Empowering women in sport through NFTs and cryptocurrency

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Gender inequality in sports is an issue that women have faced for many decades. Sexualization, pay gaps, and a lack of recognition are just some of the challenges women in sports face during their careers.

The playing field has leveled slightly in recent years, but there’s still a long way to go to achieve genuine equality in sport.

As we migrate towards an increasingly digital age, a wave of new tech-driven innovations are emerging that are set to shape the future of the industry—including cryptocurrency and NFTs.

Here we look at how NFTs and cryptocurrency is empowering women in sport and guiding the industry to a fairer future.

Inequality in sports: a brief history

Gender inequality in sports has been present for as long as anyone can remember. Even today, male sporting professionals make anywhere between 15% and 100% more than their female counterparts.

In the world of soccer, there are a mere 1,287 female professionals compared to 137,021 male professionals. What’s more shocking is the fact that the top annual salary for a male footballer is around $87 million while the combined annual income for every professional female footballer combined is $42.6 million.

Looking at the situation at a more grassroots level, coaches in college women’s team take home 63 cents for every dollar earned by the head coaches of men’s teams.

These are just a few instances of gender inequality in sport (a mere drop in the ocean). With fewer opportunities, poor contracts, and a general lack of respect, female sporting professionals aren’t getting what they deserve. But, a change may be coming.

Leveling the playing field through blockchain

As a decentralized technology, the blockchain has given people the power to gain more control over their finances as well as personal affairs.

Without a central governing body calling the shots, it’s possible to trade currencies, negotiate terms, and create communities where people can take charge.

Crypto and NFTs technologies are changing the game

Blockchain technology has sparked the likes of transparent smart contracts as well as a host of cryptocurrencies that exist for trade, investment or specific functions like shopping, ride sharing or buying sustainable energies.

In 2014, BitPay launched a pioneering collaboration with the “Bitcoin” St. Petersburg Bowl. Since then, droves of crypto-based partnerships and sponsorship have emerged in professional basketball, soccer, baseball, snooker, and beyond.

From the ground up, crypto and NFTs have given sporting institutions and professionals more autonomy over the way they ‘do business’. Some of the main crypto-centric strategies used in sports include:

  • Cryptocurrency fundraising for grassroots sports teams and professionals
  • Influencer-led sports marketing using smart contracts and crypto deals
  • Currencies and tokens distributed to fans for exclusive content and event access
  • Decentralized sponsorship for sporting professionals

The Voyager deal marks a big milestone in crypto and women’s sports

By gaining the autonomy to negotiate blockchain-based smart contracts and cement lucrative sponsorship deals with cryptocurrencies, women in sport are gaining a stronger foothold in a male dominated industry. The recent Voyager deal is a testament to the fact.

Renowned crypto trading platform, Voyager, recently signed a deal with the National Women’s Soccer League (NWSL), offering a significant amount of support and investment.

This deal exists to make vital improvements within the league while providing all competitors with rostered crypto accounts as well as personal education on how to use the currency to their personal as well as financial advantage.

Speaking on the deal, NWSL interim CEO, Marla Messing, said:

“Voyager’s investment in the league is especially innovative because we’ve collectively designed the partnership to include direct financial resources for every one of our players, as well as education on the revolutionary changes underway in digital assets.”

This deal is a poignant milestone for women in sport. Empowered by cryptocurrency, female sporting professionals can break free from the shackles of male-dominated governing bodies.

Women in sport can use crypto to command more in terms of income while negotiating direct sponsorship deals and making investments that will offer financial security after their careers have ended.

In addition to taking charge of their careers with cryptocurrencies, female athletes are also starting to release and sell their very own NFTs—including Paralympian skateboarder, Mariah Duran. Another example of sportswomen using the blockchain to take control of their professional destiny.

Final thoughts

“For the first time in history, we can inject ideals like generosity, equality, and goodness into our currencies,”—Nyla Rodgers, Mama Hope

With the likes of Crypto.com and FTX entering the women’s sporting arena, the future looks bright. While cryptocurrency is an often volatile and fluctuating market, it’s an innovation that is offering female sporting professionals more personal opportunities than ever before.

The exact future of women’s sports is difficult to predict but by harnessing decentralized technologies, female athletes can finally start getting what they deserve.

If you’re a women’s sporting team or brand looking to reach a wider audience, we’re a leading sports marketing agency that can help get you where you need to be. Contact us and we’ll be happy to get the ball rolling.

Sorare: NFTs will still have value even if licenses expire

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The blockchain-based fantasy sports game Sorare has stated that licensing issues would not crop up in the future.  The agreements designed by the company will create success for all the parties involved and individual players can still own any non-fungible tokens (NFT) if deals do expire.

Having acquired more than 200 licenses around the world, including Major League Baseball (MLB), Major League Soccer (MLS), The Bundesliga, and La Liga. Sorare specifically believes in maintaining exclusivity which is vital for the integrity of the game and its economy.

Exclusivity allows the company to control the scarcity of digital player cards used in its fantasy game. A player may purchase digital cards directly from Sorare or via a third-party marketplace like OpenSea.

Sorare’s comments   

Ryan Spoon the chief operating officer at Sorare said it was in everyone’s best interests to ensure success.

“Our relationships are grounded in a couple of things [such as] shared, long-term incentives,”

“These are not one-year terms so there’s a shared desire to hit [targets] and exceed them. That is a mutual benefit and decisions are made that benefit [all parties] – the league, the players, the users, and us as well.

“There are very short-term decisions we could make that wouldn’t necessarily result in long-term success or longevity. The user has to come first and if we do that then all other parties will succeed.

“Having exclusivity is important because having too many cards on the market can decrease the value. It impacts both gameplay and the value of these tokens to others.

“Our licensing deals are long enough to be able to grow and hopefully find some success. If we do a really good job then we are both motivated and incentivised to continue this. The deal might be structured slightly differently, it might be more expensive, but if we do a good job then we will continue on the path together.”

Sorare will continue to support any cards minted as part of an expired license to a certain extent, but Spoon stressed there will still be some collectible value to these cards just like conventional trading cards and stickers do.

“The cards you buy [on Sorare] are no different to physical cards in that there are examples of companies that have lost that licence, but you still own the card,” he said. “But we’re going to succeed and we’re going to do this with [our partners], build a fan base and it’s all in our interests to do that.”

The value of NFTs when license expires

Due to the relative scarcity of Sorare cards, they are valued as collectible items, but their utility will vary depending on the card’s value. If a license for the cards were lost, Sorare would no longer be able to mint new NFTs, and the existing cards would lose their functionality and value.

Learn more about Sorare adding SPFL license to its NFT portfolio

BENFICA AND CLANCY LAUNCH INTERACTIVE NFT VIDEOS

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Benfica is kicking off a new fan experience with interactive video NFT (Non Fungible Tokens) collectible trading cards that come to life and connect fans to treasured moments in the club’s history. This initiative would be taken forward through a commercial agreement established with Clancy a fan-based blockchain technology company.

Each Benfica video NFT purchased would be a unique digital collectible. Fans who exclusively own it can share, trade, sell and play with it.

Clancy is providing an NFT platform for the sports, entertainment and eSports sector to build custom NFTs. The Clancy video NFT moment interactive card is a dynamic, two-sided digital collectible card that lives in the digital world.

Clancy uses blockchain technology to bind and secure consumer purchases of the NFT video cards. Each purchase is original and exclusive to the purchaser.

Benfica NFT initiative

“This project gives fans the possibility of collecting Benfica NFT moments through Clancy´s marketplace. Benfica members and fans can now collect NFT video moments in time through blockchain technology that has been specifically built by Clancy to be easy to use and accessible to all our fans, no matter their level of knowledge of the new technology” Miguel Bento, Benfica’s CCMO

“Clancy allows fans to own interactive NFT video moments of their favorite teams. We are honored to kick-off this new technology with Benfica, one of the leading football clubs across the globe” Rem Langan, CEO of Clancy

Learn more about LaLiga building official Metaverse for fans and partners with TVM

OneFootball enters the NFT market with the official Argentine FA sales platform

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The Argentine FA in collaboration with OneFootball is set to launch a personalized NFT platform. This concept materializing will expand OneFootball’s operations from its core media business that focuses on covering live streaming, live scores, statistics, and news.

Through this initiative, Argentinian football fans will be able to purchase officially licensed digital collectibles on the platform.

In a bid to make these collectibles more accessible, The NFTs will be offered at a variety of price points. Fans will be able to purchase and store collectibles with just their email addresses.

What has been said by the parties involved

“OneFootball will take tens of millions of football supporters from Web2 to Web3 over the coming years. In order to do that, it’s crucial that we have the right partners which share our excitement about delivering a future of football that is decentralized and built on Web3. By becoming the first federation to launch licensed digital collectibles with OneFootball, the AFA will be giving fans more access and more ownership, helping to bring them even closer to the game they love.” Lucas von Cranach, CEO & Founder at OneFootball

“Our growing partnership with OneFootball is helping us to reach fans in ever more innovative ways. Our content agreement is helping us to reach millions more fans worldwide, and we’re excited to be the first federation to release a personalized NFT platform with OneFootball, transforming in further the digital experiences for our national teams and football fans”. Claudio Tapia, president of AFA

The NFTs will be available for the past and present players of the national team including iconic players like Lionel Messi, Angel Di Maria, Diego Maradona, and Gabriel Batistuta.

With this initiative, Argentina is set to become the first country in the world to give its men’s national football team a fully integrated web 3.0 makeover. The AFA in collaboration with OneFootball is set to launch its initial batch of officially licensed NFTs.

Learn more about Argentina FA joining forces with OneFootball to create a global content partnership

Mercedes F1 team unveils NFT range

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The Mercedes-AMG Petronas Formula One Team has announced the launch of a series of NFTs in collaboration with FTX, one of the world’s most innovative cryptocurrency exchanges. The team will collaborate with a series of artists over the 2022 race calendar in which they would be invited to create race-inspired artwork which fans can collect and trade.

The first release would be the NFT ticket stubs which is the artistic interpretation of a Mercedes-AMG Petronas race ticket. With this NFT being launched, many other unique and rare NFTs would be unveiled as well throughout the year.

Mercedes F1 team’s NFT initiative

This series of NFT drops will provide an avenue through which fans can build, trade and collect their own NFT ticket stub collection over the season. This provides the perfect opportunity for fans to engage with one another and build a new community of collectors and traders with a shared passion for racing and digital art.   

There will be 2500 free to claim NFT ticket stubs at most races and 1000 limited edition NFT ticket stubs at up to five races throughout the season. The 2022 Formula One Miami race weekend will also see the unveiling of several unique NFT’s produced in collaboration with multi-disciplinary artist Mad Dog Jones.

In a world-first, two special NFTs will feature the 2022 Miami cars raced by Lewis Hamilton and George Russell, with both drivers running rear wing endplates during the race featuring the Mad Dog artwork. The rear wings, fresh off the Mercedes car in Miami will be auctioned together with their corresponding Mad Dog NFT.

The NFT auction will be held exclusively on the FTX US NFT marketplace. The team’s proceeds from the auction will go to ignite, the team’s and Mission44’s joint charitable initiative in which they support the mission of greater diversity and inclusion within motorsports. The NFT ticket stubs limited editions will be released for the season-opening races in Bahrain, Saudi Arabia, Australia, and Imola. These NFTs will be allocated randomly to fans who register during the Miami Grand Prix event.

What has been said by the parties involved

“Finding new and innovative ways to engage with our global fanbase is a key priority for the team,” “Alongside FTX, we are thrilled to launch our 2022 collection of NFTs created by some of the world’s most talented artists, starting with Mad Dog Jones. “Collecting memorabilia has always been a huge part of following your favorite sports team and we’re excited to create these genuinely cool digital collectibles that will also unlock new ways for fans to be closer to the Mercedes-AMG Petronas F1 team.” Richard Sanders Mercedes commercial director.

“The Mercedes-AMG Petronas F1 Team is known for innovating and pushing the limits in their sport and the upcoming NFT collections reflect that ethos,” “FTX is excited to collaborate with the team on this auction connecting unique NFT artwork with a key component of Lewis’ and George’s Miami cars in a first for the team and sport”. “We hope this exclusive collection along with all the exciting events we have planned in Miami for race week will be an amazing experience for NFT collectors and long-time F1 fans who want to be a part of racing history.” Avi Dabir, vice president of business development at FTX.

Learn more about Fancurve raising US$6.25M to bring digital jerseys NFTs to the Metaverse

Sorare adds SPFL license to its NFT’s portfolio

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Sorare has announced a multi-year licensing agreement with the Scottish Professional Football League. Sorare will launch a collection of online fantasy game NFT’s which will feature top Scottish players from 11 of the Scottish Premiership clubs. Rangers will not be a part of this deal as they already have a pre-existing contract with Sportemon Go.

Users will be able to buy and exchange player cards while building their teams in the fantasy league the platform operates. The individual player cards which users possess are digital products whose value increases or decreases depending upon the player’s performance in the real world.

With this agreement in place, SPFL is the latest sports property to be a part of Sorare growing portfolio which consists of deals with La Liga, the Bundesliga and MLS.

Learn more about MLS announcing Sorare as their official NFT partner

SPFL chief executive Neil Doncaster, said: “The SPFL is always looking for innovative ways to offer our fans more enriching experiences and to broaden the appeal of our competitions to audiences from around the world. We’ve been looking at the digital market as a way to do that for some time and it quickly became clear that Sorare is a leader in this emerging category.”

Last Year Sorare was able to secure a $680-million funding that valued the company at $4.3 billion. Since then the French company has acquired 1.5 million registered users worldwide and they have seen its commercial portfolio expand.

MLS has announced Sorare as their official NFT partner

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MLS has announced its latest tie-up with blockchain digital collectibles and fantasy game specialist Sorare. The multi-year partnership signed between both the parties would see Sorare create the official NFT fantasy game for the US Based football competition.

Through this initiative, users will be able to collect, trade and play with tokens that represent every single player from all the 28 MLS clubs. The launch of the NFT fantasy game will grab the attention of international MLS fans who would tune in to see the best players every week and keep track of the performances of the players whose NFTs they own. 

MLS partnership with Sorare

“We’re excited to welcome Major League Soccer as our latest partner. Our global community of sports fans are eager to start collecting and playing with their favorite teams and players from the league,” “From collectors to first-time NFT buyers, our NFT x fantasy model uniquely engages fans with the sport they love in a way that goes beyond just spectating and makes them feel truly connected to each team, player and game.” Ryan Spoon, chief operating officer at Sorare.

“At MLS, our emerging ventures team is always looking two steps ahead to offer our fans enriching experiences and to expand our global reach, including in LATAM and Asia,” “We’re excited to continue our progressive approach to bring NFTs to MLS with industry-leader Sorare. Utilizing the latest technology to provide fans the opportunity to add MLS players and future stars to their personal collections and give them an interactive free-to-play fantasy soccer game made Sorare the obvious choice.” Chris Schlosser, senior vice president of emerging ventures at MLS.

Sorare growing commercial portfolio consists of deals with La Liga, Bundesliga as well as with historic clubs such as Liverpool, Juventus, Paris Saint Germain etc. The presence of a youthful and tech-savvy audience in the US will provide the company with plenty of opportunities that can be explored hence the announcement of the deal with MLS sheds light on the company’s plan to establish and grow its business in the US market.

Learn more about Sorare securing $680 million in funding for fantasy sports NFT game

Capital Block has become AS Monaco official NFT partner

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AS Monaco has roped in Capital block as their official NFT partner. This deal materializing would make AS Monaco the first Ligue 1 club to collaborate with an NFT consulting agency.

AS Monaco tie up with Capital Block

This partnership would see Capital block advise AS Monaco on developing the club’s NFT strategy. The consultancy company will help the club discover a new universe in the metaverse space and they will help them build an NFT community as well. AS Monaco would receive advice on the creation of different NFTs and on which NFT platforms should they collaborate with. In return, Capital Block would gain extensive brand visibility through the club’s different social media platforms.

Learn more about the Sports Crypto Trends for 2022

What has been said by both the parties

“We are pleased to launch this partnership with Capital Block, which will enable AS Monaco to strengthen its positioning in the field of digital innovation and improve the possibilities for fans to connect with the club. Each passing day confirms the growing appeal of NFTs. Capital Block’s expertise will enable us to better understand this universe, to grasp the issues related to it and to define a solid and sustainable strategy.” Oleg Petrov, Vice-President CEO of AS Monaco

“We are delighted to be working with AS Monaco and we are really looking forward to hitting the ground running with the club. One of our first aims is to introduce AS Monaco and their fans to NFTs and how best to engage with them. We know the incredible advantages of building an NFT strategy and will be implementing this in the coming months. We are really excited that football clubs across Europe are starting to realize the importance of having an NFT strategy and know those that do will benefit in many ways, as will their fans.” Tim Mangnall, CEO of Capital Block

Barcelona plan to launch own cryptocurrency and NFTs to raise revenue

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Rumour has it that FC Barcelona will be throwing its own cryptocurrency and NFTs into the mix! It all began with President Joan Laporta mentioning this fresh and exciting initiative for their fans. What is the goal of this new endeavour? Barcelona is ready to pursue this move in order to compete with other major European soccer clubs financed by foreign investors and sovereign wealth funds.

Laporta believes that this current technology improvement will help the major club compete with this new money. They are ready to utilise its history and heritage while engaging a global fan base that may never get the chance to visit the club’s magnificent Camp Nou Stadium.

Why now?

Barcelona has the ability to obtain the same resources as their opponents; so, why not sooner? The issue is that competing is tough when the rules for each club differ. Barcelona, like many others, is constructing its metaverse and Web3 but will not partner with cryptocurrencies. Barcelona will undoubtedly be busy, as the club will be managing its own cryptocurrency.

Learn more about football in the metaverse, including Manchester City’s plans to build the Etihad Stadium in the metaverse.

According to Laporta, we can expect to see their first NFTs very soon, which will help the club’s finances. This major club has an astounding 300 million fans globally, and this new move will serve as a way to register each and every one of them.

The growing use of Blockchain-based technology by sports clubs and federations has sparked concern among many who believe it is an unregulated domain with little value for fans whose loyalty is exploited. Several sports clubs and federations have signed sponsorship deals with cryptocurrency companies, created fan tokens, and launched NFT collections. Barcelona witnessed the creation of its own fan token, but the club was forced to terminate its NFT partnership with Ownix. This loss hasn’t dampened Barcelona’s enthusiasm for new technologies; rather, it has strengthened its resolve to maintain as much control as possible.

Discover the latest Barcelona news, such as the club’s new jersey sponsorship agreement with Spotify.

Sports Crypto Trends for 2022

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The recently published 2022 Sports Industry Outlook Report from Deloitte discusses how the global Covid-19 pandemic of 2020-21 forced sports organizations to “seek new and varied revenue streams and ways to forge deeper fan connections“.

The report highlights how the drive within the sports industry to continue to diversify their income streams and growth possibilities afforded by Blockchain based technology will continue to be one of the key Sports Industry Trends for 2022:

“Blockchain-enabled innovations have a chance to open entirely new markets and options for fans beyond simple collectibles.”

In this article we will take a look at four ways that sports organizations are using Blockchain based technologies and Cryptocurrency to improve fan experiences and expand their potential income streams.

1. Sports NFTs

Sports NFTs (short for “non-fungible tokens”) are unique (or limited) digital collectibles and virtual trading cards which can be tracked using immutable blockchain technology to prove their authenticity. They are the perfect tool for clubs, teams, and gamers to create digital trading cards, in-game assets, and game memorabilia that players can buy and trade.

An excellent example of Sports NFTs is Manchester City’s Creation collection. The club collaborated with digital artist Alan Bolton to produce a collection of unique or very limited digital art assets. The digital assets sold at auction for prices ranging from $1,700 to $19,000.

2. Crypto Fan Tokens

Fan Tokens are a type of Cryptocurrency that, when purchased, allow access to exclusive club-specific rewards and benefits. They’re all priced the same and are built on the Blockchain.

Offering tokens to fans helps improve the fan experience and rewards them for their support of the club by giving them access to exclusive content, merchandise, or experiences.

Fans can buy fan tokens directly from the platform using the associated Cryptocurrency, then trade these for certain rights, experiences, or advantages when it comes time to attend their favourite club or team’s matches.

Atlético de Madrid was one of the first football teams to issue Fan Tokens. Many other large teams have now also introduced their own Fan Tokens – including AC Milan, FC Barcelona, Valencia CF,  Juventus, Manchester City and AS Roma.

3. Cryptocurrency Payments & Ticketing

Clubs are also now accepting Cryptocurrency as a payment method for more traditional items such as tickets and merchandise. Digital currency can be used to buy goods and services online, in person or over the phone. The blockchain technology behind cryptocurrencies makes it possible to create secure transactions without relying on third parties such as banks.

Cryptocurrencies like Bitcoin can be used to pay for tickets and merchandise. Fans can purchase tickets through various ticketing platforms and receive an equivalent amount of Cryptocurrency.

For example, supporters of Liverpool F.C. can use the LFC Token to purchase tickets for home games, while Juventus fans can use the Juve Token to purchase tickets for away games.

The advantage of using cryptocurrencies instead of traditional currencies is that there are no transaction fees involved. This means that fans don’t need to worry about paying extra money to cover the cost of international transfer fees.

4. Crypto Based Loyalty Rewards

Blockchain can be used for many different purposes beyond just Cryptocurrency. One of these is fan loyalty platforms that help sports teams foster community and belonging within their fans.

Fans can be rewarded for interacting with clubs’ websites, creating, sharing, or liking content. They can also participate in loyalty programmes that allow fans to earn rewards, points or bitcoins to use when they shop online.

The Covid pandemic rapidly accelerated the use of blockchain and crypto technologies in the sports industry. Faced with cancelled events and a loss of ticket sales sports teams and organizations embraced these new technologies as a means of exploring new fan experiences and income streams.

That trend looks set to continue and grow in 2022 as more clubs and sporting organizations adopt Blockchain based applications and cryptocurrencies.