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How the EuroLeague is Deepening Fan Ties via Digital Economy

26 July 2022 09:11, UTC
Denis Goncharenko

With the introduction of NFT's interactive video, fans may redefine their connection with sports and genuinely own a piece of content generated by leagues, teams, and players alike. It is the EuroLeague's goal to be a leader in Web 3.0 since it sees itself as a disruptive force on and off the court. The NBA's season-ending and Final Four in Belgrade, Serbia, last month was the first time the league rolled out new broadcast innovations and a virtual reality (VR) platform to engage spectators at home.

Only a few hours each week may be used by television to connect with its audience. It has been aided by the development of mobile technology and social media, but many other activities and organizations are vying for the attention and consideration of every sports fan. This past month, sports enthusiasts' attention was mostly focused on the NBA playoffs. The EuroLeague Final Four, a popular basketball competition held in the metaverse, also drew a few fortunate fans to Europe in May. The game was streamed live from a virtual Belgrade stadium to their avatars.

Jordi Bertomeu, CEO of Euroleague Basketball, said that the Metaverse's goal is to unite individuals around a shared passion: basketball.

This year's Final Four was a homecoming for both the Belgrade crowd and those watching from their couches, according to Bertomeu. One of the various sporting tournaments that are taking place in the metaverse is the Final Four. For sportsmen and fans, what has begun to take place in the metaverse is not only about good times. A multi-year agreement between EuroLeague Basketball and Clancy International, has been reached to investigate potential Web3 options. As part of the EuroLeague's plan for immersive venues and digital collectibles, the Web3 company's interactive video NFT platform will enable fans to own and collect interactive video NFTs.

“We are very happy to be working with such a progressive and globally renowned sports league,” said Rem Langan, chief executive of Clancy.

Clancy International is a company which comes up with ClancyWorld, a solution to deliver exclusive, collectible video-moments via NFT blockchain technology. Clancy builds customized video NFT trading card and commerce programs, providing business with a custom NFT Market.

EuroLeague and the adoption of blockchain technology

The EuroLeague's Web 3.0 approach was built from the ground up with fan involvement, not conjecture, in mind. Blockchain products must not be exploitative and must provide true value to users, the company emphasized. Additional perks such as tickets, products, or even an event may be included with tokens. The EuroLeague is certain that Web 3.0 can help it achieve its ultimate goal of "24/7 engagement," and has been working on its strategy for a long time. Nevertheless, he was aware of the nascent nature of the industry and some of the criticism that crypto-based technologies have received.

Sport, e-sports, and entertainment are all expected to benefit from Web3. Fans may utilize interactive video NFTs to discover new ways to connect with the sport they love and their favorite players. EuroLeague has already introduced interactive video cards known as EuroLeague EuroReels that are minted as non-fungible tokens to make use of the prospects afforded by blockchain-based technology (NFTs).

The 2021/2022 Turkish Airlines EuroLeague season's EuroReels are based on some of the most thrilling events, and they also come with useful numbers, making them perfect for collecting. There are a variety of rare treasures, making each piece one-of-a-kind.

Recently, the Euroleague Partnerships section has been striving to create an effective Web3 approach to maximize prospects for fan and consumer involvement. It is the goal of the relationship with Clancy International to not only produce new virtual goods but also to ensure that the functioning of those items remains in touch with the expectations of fans. To reduce speculation, and to allow all EuroLeague fans the chance to own a piece of competition history, the introduction of EuroLeague Euroreels will be staggered and from this point all interested fans may join the EuroReels Beta Pass (RBP) list, to be alerted when the Beta Platform becomes live. Before the public release of the private collection Beta next month, this will be the site to sign up for an account.

Roser Queralto, Euroleague Basketball's Chief Commercial Officer, stated,

"Our fans deserve our great attempts to go all-out and build engaging areas in which they feel at ease and amused, and we are extremely delighted to have done that with Clancy." He added, "The Web3 field is still in its infancy, but working with solid firms offers not only a better business possibility but also a quicker learning curve."

There were several proposals during lockdown from different firms that claimed they could help EuroLeague implement a Web 3.0 strategy. However, after a series of tests that failed to produce the expected outcomes, the digital and commercial teams within the organization decided to "press pause" on their efforts until they had a better understanding of the technical environment and could develop an effective plan. For the EuroLeague, this meant devising a strategy that would maximize the benefits and financial potential of Web 3.0 while minimizing the risks to both the organization and its members. The decision was taken to engage with a range of partners rather than a single end-to-end vendor since this would allow it to diversify risk and pick the best partner for each product class.