StarSports Chain: Using blockchain technology to open up a new situation for the sports industry

As far as major industries are concerned, the sports industry has a huge market value and a promising development prospect. According to research by AT Kearney, a world-renowned analysis agency, the global sports market value in 2017 was US$480 billion to US$620 billion. The industry covers infrastructure construction, sports products, product franchise transactions, online sports broadcasting, etc. The growth rate in recent years has been higher than the GDP of most countries in the world.

But behind these impressive data, development problems within the industry have gradually been exposed, especially a series of problems surrounding the core of the sports industry - "IP assets", such as: low information transparency, lack of a highly commercial environment for the value circulation of IP assets, lack of clear business-driven logic for the value assessment of IP assets and the realization of the value of IP assets, and uneven development of the sports industry and sports IP business models around the world, which have severely restricted the development space of the sports industry.

Therefore, with the characteristics of decentralization, immutability, anonymity, transparency, and openness, the combination of blockchain technology and the traditional sports industry is gradually attracting the public's attention, bringing broader prospects and in-depth changes to the sports industry.

At present, public chain platforms based on the sports field, such as StarSports Chain, are using blockchain technology to eliminate industry drawbacks in the sports industry and open up a new situation.

Sports IP asset digitization and transaction transparency

How to define the value of sports IP assets has always been a difficult problem worldwide. The information transparency of IP asset transactions is not high; the existing centralized mechanism leads to the lack of a fully market-oriented pricing mechanism and estimation method for IP assets; and the investment in players is controlled by centralized clubs and institutions, and the investment channels lack trust. These current situations make the transaction of sports IP assets (including people and organizations) very costly and risky.

For example, betting has always been a huge source of profit in the sports market, but lottery betting has always been questioned as a "black box operation" under the centralized management mechanism. In the sports ticketing process, the traditional centralized ticket purchase mechanism has problems such as difficulty in buying tickets, difficulty in entering the venue, and many fake tickets. The centralized and opaque ticketing system has inevitable trust issues in many links such as rule formulation, ticket pricing, ticket sales statistics, and progress feedback.

To address this issue, StarSports Chain will use blockchain distributed accounting technology to record all data and transactions in the industry on the chain, and rely on the characteristics of blockchain to ensure that the data cannot be tampered with. These real data are the most important "tokens" in assessing the influence of sports IP or assets, or in establishing a new value circulation system and rights and interests distribution mechanism. This will make sports IP assets digital and transactions transparent, and thus build a highly secure ecological scenario and application.

Build a highly commercial environment to enhance the value of IP assets

Although the total output value of the current sports industry is astonishing, in fact, the value circulation of "IP assets" as the core of the sports industry does not have a highly commercialized environment, which also makes it impossible to effectively explore and release the commercial value of IP assets.

Deng Yaping, the queen of table tennis, once cited a very specific example of a Chinese Super League club. The club's revenue is composed of the following: league copyright income, ticket revenue, subsidy sponsorship, and licensed merchandise. However, the extremely important revenue part - league copyright income can only be divided into more than 60 million yuan, and the specialty products are only 2 million yuan. Compared with the revenue, a wealthy club spends 700-800 million yuan a year. It can be said that most clubs are in a loss-making state. The reason is that in the current sports industry, only IP owners often build the primary market, and lack sufficient resources to build the secondary market. At the practical level, there are still a large number of cross-border and cross-border transactions in the operation and commercial realization of sports IP assets. The settlement process is cumbersome and the liquidity is greatly reduced.

StarSports Chain uses blockchain technology to provide a decentralized sports ecological chain open platform service, providing transparent application development services and commercial realization scenarios for all business participants, and achieving business goals by operating the blockchain ecology and holding tokens, thereby realizing the efficient operation of the value of the sports industry.

Connecting communities and fans to empower the sports economy

It is also important to note that the current value realization of sports IP assets actually lacks a clear business-driven logic. The value of sports IP is largely determined by fans, but there is a lack of effective connection between assets and fans in terms of commercial value. Fans cannot enjoy the benefits of rising asset value, assets cannot quickly attract fans to promote the value of sports assets, and IP owners need to spend huge costs to maintain their rights and interests.

StarSports Chain will use blockchain technology to build a sports IP community that can connect sports stars, clubs, event organizers, fans, business partners and other resources to create a new IP economy and promote the development of the sports star economy. At the resource operation level, StarSports Chain will introduce major global event organizers, influential sports clubs and star players of well-known sports categories to strengthen the community's sports IP resources and attract more fans to join the community; at the community operation level, StarSports Chain focuses on the operation of major sports events, venues and communities, and builds two communities, the star community and the club community, around high-quality sports IP resources; in order to promote the development of sports, a crowdfunding platform for sports public welfare projects will be built, allowing participants to invest in and incubate new sports projects on the crowdfunding platform to promote the development of sports; at the core application service layer, StarSports Chain will create new product and service experiences for users: build a sports IP and derivative trading platform, transform the value of sports IP into products and services for trading on the platform, and realize the realization of sports IP; use blockchain technology to empower virtual assets in games and protect the rights and interests of players; use smart contracts to create new sports guessing games to ensure the openness and fairness of guessing games; and also use the decentralization and traceability of blockchain technology to provide convenient ticketing, lottery and venue reservation services.

In fact, when launching the StarSports Chain public chain, the StarSports Chain team has reached cooperation agreements with FIFPro, the International Professional Footballers Association, European football giants Juventus, Paris Saint-Germain, Manchester City and other well-known football industry organizations and teams. Many top IPs such as international sports stars, clubs, and events will be signed and connected to the sports IP community to realize value chain.

StarSports Chain, based on the sports industry, will use blockchain's distributed ledger technology, smart contracts, and token economic systems to completely change the core issues of sports IP brought about by the traditional centralized mechanism of the sports industry, establish a decentralized credit system, and provide convenience for value circulation for various entities in the sports industry. It will run through the value circulation of the entire sports industry, release greater potential for the sports industry, and create a new blockchain sports world.

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