How the Metaverse Will Impact The $500 Billion Sports Industry

According to the most recent figures, the global sporting industry has surpassed $500 billion in annual revenue. This is expected to grow under normal circumstances, but there is an argument to be made about how metaverse integrations could increase this revenue exponentially.

Only so many people can fit into a single stadium or arena, but with the latest technology from MSquared and Improbable, tens of thousands more from all over the world can join the experience, with even more able to tune as watchers.

New Revenue Streams

Ticket sales are just one of many ways that sporting leagues can generate revenue with the metaverse. Teams and leagues can sell virtual jerseys, hats, and other branded items for fans to wear on their avatars in the metaverse.

Behind-the-scenes footage, player interviews, and other exclusive content could be sold to metaverse users who pay a subscription fee or own a special NFT.

Players could also host virtual meet and greets for fans, and sell digital trading cards or collectables. Mini games in metaverse experiences can also be monetized, although it would be best to avoid creating a “pay-to-win” dynamic to keep the games interesting and fair.

Somnia Loves Sports

Somnia is regularly involved with metaverse sporting events through Improbable and MSquared. These events include Major League Baseball’s new Virtual Ballpark, which has drawn large crowds for an experience that redefined how fans watch baseball. The experience allows fans to participate in mini-games and scavenger hunts while the game is happening, adding another layer of fun and excitement.

Somnia will also be compatible with Victory League, a platform that allows fans to watch their favorite football teams in a virtual stadium with their friends. Victory Leagues largest event Game4Ukraine attracted more than 3,650 fans from over 100 countries.

Hotshots is another exciting sporting metaverse experience that Somnia will be integrating with. This is far more chaotic than a typical basketball game. Hotshots is a multiplayer scramble featuring 140 players divided into teams, competing in an arena filled with hoops and obstacles.

The metaverse will offer new and exciting ways for fans to engage with their favorite teams and athletes. With the potential for increased revenue streams and enhanced fan experiences, it’s no surprise that more and more sports organizations are exploring metaverse integrations.

To find out about the upcoming experiences that you can join with The Somnia Metaverse Browser, check out our events page, and don’t forget to join the community.