Reports said that nonfungible tokens (NFTs) and the sports world are on a mutually beneficial trajectory into the next generation of connectivity.
It has been reported that the latter is a catalyst for more mainstream adoption, with average sports fans rushing to collect NFT memorabilia and Web3-backed event tickets. While NFTs give the industry never-before-experienced levels of democracy and the connectivity that fans crave.
However, the platform FANtium is using NFTs to take financing athletes to the next level. Fans can use digital assets like bets on the future success of their favorite up-and-coming sports stars. Instead of placing a bet and walking away with only a monetary reward, NFTs allow fans to connect with athletes and have recurring rewards based on their success.
The report said that the platform closed a funding round backed by prominent figures in both the Web3 and sports worlds, such as Sebastian Borget, co-founder and chief operating officer of the Sandbox metaverse, and professional Austrian tennis player Dominic Thiem.
Jonathan Ludwig, the CEO and founder of FANtium, explained how athlete success can be fractionalized and democratized through Web3 technologies.
“It’s about participating in an athlete’s community and career in a way that’s never been done before.”
Likewise, according to the CEO, blockchain technology takes away any “intermediaries between the fans and the athlete” when it comes to their financing and the rewards of their success. Though success is sometimes hard to quantify, NFTs can create a fixed share in the earnings, therefore, the success of an athlete. This is typically connected to prize money won by an athlete but can also be sponsorship income.
Thus, he concluded:
“Sports fans have an attractive return on investment and athletes have an enticing alternative to finance their career.”