About Boardroom

Boardroom is a media network that covers the business of sports, entertainment. From the ways that athletes, executives, musicians and creators are moving the business world forward to new technologies, emerging leagues, and industry trends, Boardroom brings you all the news and insights you need to know...

At the forefront of industry change, Boardroom is committed to unique perspectives on and access to the news, trending topics and key players you need to know.

All Rights Reserved. 2022.

Coinbase Forecasts the Future of Web3 in Sports, Gaming, & Beyond

Boardroom talked to Coinbase’s Jessica Willams about the company’s approach to the developing the world of Web3 in 2023.

35V has a strategic marketing partnership with Coinbase


Coinbase has made a name for itself by touting a user-friendly cryptocurrency exchange and self-custody wallet, but as the Web3 industry continues to expand, the company hopes to bring even more people into the fold.

There are many use cases for cryptocurrencies, and builders in the Web3 industry find new ways to leverage them every day.

Some may be skeptical of the crypto landscape based on recent market volatility — especially as the crypto winter drags like the longest season outside of Westeros — but Coinbase remains steadfast about a promising future.

Jessica Willams, Coinbase’s head of brand partnerships, told Boardroom that cryptocurrencies could also potentially be used as a store of value or a means of exchange in the broader Web3 ecosystem.

“Cryptocurrencies will continue to be an important part of Web3 because they are an integral part of many decentralized applications and blockchain-based protocols,” Willams said. “As Web3 technologies continue to mature and gain wider adoption, it is likely that cryptocurrencies will play a significant role in their development and use.”

Coinbase recently published a report highlighting its outlook on the crypto market this year. The crypto exchange company identified three key themes it expects to prevail in 2023:

  • A flight to quality among institutional investors
  • Creative destruction that will eventually lead to new opportunities
  • Foundational reforms that usher in the next cycle

With crypto being such an instrumental aspect of Web3’s growth trajectory, Boardroom talked to Williams about Coinbase’s approach to the developing world of Web3 in 2023 and how the company’s initiatives and focus areas match the growing industry’s needs.

Sign up for our newsletter

Get on our list for weekly sports business, industry trends, interviews, and more.

Sports and Crypto

There is an organic synergy between sports, crypto, and Web3, with much potential for growth at the intersection of all three. Token gating, fan engagement, and POAPs (proof of attendance protocols) are a few of the use cases Williams mentioned that could be used for crypto-focused initiatives in sports.

“Overall, the intersection of sports and crypto has the potential to bring a number of benefits, including new ways to engage with fans and team communities, efficiency, security, and accessibility,” Williams said.

Here are some ways the sports industry can leverage Web3 technologies, per Williams:

  • Token gating: Token gating could be used to further gate sports events or plus-ups to the experience of sporting events. We’ll see more teams and players selling NFTs that can be utilized for VIP experiences, meet and greets, and other plus-ups to enrich the sports experience for fans.
  • POAPs: Like every kid who saved their ticket stub going to sporting events back in the 90s, proofs of attendance on the blockchain will surge in sports as teams and leagues look to engage fans and encourage collecting POAPs for downstream engagement.
  • Fan engagement: Web3 technologies, like decentralized apps and blockchain-based protocols, can potentially enable new, more interactive and engaging ways for sports fans to connect with their favorite teams and athletes.
  • Crowdfunding: Web3 technologies could facilitate crowdfunding campaigns for sports teams or events, allowing fans to contribute directly to the success of their favorite teams.
  • Social media: Decentralized social media platforms built with Web3 technologies could give fans more control over their own data and allow them to interact directly with their favorite athletes and sports teams.
  • Virtual reality: Web3 technologies could create immersive virtual reality experiences for sports fans, allowing them to feel like they are a part of the action even if they can’t be there in person.

Gaming

Gaming startups attracted the most venture capital attention across Web3 last year, so seeing what companies build will be interesting. There are various ways Web3 founders are using NFTs in the gaming ecosystem. Take SoRare, for instance, which has built a fantasy soccer game that allows users to buy, sell, trade, and manage virtual teams with NFT player cards. DraftKings, SimWin Sports, and World Champion Fantasy have similar business models; some have even partnered with popular NFT projects.

“As the adoption of blockchain continues to grow in the gaming industry, it is likely to have a significant impact on the future of gaming with gaming NFTs becoming broadly marketable and valuable assets,” Williams said. “Web3 will completely alter the profit model for both game developers and game players.”

Williams mentioned initiatives like Coinbase Pay, Wallet, and Node could help make in-game NFTs fungible as gaming assets.

“Blockchains, as decentralized and robust Web3 platforms, offer numerous benefits to game developers, such as improved security, improved ownership and control over in-game assets, and easier and more secure implementation of in-game transactions,” she said.

Check out this blog post for more on how Coinbase is building in Web3. And for more on Coinbase’s approach, check out its 2023 Crypto Market Outlook report.

Read More:

Sign up for our newsletter

Get on our list for weekly sports business, industry trends, interviews, and more.

About The Author
Michelai Graham
Michelai Graham
Michelai Graham is Boardroom's resident tech and crypto reporter. Before joining 35V, she was a freelance reporter with bylines in AfroTech, HubSpot, The Plug, and Lifewire, to name a few. At Boardroom, Michelai covers Web3, NFTs, crypto, tech, and gaming. Off the clock, you can find her producing her crime podcast, The Point of No Return.