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

References

1. What is Web3 and why is it important

2. Wikipedia about Web3

3. The Impact of Web3 Gaming Industry: Future Trends & Aspects

4. The impact of Web3 on the business of sports

5. How can we use what we have learned from traditional gaming to enhance Web3 games?

6. Immortal Game raises $12M to build out Web3 chess platform

7. Web3 gaming needs to focus on sustainable economies

8. Play-to-earn crypto games have exploded onto the scene and are shaking up gaming business models

9. Play-to-earn games like Axie Infinity are blowing up right now, but they look a lot like Ponzi schemes

10. Axie Infinity Live Player Count

11. A crypto game promised to lift Filipinos out of poverty. Here’s what happened instead

12. ‘Life-changing’ or scam? Axie Infinity helps Philippines’ poor earn

13. Millions of players in poor countries earned real money on Axie Infinity. Then came an economic crisis and a $620 million hack

14. Cross The Ages NFT collection rockets to Top-3 on ImmutableX, reaches $750K in 24 hours

15. Developer Ambushes NFTs In Public Talk, Makes Crypto Sponsors Real Mad

16. Sacramento Kings and Blockchain Company Ankr Launch Multi-Year Partnership

17. The International Chess Federation Brings Chess into Web3 on Avalanche

18. World Chess Tennis Association community token

19. Crypto firm Paxos ordered to stop issuing Binance stablecoin

20. Tornado Cash Developer Alexey Pertsev to Remain in Jail Until at Least Late February

21. Legal Implications of NFTs in Sports

22. SEG3 to fuel Sports, Entertainment & Gaming businesses web3 ambitions