Tuesday, September 27, 2022
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NFTs and other digital assets can lead to revenue growth for sports teams: PwC

According to a report by PricewaterhouseCoopers, digital assets can fundamentally transform how fans interact with their favourite teams and sportsmen, since there will be more ways to be “meaningfully connected” than ever before (PwC).

Sports organisations can potentially benefit from digital assets as a source of revenue. According to PwC, the three greatest revenue streams for teams and leagues are ticket sales, media rights, and sponsorship. With tokenized tickets, non-fungible-token (NFT) media rights, and sponsorship of digital or metaverse events, all three streams could experience significant development, according to the report.

NFTs are digital assets that indicate ownership of virtual or real goods on a blockchain. According to the report, traditional loyalty programmes like collectible NFTs and season ticket member tokens have evolved and improved, but merging the metaverse with virtual assets (both fungible tokens and NFTs) opens up a whole new market for more fan segments. According to the analysis, digital asset sales might become a substantial revenue stream for several teams and leagues in the next five years.

According to the report, the capacity to construct virtual asset infrastructure will be the team’s biggest obstacle, and they’ll require sophisticated technology to connect sales data to current client bases. Organizations must also anticipate and reduce legal risk and tax implications from digital assets, according to PwC.

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Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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