3 Things to Know about NFT in Football

Utilization NFT in the sports sector is no longer new. In the United States, NFT has been used by NBA clubs to launch collectible products. Meanwhile in Indonesia, NFT has begun to be used to increase engagement fans of the football club.

How is NFT used in football and what are the potential adoption of technology for the sports sector? For more details, see the summary of the #TuesdayStartup session by the Co-founder Bolafy Joseph Bhima.

NFT and football

Joseph judged football to be entry point appropriate way to introduce NFT to the public. This is because football is the most popular sport in Indonesia with almost 170 million fans. Because of this, too, the economic potential is huge. On an Asian scale, the market value is around $16 million with 800 million football fans.

To introduce NFT, he said that there are two main points, namely collectible products and products utility. That is, NFT is not only reflected in the form of digital collections, but can provide benefits for the holder (holder). Example, holder get access to watch matches in VVIP or meet players.

"This is a new way for fans or fans in providing support to football clubs, namely through digital collections, reward, and Metaverse. We strive to maximize experience and engagement from two sides, both the fans and the football club. Happy fans can collect points to earn reward, free signature or ticket," he explained.

Introducing the collectible

In general, fans in Indonesia are considered not to fully understand NFT and not a few have certain sentiments on collectable products. For Joseph, community or club leader supporter be the entry point for introducing NFT. Interestingly, Word of Mouth among football lovers is highly rated powerful in assisting the educational process.

"We are intensively educating to introduce collectibles, values, and benefitsher, that [collectible product] too eligible to get reward. We [at Bolafy] call it a digital collection or digital asset because NFT is just a jargon for technical people," he said.

Joseph said that his party learned from various business models in the United States that have been using NFT for a long time in the sports sector, for example the NBA. This learning becomes benchmarking who helped him explore use case for the Indonesian market.

Technology in sports

According to Joseph, in general, the use of technology in the sports sector in Indonesia is not optimal, but it is much more developed than 2-3 years ago. A simple example, the purchase of sports tickets can now be done online, no need to go there anymore o physique.

On emerging technologies, he sets an example use case potential. For example, Metaverse could revolutionize the way people watch football matches on their devices. In the use of analytics, for example, this technology is considered to be able to significantly encourage the development of the sports sector. Meanwhile, technology blockchain can also lead to various innovations that disrupt the industry.

Indeed, the development of Blockchain in Indonesia is still early. However, this is the right momentum to take advantage of it considering that people's perception of Blockchain is still good, especially for investors or investors venture builder.

"So, it is very unfortunate if technology, such as Web3, Metaverse, or NFT, cannot be utilized toenhance an industry. We are looking forward to innovation in sports tech, especially with Web3." he concluded.