MLB legend Alex Rodriguez attended a recent Futures Industry Association event, where he joined crypto CEOs and expressed apparent confidence about the possibilities of blockchain technology in sport. According to baseball player-turned-businessman Alex Rodriguez, small-time sports fans might use blockchain technology to have a piece of big-time teams. Alex believes that with blockchain, millions of individuals worldwide will be able to own a sports team if they have a slight interest in one. According to the former Major League Baseball player, we don't have that opportunity right now, but I believe we will tomorrow.
Sports clubs have embraced the technology platform frenzy, creating collaborations with crypto businesses and releasing fan tokens that allow holders to participate in raffles and vote on their team's jersey color. According to Samuel Bankman-Fried, CEO of crypto exchange FTX, one option for teams to sell ownership holdings using blockchain might be to issue governance tokens, which would offer holders voting rights and allow them to participate in corporate decisions. According to Bankman-Fried, on-chain voting can determine what actions a team takes.
Blockchain is a decentralized ledger, most known for its application in recording bitcoin transactions used to transfer assets between owners. In April, Rodriguez joined Marc Lore as a co-owner of the National Basketball League's Minnesota Timberwolves and the Women's National Basketball Association's Minnesota Lynx. Over the last year, the two business partners have been busy in transactions, launching a venture capital firm and investing in everything from an online brokerage to a nuclear-fusion energy startup.
Rodriguez and Lore have just invested in Mojo, a new firm that promises to create a "stock market" for professional sportsmen. The company, which is set to launch at the end of the year, allows fans to purchase and trade players whose valuations fluctuate depending on their field performance.
Blockchain technology has been at the forefront of the technology scene for some years, leading investors to consider new uses for the technology in sectors such as infrastructure, internet connectivity, and more, in addition to cryptocurrency applications.
Sports organizations, like the Atlanta Braves and their digital ballpark and the NBA with its Coinbase sponsorship, are now entering the fray, understanding the technology's promise and the connecting impacts on fans. NFTs and crypto tokens connected with teams have become an essential element of a sports team's brand, but they also have numerous unheard-of benefits, such as voting rights on a team's jersey colour.
FTX CEO Samuel Bankman-Fried was present at the Futures Industry Association, and he, too, sees a way for sports and blockchain to clash, not just in collectable crypto coins or NFT tokens. While these digital assets may add value and serve as extra collectables for die-hard fans, they may also bring special bonuses to the already-expanding price points.
According to Bankman-Fried, it is conceivable for on-chain voting to determine a team's activities. Blockchain voting gives a large group of crypto owners more power over the assets they care about. It's one of the core ideas underpinning Web3 and decentralized platform technology, emphasizing how end-to-end procedures would only benefit athletic events and teams in the long run if used correctly.