Blockchain Technology Assisting the Sports Industry Go Beyond NFT collectibles 

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Imagine that your sports business can increase fan engagement with just a few clicks. Diverse industries are using blockchain and we all know how blockchain-enabled innovations are increasing day by day. 

Talking about sports, fan engagement drives the sports industry. Fan tokens and sports NFT are used in the industry to enhance fan engagement. The overall engagement is improved via collectibles or voting mechanisms. This has also made changes in the ticket collections. 

The process is further streamlined by using smart contracts. The dynamic ticket pricing and resales will also become better. According to Deloitte’s study, NFT can merge the real and the virtual world. There are over $2 billion transactions only for sports NFT. Blockchain has the power to scale the sports NFT industry by providing security and transparency and by utilizing the crypto token economy to form new revenue streams. 

The technology can be useful to empower athletes by automating contract payments and giving players and industries more sports NFT marketplace, and reduction in transaction costs. In this blog, we will learn how blockchain benefits sports companies — various offerings by blockchain in sports, such as sports NFT and finally, the factors affecting blockchain deployment for NFT sports collectibles.    

How Blockchain is beneficial for sports companies 

During the pandemic in 2020, there were moments of despair for the sports industry as none of the matches was being held due to lockdown. Even when the lockdown was lifted worldwide, fans were hesitant to attend any of the tournaments. 

During this time, sports companies were looking forward to various ways to start the tournaments and attract fans as well. One such way is blockchain; by using the technology, there was an improvement in fan eng