Published on: 04/08/2022
NFT Tech, Hawk-Eye Innovations to bring NFTs to fantasy sports
NFT Tech is partnering with Hawk-Eye Innovations, a subsidiary of Sony, to explore the uses of blockchain technology in fantasy sports and integrate NFTs into the genre.
Fantasy sports is a type of game where players build imaginary teams with real players. The player’s real-world performance is converted into fantasy points which measure how successful each team is.
The industry is a quickly growing market with over 60 million players and is expected to grow to $50 billion in annual profits by 2028 as more companies invest in the field.
As sports companies use fantasy sports to improve engagement and widen the audience of their games by giving fans more reason to get invested in the sport, Sony Sports employs Hawk-Eye Innovations to investigate possible ways for blockchain technology to give sports fans more ways to show support to their favorite teams.
Meanwhile, NFT Tech is looking to move current fantasy sports to the Web3 ecosystem as part of its business strategy of bridging the gap between traditional businesses and blockchain technology. The company believes that sports NFTs will be the next step in the evolution of the sports industry and therefore welcomes its partnership with Hawk-Eye Innovations.
Adam de Cata, the CEO of NFT Tech, commented on his company’s partnership with Hawk-Eye Innovations, “Sports Leagues worldwide are constantly looking for ways to increase viewership and connect deeper with fans. Fantasy sports are extremely popular and act as a huge viewership increase, encouraging the middle segment of fans to stay engaged during the regular season. We’re excited to be joined by Sony as we pioneer unique blockchain use cases for the sporting and entertainment industry.”
About the Hawk-Eye Innovations and NFT Tech
Hawk-Eye Innovations is used in sports such as horse racing, running, car racing, and ball sports to gather data for strategy analysis and scouting. This information gives fantasy sports players more insights into their players to make better predictions for their teams.
The company is also looking into improving the genre’s sports viewing experience with multi-angle viewing for recorded and live games. It works closely alongside its sister company, Pulselive, to create a platform for sports fans to watch games and analyze relevant data.
NFT Tech, meanwhile, develops metaverse assets, infrastructure, and digital real estate alongside investing in various blockchain games. The company is looking to turn blockchain technology integration towards the mainstream and make decentralized markets, NFTs, and metaverse projects the new norm.
The Canada-based company has invested in 15 pay-to-earn games and 16 NFT markets and works with three different tokens. It has also won the Cannes Lions award for its work on the Australian Open AO Artball titled Run It Wild.
“At NFT Tech, our mission is to help the next billion users onboard to web3. We believe entertainment and sporting will be a major avenue for this adoption, and couldn’t be more excited,” said de Cata.
“This opportunity allows us to engage with a huge swath of fans worldwide, leveraging this pivotal moment in NFT history. It’s our opportunity to showcase the power of the blockchain and onboard the next billion users into the space.”
