Over the past years, Web3 has been rapidly transforming various industries, such as gaming and sports. In the gaming industry, Web3 is revolutionizing the way games are developed, played, and monetized [3]. Web3 is also having an impact on the business of sports [4]. This technology provides sports rights holders with new revenue streams, through cryptocurrencies and fan tokenization.
This article will explore how Web3 tech can offer fans new ways to engage with their favourite sports and athletes, as well as create novel revenue streams for athletes through tokenization and smart contracts. It will also analyze the challenges and restrictions of implementing Web3 in the sports industry, such as tech barriers and moral issues. Ultimately, this article aims to provide an all-encompassing evaluation of how Web3 tech can completely transform the sports industry, and what stakeholders should take into account as they navigate this burgeoning landscape.The Future of Sports: How Web3 Technology Can Revolutionize the Sports Industry. New ways for fans to engage with their favourite sports and athletes, as well as create novel revenue streams for athletes through tokenization.web
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