The results from a well-known survey applied to over 1,500 Americans indicate that individuals who have a thing for sports are more prone to buy digital assets such as cryptocurrencies and non-fungible tokens (NFTs) than regular folks.
The Seton Hall Sports Poll, a survey overseen by the Stillman School of Business of the Seton Hall University, used data from the United States Census Bureau to determine the appropriate sample to make the results representative of the entire country by incorporating individuals of all ages, genders, ethnicity, education, income, and geographies and assigning them the adequate weight.
In addition, for the purpose of the survey, the term “cryptocurrencies” refers to Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) only.
Among the most interesting findings, 24% of the respondent households indicated that they have owned either cryptos or NFTs or both. Meanwhile, among avid sports fans, the percentage of individuals that have purchased these assets rises to 57%.
Cryptos, however, continue to dominate over NFTs in terms of adoption as only 31% of those who have bought digital assets said that they opted for NFTs. In addition, only 7% stated that they invested in both.
Unsurprisingly, younger individuals are more likely to purchase digital assets with 42% of respondents aged 18 to 34 saying they have purchased either cryptos or NFTs compared to only 7% among folks aged 55 or older.
In regards, to the findings, Seton Hall’s Marketing Professor and Poll Methodologist, Daniel Ladik, stated: “If managed effectively, NFTs could become a major source of revenue as well as a new avenue of fan connection for sports brands.”
He added: “In a digital age, interactive assets like NFTs can drive a sense of holder equity and belonging – key attributes for brand success.”
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Results of the Poll Strengthen the Value Proposition of Fan Tokens
Fan tokens have been created to allow individuals who are passionate about a certain team to have a saying in some of the most relevant decisions that can affect the faith of their beloved squad.
In addition, these tokens facilitate the process of distributing rewards among a team’s most loyal following and can be used to give these people access to exclusive content, discounts on tickets, and collectibles.
According to the Seton Hall Sports Poll, avid fans value discounts at the team’s store significantly as 66% of the respondents said they are interested in this kind of deal. In addition, 66% said that they would also like to have the possibility to upgrade their tickets to get access to premium seats without additional cost.
Finally, 3 out of 5 stated that they may also be enticed to buy NFTs if that allows them to become a member of the team’s leadership committee so they can provide feedback and participate in the decisions that affect the crew.
Socios.com and The Chiliz Blockchain
Fan tokens are cryptocurrencies that can be offered by sports teams to their followers so they can enjoy some of the benefits highlighted above and much more. Socios.com is one of the most popular platforms enabling teams to engage in this kind of initiative via the Chiliz blockchain.
Thus far, soccer teams from around the world have been the first to participate in the platform with some prominent organizations like AC Milan, Atletico de Madrid, Barcelona, and Juventus having made available their tokens for fans via Socios.com.
Once a fan purchases one of these digital tokens, he/she is entitled to receive the rewards that the team extends to its fan base. This includes VIP access to certain events, the possibility of purchasing collectible items, and the possibility of participating in exclusive meet and greets.
The value of fan tokens fluctuates based on the demand that the token experiences. If a team’s fan base is on the rise, the token will likely increase its value. However, most avid fans don’t really want to cash out of their holdings due to the unique benefits that they have access to.
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