Athletes need to ‘give time’ to understand how they work

While there may be benefits in integrating NFTs into the world of sports, there are also challenges for athletes looking to break in. Entering the Web3 world will require time and effort.

Tom Fletham, head of business development sports and games at Zilica, says many of the sports organizations he has worked with need to experience and monetize international fans who cannot visit stadiums. Additionally, younger audiences like Gen Z behave differently than previous generations, suggesting that a modern approach may be needed to tap into this market. The executive believes that NFTs can play a role in overcoming such challenges. Fleetham explained:

I believe that NFTs can play a major role in overcoming both these challenges. Global fans want to feel close to their team, and the opportunity to own NFTs that offer exclusive access, products and experiences is a huge untapped opportunity.

However, while there are benefits to jumping into the NFT space, Fleetham explained that sports organizations or athletes should spend enough time understanding the intricacies behind creating their NFT projects. Executive basketball star Dwight Howard recently pointed in the direction of the NFT debacle, when the athlete jumped into the crypto space, it seems unprepared.

On January 19th, Howard announced the collapse of NFT on the Avalanche blockchain. However, the entire project fizzled out, attracting only a handful of buyers and eventually being taken up for redesign. The project drew criticism from community members, with Howard even being accused of pulling a rug by crypto investigator ZachXBT.

Thanks @DwightHoward for the quick rug pull. pic.twitter.com/PSuAwCsYGW

— ZachXBT (@zachxbt) January 30, 2024

Fleetham described Howard's project as a “complete disaster”, leaving supporters worried and out of pocket. “Any athlete looking at NFTs needs to take a very active role in ensuring that every aspect of the project represents the brand appropriately.” In addition, the executive said that the arts, utilities, marketing and toconomics should be properly implemented. If not, the loss of reputation will outweigh any business benefits.

Cointelegraph reached out to Dwight Howard for comment, but has yet to receive a response.

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While some athletes may have a problem with their NFT ambitions, others seem to understand. On January 26, soccer star Cristiano Ronaldo revealed one of the uses of NFTs, which is fan engagement. The soccer player trained with fans who own NFTs and gave tips on improving the sport.

Altava Group chief marketing officer O Tongsrinon said Ronaldo's participation in Web3 could eventually inspire other athletes to join.

“With one of the most famous names like Ronaldo available, it's probably only a matter of time for other athletes. In my opinion, once the crypto bull run begins in earnest, we should see more participation from athletes.

The executive, who works with brands trying to connect with Web3, said NFTs have the potential to create deeper connections between athletes and their sports teams and fans, noting that sports “is a pastime that draws passion from fans.”

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