Non-fungible tokens are gaining prominence in the rapidly changing digital economy. NFTs offer new avenues for the monetization and trading of digital assets to artists, makers, and collectors. They transform the idea of ownership in the digital sphere by providing verified ownership and authenticity. Zilliqa has become a front-runner among the numerous blockchain platforms leading this revolutionary path, particularly when considering the revolution in fan loyalty.
Read on to see how Zilliqa will drive the revolution in fan loyalty and open up new opportunities in the digital asset space.
Zilliqa’s Role in Enhancing Fan Loyalty
The partnership between Zilliqa Group and Racing League to develop a Web3-powered loyalty program would surely revolutionize the horse racing industry’s fan experience. Horse racing sports lack fan involvement and an interactive dimension compatible with the digital age. To address these issues, the program will allow supporters to vote on crucial team and league decisions, own their favorite horses, engage in prediction games with real and virtual prizes, and take advantage of special offers on tickets and merchandise. These programs seek to strengthen the link between fans and sports, converting them from passive viewers to active players.
Tokenization of Fan Engagement
With its scalability, fast transaction throughput, and cheap transaction fees, Zilliqa is becoming the greatest platform for enthusiasts to create and launch their own tokens. Esports fans will have simple access to play-to-earn games, giveaways, launch parties, digital assets, autographs, and more, thanks to Zilliqa’s powering of tokens and creating new ecosystems. In collaboration with a partner loyalty network, Zilliqa offers fans the opportunity to accrue points and get digital assets as incentives. In the Web3 section, these digital assets transform into NFTs, and points may be exchanged for fan tokens.
Fans can gain greater control over their relationship with the club by purchasing tokenized digital assets that are rewarded and grant access to exclusive fan experiences.
Integration with Sports and Entertainment
Integrating Web3 with a loyalty program results in a more engaged community rather than just a large number of followers. Like esports and crypto sportsbooks, outsource their communities to social media in conventional ways and sell sponsorships to influencers based solely on their followers who are interested in sports betting with cryptocurrency or any other entertainment brands.
Without considering the people following them or the reasons for their choices. Consequently, brands in the sports and entertainment industries are beginning to realize that they must create a true community that they can interact with. So we’re seeing a large trend of major brands implementing these rewards programs,” said Tom Fleetham, Zilliqa’s Head of Business Development for Sports and Gaming.
Building Engagement Within a $400-Billion Industry
The cooperation between Zilliqa Group and Racing League gives a new perspective to the vast $400 billion horse racing industry, which struggles to attract followers beyond the audience for betting on races. Every year, up to one-third of adults in the UK place a wager on the Grand National, and most never attend the event. This collaboration aims to broaden participation by introducing Web3 features within a fresh kind of loyalty program. The Racing League’s entire mission is around providing a more connected experience for horse racing fans, such as the ability to own a share in their favorite horses, vote on significant team selections, and receive discounts on tickets, among other things.
Powering a Web3 Fan Loyalty Ecosystem
In addition to its collaboration with Racing League, Zilliqa Group is currently involved in several additional collaborations that are starting to reap the rewards of incorporating Web3 into their fan loyalty programs. The company’s recent collaboration with MAD Lions, which saw the introduction of its brand-new Web-enabled loyalty program, The Pride, illustrates this broad vision. The Pride has demonstrated remarkable success in increasing participation and bringing active participants onboard with material rewards.
The remarkable level of involvement on Pride demonstrates how Web3 components can encourage participation because fans are more inclined to stick around if they receive a material reward for their efforts.
Conclusion
Web3 technology opens a novel avenue for enhancing fan involvement within the sports sector. Zilliqa and Racing League’s use of blockchain technology aims to open up new avenues for fan interaction with horse racing. Zilliqa’s blockchain platform has already fueled The Pride, a fan interaction campaign for European esports team Mad Lions. With this knowledge, Zilliqa can exploit Web3’s potential and join the loyalty market.