How NFT Sports Consulting Firms Help Franchises Unlock New Revenue Streams
For athletes, teams and associations considering the blockchain, NFT sports consulting is an essential resource
If sports collectibles are part of your brand, overlooking NFTs (non-fungible tokens) is an increasingly costly mistake. According to financial experts, this technology will help drive a 600% increase in the sports merchandise industry over the next decade — that’s almost $200 billion by 2032! That growth might be even faster, if not for an understandable lack of blockchain expertise among athletes and sports associations.
Enter NFT sports consultants, the blockchain specialists who help clients navigate this market and develop valuable digital assets. Read on to learn how NFT sports consulting can help teams and athletes manage successful (and profitable) launches into the Web3 space.
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What Is NFT Sports Consulting?
NFT sports consulting is the practice of helping clients design, launch or manage sports NFT projects. NFT consultants work with clients to troubleshoot specific issues or ensure a token launch (or series of launches) goes smoothly. They provide an invaluable resource to teams and sports associations who wish to sell tokens, but lack the expertise or connections to establish themselves in the space in a way that’s profitable and brand-safe.
What Does an NFT Sports Consultant Do?
As with other industries, consultants are the problem solvers behind a project. They are outsiders to an organization who can identify blockers, determine their cause, and produce solutions to resolve them as efficiently as possible. On any given day, they might coordinate the efforts of different stakeholders, analyze business processes, produce action plans, monitor progress, and more.
NFT sports consulting is much the same, with one key difference: these consultants are well-versed in both NFT technology and how it might be used to appeal to sports fans. These traits make it possible to support athletes and associations in the following ways:
Unlike a traditional merchandise launch, the ideal NFT project will continue to drive revenue over time thanks to secondary market trading and built-in smart contracts. Achieving that goal is only possible with pricing and marketing strategies that highlight the true value of each token and the assets it unlocks. Sports NFT consultants must also advise clients on matters like token supply, customer demand and legal regulations in any country where NFTs will be sold.
Winning a basketball tournament and launching an NFT collection are two very different skills. No one should expect athletes, event staff or physical merchandising managers to also be blockchain engineers, which is why a significant portion of NFT sports consulting is ensuring the token creation process runs smoothly. Consultants can help by advising on the use of smart contracts and other blockchain technologies, laying essential groundwork for minting new tokens.
The steps leading up to minting are especially essential to get right for the emerging field of physically-backed NFTs. Choosing the right partner for selling game-worn jerseys or other memorabilia on the blockchain means finding someone who can securely vault your items, tokenize them, then facilitate their sale on NFT marketplaces. To find out more about how physically-backed NFTs can bring in new revenue streams for your sports brand, book a demo with Dibbs.
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Managing an NFT Marketplace
Sports NFT creators can distribute their tokens on any crypto marketplace, but each platform has its own benefits. Consultants can help clients make informed decisions by identifying blockchains and secondary marketplaces that are compatible and brand-safe, estimating sales volume among regular users and other factors. Some marketplaces also include unique reporting tools and channels for engaging with token holders.
What Are the Benefits of Working With an NFT Sports Consultant?
The world of NFTs is growing rapidly, and keeping up with its latest developments and most profitable applications can be a full-time job in and of itself. NFT sports consultants bring outside expertise to the table, which is essential for building your first Web3 project or making sure your next launch is as potent as possible. This deep understanding of industry trends will help inform your strategy, maximizing revenue potential and fan engagement while avoiding potential pitfalls.
Cost and Time Savings
Depending on your goals, hiring a consultant can be far more cost-effective than dedicating an entire internal team to the project. When an NFT consultant works for a client, they are paid within a scope that reflects specific tasks or an hourly rate. That means clients will only pay for exactly what they need while keeping internal staff free to focus on what they do best. Between this pricing model and the consultant’s expertise, NFT sports consulting can drive a phenomenal return on investment.
Perhaps the most significant yet most understated benefit of working with a consultant is access to their professional network. Successful sports NFT consultants know people, likely having worked with technology leaders, blockchain engineers, security teams for tokenized assets and everyone in between. If there’s a problem they cannot solve directly, it’s quite likely someone in their network can.
Industry and Association-Specific Advice
There is no one-size-fits-all strategy for anything in sports. Some athletes play alone, or alongside a team, sports associations range from small clubs to sprawling organizations, and fans come from a range of demographics and consumer markets. Working with a consultant helps a client develop processes that can succeed with their brand and audience for years to come.
Finding the right partner goes a long way toward making money in the NFT market. Thankfully, Dibbs is here to help. Our comprehensive tokenization-as-a-service solution is built to help athletes, teams and associations transform their valuable assets into digital collectibles for enthusiastic audiences. Ready to get started? Book a demo with Dibbs today.