11/10/2022 NFTs transform how fans bet on upcoming sports stars

A fan-centric Web3 sports platform uses NFTs to bring a new level of connectivity and ownership to betting on the success of upcoming athletes.

NFTs transform how fans bet on upcoming sports stars

A fan-centric Web3 sports platform uses NFTs to bring a new level of connectivity and ownership to betting on the success of upcoming athletes.

Nonfungible tokens (NFTs)and the sports world are on a mutually beneficial trajectory into the next generation of connectivity.

The latter is acatalyst 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.

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.

However, 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.

On Oct. 11, 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 operation officer of the Sandbox metaverse, and professional Austrian tennis player Dominic Thiem.

Cointelegraph spoke with Jonathan Ludwig, CEO and founder of FANtium, to understand how athlete success can be fractionalized and democratized through Web3 technologies.

Ludwig emphasized that NFTs aren’t just about sports collectibles in this case:

“It’s about participating in an athlete’s community and career in a way that’s never been done before.”

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.

Related:Critics can’t stop NFTs from becoming a mainstay of daily life

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.

Ludwig explains that the FANtium model includes historical data of all athletes in that sport to ensure that:

“Sports fans have an attractive return on investment and athletes have an enticing alternative to finance their career.”

While Web3 initiatives in the sports industry have often favored major sports stars like theNFL’s star quarterback Tom Bradywho released an NFT collection with ESPN or big-leagueteams such as the Houston Texans, Ludwig argues that the success of up-and-coming talents should also be valued.

“Established professional athletes are already earning enough money to cover their running costs,” he says. They can also use proceeds to “make valuable special investments in their career.”

However, for the sports stars of the future they can use these NFT-like bets to further their career:

“Young up-and-coming talents, on the other hand, need the capital to kick start their career, and make it to the top.”

Ludwig says this includes both collegiate and youth athletes.

Recently, in the world of professional sports, the league Karate Combat announced its plan to launch a fan-powered decentralized autonomous organization (DAO) forathlete governance within the league.

The sports metaverse startupLootMogul also recently secured $200 millionin funding to boost the development of a gaming-focused metaverse.



Interesting NFTs
By OthersideDeployer
EYE-ROLLA #16/25
The Moth Catcher
In this psychologically bed-headed portrait, a creature sets in a trance; his eyes devolved and vestigal, his third eye open but hardened and in a form resembling a Sharingan. The imagery therefore expresses an awareness existing in corporeal introspection. The creature’s mind sprouts, on the left side, an emerging face, grinning. To the right side of the head, red tentacles and fingers intertwine–a collaboration of invertebrate and vertebrate consciousness cooperatively handling paint brushes of the sort used to build an oil painting. The neck and throat bristle with random thorns, as from a rose or the upper portions of a beak sprouting from its flesh. The neck itself disassociates into layers of membranous material, terminating upon an abstracted base of convoluted forms composing its body. The nose is virtually non existent, more a sinus reiterative of the shape of the third eye. Set against the exposed teeth peering out of thick, meaty cheeks, a skeleton-like impression results. That impression sets behind a visceral set of lips and tongue, which is the creature’s prime seat of awareness. Sensual, organic, the tongue organ hangs, meaty, and with consciousness of a sea cucumber. It illuminates at the tip, drawing the attraction of a nearby moth–with mystery of purpose.
Stay Free (Edward Snowden, 2021)
This unique, signed work combines the entirety of a landmark court decision ruling the National Security Agency's mass surveillance violated the law, with the iconic portrait of the whistleblower by Platon (used with permission). It is the only known NFT produced by Snowden. Produced using open source software. This auction is on behalf of Freedom of the Press Foundation. https://www.aclu.org/press-releases/appeals-court-strikes-down-nsa-phone-spying-program-aclu-lawsuit
Shalom! I'm Kitty #330722. All you need to know about me is I hate steak with a passion. Sometimes I daydream of a life full of reading garfield, ice cream, and volunteering at the local kitten rescue shelter. Our friendship will be petulant, preposterous, and full of cereal.