Findings revealed in guide to Web3 and sports partnerships based on survey of industry professionals
A global survey of more than 350 sports business professionals has found that 50 per cent of the industry is concerned about negative publicity relating to partnerships with Web3 companies such as crypto exchanges, fan tokens or NFT launches.
MKTG Frontier 2022, a survey conducted by agency MKTG Sports + Entertainment, found that the sector is still getting to grips with Web3-related opportunities, despite an influx of companies identifying sport as the ideal vehicle to drive awareness in recent years.
The study, which surveyed professionals working in more than 30 countries, also found that almost one in three brand marketeers (29 per cent) admitted to having ‘no expertise at all’ on blockchain-based utilities while almost the same number (30 per cent) of industry professionals believe Non-Fungible Tokens (NFTs) are a way of exploiting fans.
- Click here to download Frontier 2022
Amar Singh, MKTG’s Head of Content & Comms, said: “Web3 businesses and sports bodies have jumped in bed together, but it hasn’t always been pretty.
“Too often organisations have rushed to get their NFTs out or sign that latest, lucrative crypto partnership without fully considering the implications for fans and this widespread scepticism seems to be fuelled by a number of failed schemes and plenty of bad headlines.”
The study found that the industry has the most knowledge of NFTs and cryptocurrency and least of the Metaverse – but 82% of brands felt that they could use the Metaverse to deliver immersive experiences and bring in new audiences.
Singh added: “Only 14 per cent of sports partnership professionals see Web3 as a fad – but an industry-wide knowledge gap is still being bridged. In the early days of Web2 we saw a lot of failed start-ups and digital initiatives that took a while to become commercially viable.
“In many ways, we are seeing history repeat itself, and once the rules of engagement are better understood, Web3 partnerships and launches can revolutionise areas such as fan engagement and digital collectibles.”
The findings from MKTG Frontier 2022 are published along with a guide to best practice in Web3-Sport partnerships covering subjects such as the Metaverse, NFTs and crypto partnerships written by industry experts.
The report features key advice for brands and rights holders keen to develop Web3 initiatives or partner with companies in the sector.
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About MKTG Sports + Entertainment:
MKTG Sports + Entertainment is a global integrated agency that harnesses the power of culture and purpose to help brands and properties move at the speed of fans.
Across strategy, measurement, content, hospitality and events, we utilise deep consumer community and subculture insights to create culturally relevant and meaningful solutions to brands and properties worldwide.
We build ideas born for brands but designed for fans.
About MKTG Frontier:
Now in its seventh year and with almost 3,000 responses from professionals working in sports and entertainment partnerships, Frontier is MKTG Sports + Entertainment’s annual look at the trends that are shaping the sector.
MKTG began Frontier in 2016 to measure and understand current thinking, monitor trends and identify future developments in the sponsorship, sports, entertainment and events industry. Frontier provides us with essential data for our clients and we often combine and compare results from Frontier with the data from our global fan survey– MKTG Decoding.
For further information, interviews and any press enquiries, please contact:
Joseph Hills
Marketing & New Business Manager
MKTG Sports + Entertainment
E: joseph.hills@mktg.com T: +44 7989 737 272