Alex Rodriguez, former New York Yankees player, takes his business expertise and insight to the technology scene with recent words on the viability of blockchain technology in connecting fans with their favorite sports teams. The MLB star, alongside his business partner Marc Lore, are building upon a similar system with Mojo, coined a market that trades upon professional athletes.
With Mojo, Lore and Rodriguez aim to build a thriving business enterprise that focuses on allowing fans to buy and sell their favorite players on a similar line akin to contemporary fantasy sports leagues. A player's value will be as volatile as a stock, rising and falling per their performance on the field, court, or whatever it may be.
But the idea itself stems from the same concept as blockchain. It highlights how fans can be a part of the magic of owning a team, just like both Lore and Rodriguez. They own equal parts of the Women's National Basketball Association Minnesota Lynx and the National Basketball League's Minnesota Timberwolves.
While attending the Futures Industry Association conference, Rodriquez explains, "With blockchain, I think millions of people around the world will have an opportunity to own a sports team, if not a small stake in one. We don't have that opportunity, but tomorrow I think we will."
Blockchain technology has been at the forefront of the technological landscape over the past several years, forcing investors to look at new ways of utilizing the tech in areas such as infrastructure, internet connectivity, and more beyond simply cryptocurrency applications.
Sports institutions, like the Atlanta Braves and its digitized ballpark or the NBA and Coinbase sponsorship, are also entering the arena, seeing the tech's potential as much as the connective influences they can have on fans. NFTs and crypto tokens associated with teams have become a major part of a specific sports team's brand, but they also have many to gain perks unheard of, like voting rights on a team's jersey color and more.
In attendance at the Futures Industry Association was FTX CEO Samuel Bankman-Fried, who likewise sees an avenue for sports and blockchain to collide not merely in collectible crypto coins or NFT tokens. While these digital assets may add value and be additional collectibles for avid fans to gather, they can also add special perks under the already ever-increasing price points.
"You can imagine on-chain votes that decide what actions a team takes," Bankman-Fried details.
Blockchain voting allows an entire group of crypto owners more control over the assets they love. It's been among the core concepts behind Web3 and decentralized platform technology, highlighting how end-to-end processes will only enhance sporting events and teams well into the future if utilized in the right way.
With Rodriguez potentially eyeing the tech and interest-only growing, fans may not have to wait long to potentially own bits and pieces of their favorite teams via the blockchain.
