical to early industry success.
“- Dramatic and fast-paced evolution of consumption patterns
– An increasingly demanding and unengaged fanbase
– Technical conditions that are impossible to trace”
According to Web3 Studios, the sports metaverse is described as “a new layer of human interaction,” creating both virtual experiences and new access points to sports.
Sports teams and celebrities arguably have a more direct impact on people’s daily lives than politicians do, so it’s hard to ignore the underlying forces of the global sports industry.The sports community has called “NFT and
We are trying to reach the “holy grail” of optimal fan engagement.
The image below shows a landscape of web3-enabled sports products, services, and communities.
In addressing the need for virtual experiences in industries such as sports where the physical component is highly emphasized, the report identified an “either/or” acceptance of web3 by sports fans. Fans often love and hate innovations like NFTs, but Web3 Studios is all about understanding technology. Furthermore, we believe the future of collectibles is digital rather than physical.
“In an increasingly digital world, even our long-loved physical collectibles and sports experiences will eventually become digital, at least to some extent.”
Web3 Studios has identified the rise of esports as a core driver and precedent for the future evolution of digital sports. Games like Dota2 have brought incredible prize pools, while League of Legends and Fortnite have brought hundreds of millions of players to esports.
However, none of these above games have any form of web3 integration and live firmly in the world of web 2.0. Still, games in the web2.0 esports world may have laid the groundwork for the upcoming web3.
The report predicts that “active participation” will drive the next phase of sports consumption, with web3 clearly taking the lead when it comes to technical fit.
Historically, sports have been at the heart of live events, played in front of spectators in stadiums around the world. Live sports have been around for thousands of years, dating back to ancient Greece and the first Olympic Games in 776 BC.
As technology has evolved, first radio, then television, and now the Internet, are presenting these live events to the world. The composition of Gen Z’s sports consumption patterns differs significantly from that of baby boomers. For example, “For example, Gen Z fans
Willing to pay for sports content. ”
An example of increasing investment in traditional sports from web3 companies can be seen in the chart below, which shows the tremendous growth of sports sponsorships from crypto projects.
Importantly, the shift from “passive fan engagement to active fan engagement” could be the ultimate catalyst for web3 to make its mark on the world sport. Current web3 integrations in the sports industry demonstrate his Web3 ability to provide this improved engagement. Experiences include using web3 to store memorabilia of key moments, trading cards, games, fan gear, fan tokens, and esports.
Ralf Reichert, Chairman of the ESL FACEIT Group, commented:
“NFT and web3 are interesting technologies that enhance fans.
called monetization while the metaverse is already there
video game. Consistent combination with clear fan value
That’s the big difference between community building and sports. ”
read full report on the Web3 Studios website.