Web3 Studios: Sporting metaverse is ‘at an inflection’

A report from Web3 Studios claims the sporting metaverse is “at an inflection point” amid growing interest.

The World Cup in Qatar proved a great opportunity for web3 players to connect with sports fans. In their report, Web3 Studios noted some of the key projects around the FIFA World Cup:

While the collapse of the FTX exchange shook confidence in blockchain-related web3 projects, the growing number of high-profile deployments shows that brands are willing to “BUIDL” through the crypto winter.

Here are some of the high-profile sports brands that Web3 Studios highlighted are active in the web3 space:

Web3 (+1,100%) brands have been the biggest source of new sponsor deals for the sports industry, far ahead of automotive (+81%), insurance (+27%), and airlines (-28%).

According to the report, “pro-active participation” is the next evolution of sports consumption. Web3 Studios believes that web3 technologies will be at the centre of this evolution and sporting metaverses will enable “a new layer of human interaction”.

Blockchains enable metaverse experiences by providing immutable proof of ownership of real and digital assets. The fashion and gaming industries have been early adopters of web3, enabling users to purchase things like trainers or other items of clothing which can then be worn in real life and virtual experiences.

The report predicts the sports metaverse space could generate more than $80 billion by 2023.

A full copy of the report can be found here (registration required)

(Copyright: IoT News Web3 Studios: Sporting metaverse is ‘at an inflection’ (iottechnews.com)