Quick take:
Yesports has launched a non-fungible token (NFT)-based membership plan for eSports fans. The esports fan engagement platform unveiled its platform-as-a-service B2B solution on Thursday. The platform utilizes NFT technology enabling esports fans to tap onto Web3.
NFT-based memberships are not new in the world of sports. They are popular in real-life sporting events like soccer, where Socios continues to be the market leader.
Moreover, individual soccer teams have also teamed up with Web3 platforms to launch their own NFT-based solutions that offer similar benefits to memberships.
Most recently, Sorare teamed up with AC Milan of Serie A, to add to its growing list of partnerships.
However, Yesports is targeting a rather unconventional segment of the sports industry. Esports has gained popularity over the past decade with teams adopting the franchise business model, which relies more on sponsorships than matchday revenue.
But given the massive growth of the industry, teams are now exploring ways to monetise their audience. That thought appears to have arrived at the right time amid the emergence of NFTs and their rapid adoption in the mainstream.
Yesports has already signed up 10 teams and players to its platform, including INFINITY, Renegades, Team Empire, BOOM Esports, and others, which according to the company’s announcement could help onboard more than 30 million esports fans onto web3.
The company’s platform will enable teams to scale fan engagement by using exclusive NFT-based membership plans, thus boosting their revenue potential.
The platform has already received plaudits from its active members led the by professional Southeast Asian esports organization, Talon Esports and their Arena of Valor (RoV) team.
The franchises are able to offer their fans exclusive benefits including buying merchandise and NFTs, as well as, a chance to interact with their favourite esports teams.
Other special benefits offered to members include “VIP access to esports events, expense-paid trips, exclusive NFT drops, signed merchandise, private discord access and AMAs, social media shout-outs, and much more.”
Fans can choose their membership class, which ranges from Gold, Platinum, and Diamond, each granting different levels of access and benefits.
Sean Zhang, CEO and co-founder of Talon Esports, said: “Yesports has given us ready-made tools and a revolutionary framework to bring Web3 functionality to our audience, unlocking unrivalled engagement and direct-to-consumer benefits. NFT membership will help us create new revenue streams while solidifying existing ones and deliver new ways for fans to show their support and loyalty.”
On the other hand, Sebastian Quinn, founder and CEO of Yesports commented: “NFT membership represents a groundbreaking development for esports that holds the potential to be a veritable game-changer for fan engagement and team revenue.”
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