Sports Administrators Urged to Go Digital, Explore the Metaverse and NFTs

Sports

Former Jamaican bobsledder Nelson Christian Stokes.  -
Former Jamaican bobsledder Nelson Christian Stokes. –

Nelson Christian Stokes, Jamaican four-time Olympic bobsleigh champion, said national sports governing bodies in the Caribbean should use cryptocurrencies and non-fungible tokens (NFTs) as part of their drive for digital transformation.

Stokes, a professional banker-turned-fintech entrepreneur who made his name on the legendary Jamaican bobsleigh team, gave a presentation with the TT Olympic Committee (TTOC) and hosted an online forum titled “Enabling the Digital Economy – Creating Opportunity, Empowering” . Solutions.

Using blockchain technology himself, Stokes called on sports industry players to embrace digital transformation.

“In almost every area of ​​our lives…we shouldn’t fight back,” Stokes said.

“Resistance is useless. Rather, ride the wave of digital transformation.

“New technologies have opened up new opportunities for brand value, revenue generation and operations management.”

Stocked focused his talk on three areas: cryptocurrencies, NFTs, and the metaverse.

Cryptocurrency is a decentralized digital currency using blockchain technology, and NFT is a unique digital asset representing real-world objects such as art and other media that are often purchased with cryptocurrencies. The Metaverse is an interactive network of virtual and augmented reality.

He pointed to the fact that PSG reportedly paid Argentine footballer Leonel Messi between $29 million and $35 million in cryptocurrency fan tokens as a significant portion of his subscription fee.

“The football club created their own cryptocurrency that they used to attract fans,” Stokes said.

When it comes to NFTs, he said, bobsledding in Jamaica has paved the way for NFT fundraising.

Stokes said his company is partnering with another minority-owned company called Electric Token, which itself is a partner in a company co-owned by Jason Falovich and billionaire Mark Cuban.

“The NFT edition featured limited edition digital images showcasing the best of the Jamaican bobsleigh brand…

“This initiative was the first of its kind, bringing together a range of authentic Jamaican digital and physical experiences from musicians and art lovers with the goal – and that goal is important in the NFT space – to take a team to the Olympics.”

He said countries in the region need to “deepen our understanding and participation in this emerging market in order to attract fans (and) preserve and monetize IP (intellectual property) branding.

He said: “The NBA in particular has a head start in the industry, but a combination of a high level of artistic, musical and athletic achievement in the region that I would say is unmatched by any other region in the world, within this whole push we need to be careful about intellectual property…”

According to Stokes, the metaverse, the concept of a three-dimensional online universe, can be seen as “a future iteration of the Internet”.

In December, he recalled, Barbados announced plans to open an embassy to the Metaverse.

Bloomberg said it will be located in Decentaland, an online world accessed via a computer and a virtual reality headset, where “real estate” can be worth millions.

“While not required, cryptocurrencies could be a great fit for the metaverse,” Stokes said. “They enable the creation of a digital economy with various types of utility tokens and virtual collectibles (NFTs).

“The Metaverse will also be (useful) for the use of crypto wallets like the Metaverse. In addition, blockchain technology, which has so many applications, can provide transparent and reliable governance systems. And while we are busy improving the sport itself, let’s not lose sight of the importance of good governance in sport management and the role that technology can play.