Liquidity Lounge#26| The Podcast Transcription
In this episode of “Liquidity Lounge,” the host Mids Capital explores the integration of traditional web2 platforms with emerging web3 technologies in the sports industry, featuring guest Jones from PhyGiverseNetwork. Jones discusses his role as CEO of PhyGiverse Network, a company that uses blockchain and tokenization to enhance sports engagement. He elaborates on the advantages of web3 over web2, including decentralization and true ownership of digital assets. The discussion covers how tokenization could revolutionize revenue generation for sports through mechanisms like NFTs, fan engagement tokens, and tokenized ticketing.
The episode also addresses how blockchain can streamline the management of sports leagues and tournaments, and the necessity of educating traditional sports fans about web3 concepts. Finally, Jones envisions future spectator experiences being more immersive and interactive thanks to VR and AR technologies enabled by web3. The episode closes with both Jones and Mids Capital emphasizing the importance of robust ecosystems and informed engagement with new digital platforms.
Mids Capital: Welcome to ‘Liquidity Lounge,’ where we explore the intersection of finance, technology, and culture. In today’s episode, we’re focusing on the convergence of web2 and web3 in the sports industry. I’m thrilled to have Jones from FiDiverse Network, a company at the forefront of leveraging tokenization to engage the web2 crowd with web3 advancements. Welcome, Jones!
Jones (FiDiverse Network): Thanks, Mids Capital. Excited to be here and discuss how we’re bridging the gap between web2 and web3 in sports.
Mids Capital: To start, can you tell us a bit about yourself and FiDiverse Network?
Jones: Sure! I’m the CEO of FiDiverse Network, a software development company leveraging blockchain technology and tokenization to gamify sports. Our goal is to educate web2 users and bridge the physical and digital worlds through tokenized digital products. We’re currently developing a gamified training app for grappling and plan to expand to other sports and industries.
Mids Capital: What are some of the current web2 platforms used in sports, and how does web3 improve on these?
Jones: Web2 platforms like Facebook, Twitter, YouTube, TikTok, and Twitch are extensively used in sports. Web3 technologies offer several advantages over web2, such as decentralization, true ownership of digital collectibles, tokenization, enhanced community governance, and DeFi integration for sports. For example, Ethereum’s creation story highlights the importance of true ownership, which web3 can provide through tokenization and decentralized systems.
Mids Capital: How can tokenization change revenue generation for sports franchises and athletes?
Jones: Tokenization can revolutionize revenue generation through various means like fan engagement tokens, NFTs, tokenized ticketing, decentralized sponsorships and endorsements, crowdfunding and investment platforms, and digital merchandise. Additionally, token-based licensing deals, smaller-scale sponsorship opportunities, and dynamic pricing for tokenized tickets can create new revenue streams.
Fan Engagement and Web3 Technologies
Mids Capital: How can web3 technologies enhance fan engagement?
Jones: Web3 technologies can significantly enhance fan engagement through ownership and voting rights, exclusive content and experiences, digital collectibles, AR and VR experiences, DAOs, incentivized engagement programs, and real-time interaction and rewards. These technologies make the fan experience more interactive and immersive.
Managing Sports Leagues and Tournaments with Blockchain
Mids Capital: How can blockchain technology help manage sports leagues and tournaments more efficiently?
Jones: Blockchain can help manage sports leagues and tournaments through decentralized scheduling, transparent ticketing and financing, performance tracking, and broadcast rights management via smart contracts. However, challenges like technological adoption and regulatory compliance need to be addressed.
Educating Traditional Sports Fans about Web3
Mids Capital: What educational efforts are necessary to bring traditional sports fans up to speed with web3 concepts?
Jones: Education is crucial. It’s important to package and brand web3 products in an engaging way, use relatable analogies, clear language, multi-platform educational campaigns, social media engagement, gamification, and real-world examples and case studies. Making the concepts accessible and engaging is key to educating traditional sports fans.
Mids Capital: What do you envision for the future of spectator experiences with web3 technologies?
Jones: The future of spectator experiences will be more immersive, interactive, and personalized through VR and AR, real-time engagement, seamless ticketing, global accessibility, and enhanced social integration. For those interested in tokenizing their athletic endeavors, it’s essential to understand the basics, define objectives, choose the right platform, design tokens, develop smart contracts, create and manage content, engage the fan base, ensure compliance, and monitor performance.
Mids Capital: I’m excited about the future of personalized and immersive viewing experiences enabled by web3 technologies. It’s important to build robust ecosystems with great tokens and tokenomics. To our listeners, educate yourselves about web3 concepts, define clear objectives, engage with legal and financial advisors, choose the right platform, and plan for long-term management and transparent communication. Thank you, Jones, for your insights today.
Jones: Thank you, Pauli. It’s been a pleasure discussing these exciting developments. For more updates, follow FiDiverse Network.
Mids Capital: Thanks again, Jones, and thank you to everyone who joined us today. Stay tuned for more episodes of ‘Liquidity Lounge’!
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