What if you had an opinion on the shirt of your favorite sport team? What if your input is solicited on schedules for games or training? What happens if your opinion is heard and influences the team’s decisions? It’s possible if you are a fan of Kabaddi’s rules of play and that’s what Sportzchain is a fan-engagement platform, is trying to achieve.
A Singapore-based company called SportZchain is aiming to “empower” Kabaddi enthusiasts to engage with the team they choose and take part in team decision-making rather than just in a passive position.
The startup has recently run an online survey asking those who support Dabang Delhi kabaddi team Dabang Delhi kabaddi team to cast their votes on a design to be used of the squad’s official training jersey.
What’s the difference between this and an online poll? The company claims that polls on Twitter aren’t influencing the team’s decision. On the other hand, with Sportzchain’s website application, fans of kabaddi who have tokens (crypto assets) are able to participate in polls that could affect certain teams’ decisions Siddharth Jaiswal, co-founder, Sportzchain
For example the training kit jersey that was voted for by the majority of supporters on the poll will be utilized for the team Dabang Delhi during the upcoming season of the Pro Kabaddi League, the professional kabaddi league for India.
As time goes on, fans can affect decisions such as training schedules and playing times.
supports two-way messaging
Fans who are passionate about sports, Siddharth Jaiswal, Vinayak Yannam as well as Sankar S.K. Co-founders of the company observed that, in traditional fan engagements, fans are not actively engaged with the team but become passive fans. They wanted to promote homegrown sports such as kabaddi and to motivate fans in a way where they felt a sense of connection to the teams. They teamed up to launch Sportzchain the Web3 engage-to-earn-platform, which will launch in 2022.
Kabaddi is gaining popularity
Cricket is a popular sport in India however other sports are taking over also. The performance of India at the just concluded Commonwealth Games and Chess Olympiad and Olympics earlier in the year has piqued the interest of fans in various sports. In addition to chess, badminton as well as hockey, the local sport of kabaddithat is believed to have its origins within Tamil Nadu, too has been gaining a devoted following. Indeed, the very first season of the Pro Kabaddi League in 2014 witnessed the second-highest number of viewers in the nation which was just behind that of the Indian Premier League (IPL).
With shrill cries of Kabaddi, kabaddi and Kabaddirent in the air, the crowd viewing the match is awash with excitement. This growing enthusiasm and interest in the sport that Sportzchain is hoping to capitalize on. To achieve this Sportzchain has formed a partnership with four teams from the Pro Kabaddi League– Tamil Thalaivas, Dabang Delhi, Bengal Warriors, and Gujarat Giants.
But, the co-founder of the company claims that Sportzchain is willing to collaborate with any sports. The company has worked on a number of occasions with on behalf of the Iceland cricket squad and is currently in talks with a few IPL teams as well.
What is the workings of the platform
The platform for engagement with fans has been built using Polygon the infrastructure service. This summer, the start-up introduced its beta application and is now pilot testing it with a select group of users.
There are two types of polls available on the Sportzchain platform: the decision-making polls as well as the opinion polls. While the verdict of the public in the decision polls will be utilized by the team however, the opinion poll can be used to analyze the opinions of fans, but they do not have any binding effect on the team. The polls run via both the Ethereum as well as the Polygon Blockchain platforms. The votes are recorded on a digital ledger, completely removing any bias in voting and the risk of rigging the results, according to Siddharth.
In addition to the poll on training uniforms, the organization also conducted a poll about what supporters were of Tamil Thailavasteam wanted to see, a post-auction explanation video or players who were attempting to speak dialogues from Tamil films. The results of the poll were for an explanation video, and a short video detailing team strengths and strategies was released.
In the past, Sportzchain conducted an opinion poll that asked fans to pick one of the teams — Sweden, Netherlands, Lithuania, and Poland–that could participate in an international game of cricket against Iceland from 2023.
In the past, the company had launched physical collections (physical objects paired with NFTs that are digital). The startup turned Tamil Thalaiva’s captain’s uniform to digital NFTs. Customers who bought NFTs to the startup NFTs were also provided with an actual framed copy.
Model of revenue
Sportzchain received grants of of $10Kfrom Ethereum scaling software Polygon in March 2022. The company was able to close its May round in the start-up completed 600,000 in the seed round, which was which was led by SUNiCON Ventures and MAKS Group.
The company is in an early stage of revenue and will operate with a B2B-based model. Once the platform goes live the company plans to introduce fan tokens. Teams from sports will be the owners of the tokens. the majority of the money generated through these tokens will be remitted to the teams. Sportzchain will take its remaining 20 percent. Sportzchain also intends to make money through contests.
The business of marketing sports has realized the potential of cryptocurrency and blockchain technology to boost the participation of fans and attract sponsors. The market value of fan-related tokens is 350 million. According to CoinMarketCap the top-rated coins in the market in the 11th of August, 2022 were Alpine F1, Paris Saint-Germain, SS Lazio, Manchester City, FC Porto, and FC Barcelona.
Worldwide, Chiliz ($CHZ), a cryptocurrency-based fintech company was the first to provide fan engagement tokens focusing specifically on sports, esports and other teams within the European market. Today, there are a variety of Indian startups operating in this field which include Stanand Fanzee.
“We have an advantage because I don’t know of any other startup that is focused on local sports such as Kabaddi.” Says Siddharth.
Plans for growth
The company plans to conduct an open launch of its own sporting token ($SPN) in August of this year. It will also be able to offer them on various cryptocurrency exchanges by September.
Fans can go to the Sportzchain platform sign up, join and buy tokens by which they get access to a variety of items branded by the team, take part in events that get rewards. According to the company, tokens are able to be traded when their value rises. The users can redeem them through the Sportzchain platform, or any other blockchain-based system. Rewards could include tickets to a physical stadium as well as VIP meet-and-greets. discounts on products.
Siddharth states, “These incentives not only make fans connect with the team they also give them an air of pride and respect.”
The Sportzchain platform has a total of 1,200 sign-ups by users to test its beta application. It hopes to reach 10K sign-ups by September. The startup hopes to include gaming into its future applications which allows users to be rewarded through games.