Published on: 19/12/2022
Web3 Studios – Sports metaverse to hit $80 billion in value by 2030
In the aftermath of the FIFA World Cup Qatar 2022, Web3 Studios reported that the sporting metaverse industry is “at an inflection” and has the potential to hit $80 billion by 2030.
The report listed several key contributors in the sporting metaverse space. Animoca Brands, FaceIt, ConsenSys, the Football Company and Apex Capital are some of the listed companies that would be involved in the said industry.
Web3 Studios said that the sporting metaverses were “a new layer of human interaction.” It encourages developers to create virtual experiences and new ways to access sports. The sports community, in particular, has adopted new elements such as NFTs and Web3 to reach the “holy grail” of fan engagement.
“This is fueled by a rapidly growing consumer interest in new ways to engage with their favorite sports and teams, as well as sports stars’ positive attitudes toward new forms of monetizing their experiences,” the report said.
However, the report also addressed several challenges that may be critical to the success of the sporting metaverse industry. According to the report, the companies should expect a drastic and rapid evolution in consumption patterns, more demanding fanbases and a technological landscape that may be impossible to keep track of.
Web3 Studios’ report identified the “binary” reception to Web3 by sports fans to address the need for virtual experiences in a physically-focused industry like sports. Although there are also sports fans that dislike innovations like NFTs, the company uses this reception to understand the technology. It also sees that the collectibles will appear in digital forms rather than physical ones.
ESL FACEIT chairman Ralf Reichert said NFTs and Web3 could enhance fan monetization in the metaverse.
“NFTs and web3 are interesting technologies to enhance fan monetization while the Metaverse is already there, called videogames. A consistent combination with clear fan value will make a big difference for community building and-sports,” Reichert said.
Esports as foundation for Web3 sports gaming
Web3 Studios considered the rise of esports’ popularity as the driving force for the future evolution of digital sports. According to its reports, “pro-active participation” will be the next form of sports consumption, with Web3 as the driving force behind technological suitability.
While some esports games like Dota 2 and League of Legends do not have any Web3 integrations and still reside in web 2.0, they serve as the groundwork for future games in Web3. Dota 2, in particular, has expansive prize pools, which can be carried over into the Web3 games and allow companies, and to some extent, the players, to create their own collectibles.
Metaverse technologies will allow fans to access and engage with their favorite sports, teams and athletes. With Web3 technology starting to explore sports sponsorships, some brands are moving into this space to attract fans into the metaverse.
Currently, Web3 integrations in the sports industry serve to store mementos of significant moments in matches, trading cards, games, fan gear, fan tokens and esports. For example, the Ikonic platform allows esports fans to create their esports highlights, mint them into NFTs and earn profit from them. In Kolex, players can collect card series based on teams, players and events from esports and gaming. Meanwhile, WePlay Collectibles enables players to buy NFT collectibles, like digital and physical memorabilia, artwork and more.
