In this article, we will learn about Tokenized Engagement Programs (NFT) and discover the best cases of CRM 3.0, fan engagement and community building in sports.
In the fast-paced world of sports, where competition is not just on the field but also online, building a thriving community has become the secret sauce for sustained success and revenues for sport rights holders (clubs, federations, leagues..).
As sport leaders, you understand the significance of fostering a passionate fan base and being able to monetize it. Also, you are curious about innovation, Web3, market trends and new ideas to stand out from your competitors. Well, if you are, you are at the right place. Now, let's open the news doors of Tokenized Engagement Programs with the help of our partner Imagin3 Studio.
Let's jump into what Web3 can actually bring to the table and how it can elevate your community-building efforts.
As all innovations, Web3 answers specific needs and unlock new ways of engaging fans, in a manner that could not be done before. People are not just simple spectators, they become actors of the game and are given the opportunity to craft the future of their favorite organization.
In Web3, fans can control and transact digital assets without the need to trust a third party platform. Owning an asset of my favorite club becomes a tool of self-expression. Now there is only one solid tie between a sport brand and a fan : the token (NFT) which is secured on the blockchain. Therefore, Web3 presents a technical advantage that prevents your engagement program from falling apart if your engagement platform service provider happens to disappear. Your program is now yours.
Let's see how tokens matters in powered-by-Web3 communities.
Well, let's define the term "token" to clarify this concept a bit more. We can use the definition provided by our partner, Imagin3 Studio - a leading community-building actor led by Jeremy Denisty and Dado Van Peteghem, authors of the book “The Virtual Economy”.
Tokens are digital assets stored on a blockchain representing unique items or artwork. They prove ownership and authenticity.
In communities, tokens are used to create exclusivity by token-gating access or granting special privileges to holders. This rewards community members and encourages participation and support.
In short, it is a digital asset represented by a creative visual that a fan holds. It gets very common among GenZ and GenAlpha fans.
Fans can now own tokens from their club in their Web3 wallets. They can get them for free or pay for them, depending on the choice you make as a marketer. As technology improves, it gets now super easy to own this digital asset and to promote them through email campaigns or through your website. Also, Web3 transforms community programs by allowing customers the freedom to leave it and to sell their status to another fan on the secondary market. Why is it interesting for clubs ?
1. it will be seen as an incentive for a fan that hesitates to enter the program, knowing they can exit their status on the second market
2. brands can absorb second market fees and generate new revenues from these transactions
What are the other benefits of "tokens" for sport clubs ?
- allow token-gated access : create unique experiences for community members only. The token technically allows members to enter, it is perfect emotional marketing and a new door to create personalization and exclusivity
- allow token-gated voting : involve your fans in the club' governance
- drop exclusive rewards : as the fan navigates in the program, rewards are given to him according to his/her status (stored in blockchains)
- allow cross-program partnerships and rewards : a club partner also uses a tokenized program ? Your fans can join it and get special rewards. In actual programs, brands would need manual agreements, APIs and many technical developments to do such performance. Clubs can now achieve significant community growth by enticing consumers through commercial propositions that involve multiple partners. Collaborations open the door to increasing the number of touchpoints, allowing access to a broader customer base, insights, and a diverse range of rewards.
- overcome the demise of third-party cookies : powered-by-Web3 programs allow the tracking of both online and offline brand interactions via a wallet and on-chain, facilitating more efficient customer targeting, detailed tiering, and the establishment of direct relationships using first- and zero-party data.
To deploy such infrastructure and pick the right technology provider, it's preferable to partner up with a Web3 actor that understands your key challenges and digital maturity
With tokenized programs, brand interactions, whether occurring online or offline, can be meticulously monitored using a wallet and on-chain technology. This facilitates enhanced precision in customer targeting, detailed tiering, and the establishment of direct relationships by leveraging first- and zero-party data. Indeed, what occurs is that club's data can now be enriched with behavioural data extracted from the fans wallets (how much they spend with other brands, when do they purchase..)
These new data are seen as a goldmine for sports rights holders to optimize targeted marketing strategies and to identify new collaboration campaigns.
This dataflow gets bigger by the day, as blockchain expands and penetrates the market.
You have understood who your fans are, defined your identity and your USP, and learned how Web3 technologies can enhance your digital ecosystem. Now it is time for recruiting new fans with digital campaigns and managing your brand new community. At Doors3 & Imagin3 Studio, we identified two key tools to fully engage your communities.
Discord : allows token-gated strategies. Discord is a popular communication platform among young people, gamers and sport fans. Brands can easily use it as the main rendez-vous point with their community. There are more than 2.5M Discord active users in Saudi Arabia, with 35% of users being female and 50% above 24 years old.
Zealy : with Zealy, community members compete for the leaderboard's top spots and get instant rewards by completing quests.
At Doors3 and Imagin3 Studio, we recommend using these tools as part of the community-building strategy.
If you need help setting them up, our experts are here to give you a hand.
We hope this article brought you a bit more knowledge about Tokenized Engagement Programs. You have now some tools to start an exciting digital journey, where you will engage supporters like never before. If you have any request, feel free to contact us.