EngageCraft recently attended the iSportConnect Web3 Summit at Arsenal F.C’s Emirates Stadium where industry experts gathered to discuss the next evolution of the world wide web.

Following some fascinating panels from the likes of Credenza, Tezos Foundation, Capital Block and many more, here are our main takeaways…

1. Web3 is an internet where cryptocurrencies and NFTs are built into the platforms we use, more specifically, an internet owned by users.

2. There is clearly a market for NFTs in sport as proven by the success of National Basketball Association (NBA) Top Shots, which enables users to purchase the NFT of famous NBA highlights. It is only a matter of time before other sporting organisations start to release their own projects.

3. Blockchain is here to stay, with companies like Zilliqa being born into and evolving with cryptocurrency, and the quicker the sports industry embraces the variety of options available the better.

4. If Web2 was the 2nd layer, designed for interactivity and user-created content, Web3 is the 3rd layer - immersive scalable experiences and IP without geographic limitations. But you have to have ownership of your Web3 ecosystem and audience to engage and monetise it!

5. Sport is in danger of repeating the same mistakes as Web2, chasing a quick win over the longer term benefit of owning your digital ecosystem and fan base. The industry needs to take the time to learn and plan for the long-term before taking the leap into the Web3 metaverse.

In summary, to businesses, don’t sell your Web3 ecosystem – look to own and control it! And to sports fans, Web3 will only add an extra level to your digital experience!