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How Blockchain Is Kickstarting a New Era in Sports Fandom: Insights from Tenamint CEO Nadir Chaudhry
Sports technology is increasingly undergoing a profound transformation, especially in the way fans experience the game. Innovative technologies have emerged in recent years that allow sports fans to interact with their favorite sports, teams and athletes, promising a future where they are more connected than ever.
Blockchain and Web3 technology are at the forefront of this radical shift, introducing digital collectibles, “play and earn” gaming experiences and new age formats geared towards fan engagement.
According to a recent report from Grand View Research, the global digital collectibles market would reach a staggering $80 billion by 2028, highlighting the growing influence of blockchain technology in sports and gaming. In this interview, the CEO of TENAMINT Nadir Chaudhry provides valuable insights into the dynamics of sports technology, fantasy sports and the forces behind the ongoing digital transformation.
Let’s start with you, Nadir. Can you tell us about yourself and your journey to web3?
My journey towards web3 started in 2010 when I started learning about Bitcoin. It was a trip down the rabbit hole and it is from this point that I dove into the world of cryptocurrency trading in 2016. As blockchain started to have more practical use cases, its intersection with sports opened up opportunities for me. eyes. I realized this was going to be a revolution I had to be part of.
During the pandemic, I sold one of my previous ventures and began working on a project to transform fan engagement through decentralization and digital ownership. Leveraging my background in TradFi and technology and my passion for sports, I founded TENAMINT, to usher in a new era of sports fandom, specifically with social fantasy sports games and Web3 elements such as digital collectibles and tokenized rewards .
VC funding for sports tech and web3 gaming projects is still growing. Why do you think investors are interested in these projects?
It’s no surprise to see investors keeping an eye on these projects because they have great potential to transform the sports and gaming industry. So, naturally, one would expect fundamental fundamentals such as transparency, ownership, rewards and digital scarcity to change the status quo, thus rendering traditional models obsolete.
Furthermore, recent market analyzes show significant year-over-year growth in these emerging fields, with their promise reinforcing my passion to bring about profound change. The intersection of blockchain and sports technology will unlock new revenue opportunities not only for companies but also for sports fans who will be able to leverage their sports insights and predictive ability.
Do you think blockchain is a big disruptor for sports technology?
Blockchain is not only disrupting sports technology, it is also sparking a renaissance of fan engagement as a participatory and rewarding experience. Some of the key areas where this revolution is occurring include tokenized ticketing, dynamic pricing for new revenue streams, and athlete contracts as liquid markets.
There are a growing number of sports organizations that are now looking to build fan loyalty through NFTs and DAO-based governance, which allows their fans to participate in the decision-making process. This future will not only be decentralized, but will also evolve into a global fan participation economy where ownership, rewards and collective influence will be fully entrenched.
How has it revolutionized or disrupted the sports industry?
There is always a tendency to talk about blockchain as a tool for mass participation. In sports, blockchain has emerged as a viable tool for democratized ownership of precious sporting moments and memorabilia via NFTs, converting them into tradable and accessible assets that any sports fan can own.
We saw this happen with NBA Top Shot being sold as an NFT two years ago, demonstrating the desire to own iconic NFT moments.
I personally see NFT collecting in sports as the start of something much deeper, and the starting point for us is to build digital fan communities of active participants by integrating NFTs into gaming and other rewards-based ecosystems.
The simple spectacle will likely become obsolete, considering that more than half of today’s Gen Z sports fans consume games with more than one device at a time. So, it makes sense to reward fans for their strategic prowess and build communities bonded by shared passions and collections. I strongly believe that this revolution offers great investment opportunities for sports organizations to foster decentralized fan bases based on ownership, governance and rewards.
The journey from traditional sports memorabilia to digital collectibles is inevitable. What do you think of this digital transformation?
First, I would like to say that collecting physical trading cards has been a hobby of mine since I was a child, and I still really enjoy collecting my favorite players. The inevitable shift to digital collectibles promises to keep memories of sporting moments alive, while reinventing how fans interact with their favorite sports and athletes. More importantly, it will allow them to create new connections with collectibles and iconic sporting heroes by leveraging cutting-edge technology like blockchain.
The fundamental force driving this transformation is what is often described as digital scarcity. This apparently highlights its essence and helps us at least make sense of it or understand the underlying technology. Without digital scarcity, these digital collectibles would offer little to no value. Their value, derived primarily from their preciousness and scarcity, honors the sentimental essence of fandom while offering new ways for fans to engage with their favorite sports and athletes.
Let’s talk about TENAMINT. What can you tell us about its foundation?
Like millions of sports fans around the world, I have a deep-rooted passion for sports, my favorite teams and players. I understand that fans want ways to feel deeply engaged beyond just watching the games. That emptiness hit me hardest when my beloved Raptors won the 2019 NBA title. I was overcome with excitement, but that moment soon faded into a sweet, fuzzy memory with no means to extend or preserve it.
However, an epiphany dawned that blockchain could completely transform fandom and create an engaging and rewarding digital experience that transcends passive viewing. And so TENAMINT was born, fusing social fantasy gaming with tokenized incentives to bring fans into an enriching Web3 sports multiverse. We are inspired to redefine sports fandom by transforming passive viewers into active participants through real-time interactive fantasy games and digital rewards.
Can you walk us through the intersection of fantasy sports and the token economy?
Tokenization will create a new market for fantasy sports by transforming fan engagement into a fun and rewarding experience. This is what we aim to achieve with our integrated mini-app and our GameFi and SocialFi features on Telegram, which allow fans to engage in real-time games and earn rewards for their participation.
This comes down to the intersection of sports fantasy and tokenization fueled by the emergence of blockchain. This is an innovative approach that rewards fans directly based on their sporting insights and predictive capabilities.
How do digital collectibles introduce a new dimension to the world of fantasy sports?
One of the characteristics of an innovative technology is the ability to achieve large-scale transformation for the benefit of humanity. In fantasy sports, for example, blockchain can be described as a game changer because it allows fans to experience transparent and authentic ownership in the digital economies around their favorite sports, leagues, teams and players.
In other words, blockchain has allowed fans to own rare digital assets that not only offer sentimental value but also provide unique gaming benefits and utility. This highlights the possibility that owning a rare digital collectible of a star player could give fans extra points in their fantasy league. This completely deepens the investment in the fantasy sports experience and makes it more engaging and fun.
What are the potential regulatory challenges that need to be addressed?
Navigating the regulatory landscape is a crucial step for any web3 company as we gradually emerge from the wild west world of cryptocurrencies. First, clear regulation is needed to allow companies to comply with the rules. It appears to be an ever-evolving situation that we have a fiduciary duty to be aware of.
We are committed to ensuring that our platform operates in compliance with all applicable laws and regulations. We work closely with our legal advisors to ensure compliance and stay abreast of any regulatory changes. Driving innovation and growth in the sports technology sector is the mission and one of our key objectives is to ensure the creation of a transparent, safe and trustworthy ecosystem. Our goal is to build a platform that is both cutting-edge and compliant.
#Can you share your experience as CEO of TENAMINT?
Running TENAMINT as co-founder and CEO has been an exciting journey of growth and resilience. Under my leadership, we have achieved important milestones, such as launching a Telegram mini-app for fantasy sports and establishing soon-to-be-announced partnerships with major sports leagues.
I am especially proud of our extraordinary team who have been instrumental in executing our vision. In all honesty, it hasn’t been an easy journey for us. We’ve had our fair share of bear market challenges. It’s cost us dearly, but we’ve managed to remain resilient, focused, and agile, successfully transitioning from tokenizing sports collectibles to emphasizing their utility within games and building a highly engaged community of sports fans and enthusiasts.
Any parting words?
We have only touched the tip of the iceberg of the beautiful synergies between web3 and sport. I firmly believe that sports fandom can be a potential catalyst for mass adoption. As you well know, sport transcends borders, languages and religion. For us, disruption is our mantra: we don’t just limit ourselves to anticipating big changes; we guide them.
We aspire to create a world where fans can compete in fun and social games and own digital collectibles that can enhance their gaming experience and rewards, which are much better than fleeting memories that only offer sentimental value. This is the mentality that inspired us to create a 360-degree platform to bring together fans, athletes, teams and leagues. It’s just the beginning of what we’re building to elevate fandom and make every experience matter in the world of sports.