💡 Will The Metaverse Will Change Sports Forever?

Welcome to The Hype Report where we break down the latest news, stories & happenings around sports & web3.

Making Metaverse Moves 🌎

Contrary to what people might believe, the metaverse isn't a new term coined by Mark Zuckerburg.

In fact, the term "metaverse" originated in the 1992 science fiction novel Snow Crash as a portmanteau of "meta" and "universe".

But its alignment with the sports world is relatively new and quickly evolving.

First and foremost, I feel like we should get a concrete understanding of what the metaverse is.

Per dictionary definition:

“The metaverse is a vision of what many in the computer industry believe is the next iteration of the internet: a single, shared, immersive, persistent, 3D virtual space where humans experience life in ways they could not in the physical world.”

I’ve read multiple perspectives and definitions of what the metaverse is, but to me, the most simple explanation is:

“A digital world where people can share, connect and engage with one another.”

Okay so, this all sounds cool and all, but you might be thinking, "Why does it actually matter?"

Or...

How does the metaverse actually contribute to society and solve problems for the everyday person?

I believe it’s clear the metaverse could fundamentally change how we work, play, and interact with one another, but does it matter at a wide enough scale?

In my opinion, these questions are still to be determined.

We’ve already started to see virtual applications being applied to industries such as healthcare with medical training to reduce training costs.

Or with immersive educational experiences which can help build more empathy and understanding of historical events.

Or even with real estate and travel experiences.

Regardless of whether it's solving tangible problems or not, the metaverse is still going to a place where people will have the ability to engage with one another which brings me to how it could impact the sports world.

Use Cases & Companies Building Sports Metaverses 🏢

I want you to think back to 2002 and imagine this...

You and your best friend are both fanatical about the Los Angeles Lakers.

Every home game, your dad takes you and your best friend to watch them play.

Unfortunately, he can't afford great tickets so you typically sit in the nosebleed section.

Even though you're in the nosebleeds - you love to cheer for the dynamic duo of Kobe and Shaq while both you and your best friend eat popcorn, rock Lakers jerseys, and the latest retro Nike sneakers.

Fast forward to 2030... you and your best friend now have gotten older, moved away from one another, and gone on with your lives.

You don’t see each other as frequently, but you still share that love for the game and team.

You still watch every game from your respective homes and text each other back and forth about the highlights from the night before.

Now picture this…

Meta has just released their latest virtual headset.

You and your best friend get access to the same metaverse experience where you can watch the Lakers play from inside the virtual world.

You’re able to sit next to your best friend virtually at the Lakers game just like when you all were young, even though your best friend physically lives on the other side of the country.

You can see the players, hear the cheers and witness the action as if you were there in person.

And get this...

Now you're sitting courtside.

Pretty wild right?

This is the power of the metaverse and one of the ways I believe it will change how we experience sports in the future.

Fans will be able to interact virtually, participate in unique ways and share experiences all from the comfort of their own homes.

Teams and organizations will be able to create more immersive events for fans which will drive deeper connections with players and teams.

There is still a lot to be uncovered, but the space is expanding rapidly.

Here are a few companies that are emerging as some of the leading sports metaverse brands:

1) LootMogul: Founded by Raj Rajkotia, LootMogul is widely recognized as one of the world’s top sports metaverse organizations, LootMogul provides sports teams, athletes, and brands with the technology required to create virtual cities for fans, and engage customers with real-life rewards. More than 241 professional athletes in the US have already signed up with the brand, creating competitions, training experiences, and games in the metaverse.

2) Zetly: Zetly offers companies, athletes, and fans access to an extensive all-in-one platform for sports experiences. The Web3-focused ecosystem allows users to collect, earn, and trade digital club tokens, and purchased NFTs. Zetly has its own blockchain technology ecosystem, which companies and teams can leverage to create metaverse, streaming, and gamification experiences.

3) Sports Icon: Founded by Chris Worsley, Sports Icon is another company investing in its own version of the Sports metaverse. The company offers a platform to teams, fans, and athletes, where they can collect and trade unique digital collectibles and NFTs. The ecosystem is built on the Flow blockchain for security and verification. Plus, the company has invested in a highly intuitive and user-friendly interface for beginners.

4) Upland: Founded by Dirk Lueth, Upland is the largest property-trading, city-building metaverse platform in the world. Right before the World Cup kicked off last year, they inked a multi-year partnership with FIFA that allowed football fans worldwide to collect, trade, and own FIFA digital assets and game highlights.

5) StatusPro: Founded by former football players, Andrew Hawkins and Troy Jones, StatusPro is a sports technology company that combines data with augmented and virtual reality to provide a suite of training and gaming products.

What Does The Future Hold? 🔮

When it comes to sports, you could argue that the metaverse doesn’t necessarily solve any pressing issues, but you can’t deny that it has the potential to enhance and shift the fan experience as a whole.

Fans who don't have the luxury to go to games or interact with their favorite teams and athletes will now be able to in unimaginable ways.

This technology has the potential to elevate fandom to levels we've never seen before.

I can’t say I know when any of this will happen or exactly how it will take shape, but I do know it will happen at some point in time.

When the World Cup in Qatar came to a close, a report from Web3 Studios revealed compelling insights into the sporting metaverse industry, which it claims is “at an inflection point.”

It indicated the potential for the industry to hit $80 billion in size by 2030.

What this tells me is the metaverse is already here and I’m betting big on the fact that it will stay.

That's all I got for you - appreciate you reading.

Have a great rest of the week,

Malcolm

This newsletter is for informational purposes only and is not financial or business advice in any capacity. The information shared is my thoughts & opinions and does not represent the opinions of any other person, business, entity, or sponsor.

The contents of this newsletter also should not be used in any public or private domain without the author's express permission. The contents of this newsletter should not be used for any commercial activity, for example, research report, consultancy activity, or paywalled article, without the author's express permission.