This study aims to provide foundational data for developing sports non-fungible token (NFT) marketing strategies and enhancing fan experiences by analyzing public sentiment and semantic structures of NBA NFTs. Social big data were collected between 2021 and 2025 from six global platforms (Google, YouTube, Twitter, Reddit, Yahoo, Quora) using the TextoM platform. The analyses conducted included text mining, sentiment analysis, semantic network analysis, and CONCOR analysis. Central keywords included NFT, NBA, TopShot, player, team, marketplace, and crypto. Sentiment analysis indicated 67.5% positive and 32.5% negative sentiment. Semantic network analysis revealed a structure centered around NFT, community, news, game, and blockchain. CONCOR analysis identified five clusters: NFT Infrastructure, NBA Branding, Market Economy, Community Engagement, and Temporal Context. Overall, NBA NFTs are perceived as technical assets and as emotionally driven, identity- and community-centered content. The findings of this study offer significant practical implications for practitioners and managers in the sports industry by guiding the development of marketing strategies that integrate emotional engagement and multidimensional consumer value. This study contributes to the emerging literature on sports NFTs by providing exploratory discourse-level insights into how NBA NFTs are discussed across online platforms and by identifying themes that may inform future theory-driven research at the consumer level.
Vitor Lima, Marco Tulio Zanini, Bernardo Silva-RĂȘgo
This paper examines how future-oriented collective visions shape the potential legitimacy of non-fungible tokens (NFTs) as brand assets. Drawing on sociotechnical imaginaries and institutional theory, we study Brazilian football, where supporter culture, media discourse, and regulatory uncertainty intensify legitimation. We triangulate ten senior executivesâ interviews with 1,117 Brazilian news articles (2020â2025) using Corbin and Straussâ coding with generative artificial intelligence (GenAI). We identify four visions: Tokenised Collectables, Unregulated Speculation, Emotional Wildcards, and Trust-by-Code Tech Merch, and trace their performative manifestations. These manifestations stabilise or destabilise regulative, normative, and cultural-cognitive pillars, explaining why initiatives are embraced, contested, and reinterpreted as hype cycles shift. We offer staged managerial guidance for fan-facing innovation. We add a future-oriented mechanism to legitimacy research overall.
Management and Organizational Studies
Sports, Gender, and Society
Consumer Behavior in Brand Consumption and Identification
Purpose This study aims to examine the dual role of non-fungible tokens (NFTs) in elite European football by assessing their financial relevance for clubs and their governance-related implications for fan engagement and legitimacy. It explores how NFTs operate at the intersection of digital revenue innovation and contested issues of transparency, accountability and participation. Design/methodology/approach The study adopts a mixed-methods design. Quantitative financial data were drawn from the Deloitte Football Money League for the top 20 European clubs over the period 2021â2024 and analysed to assess the scale and distribution of NFT-related revenues. Qualitative data were collected from publicly accessible social media platforms and fan forums, focusing on discussions related to NFTs, fan tokens, governance practices and perceived risks. A thematic analysis was conducted, and findings from both data strands were integrated to enable triangulation and contextual interpretation. Findings The results indicate that NFT-related revenues remain economically marginal and uneven across elite European football clubs, with no clear evidence of a stabilising effect on financial sustainability. At the same time, qualitative analysis shows that NFTs carry social and governance significance that exceeds their direct financial contribution. Fan discourse consistently frames NFT initiatives in relation to transparency, cultural meaning and accountability, revealing tensions between club-led digital monetisation strategies and supporter expectations. Practical implications The findings suggest that NFT initiatives require careful strategic and governance consideration. While NFTs may offer limited supplementary revenue opportunities, their implementation has implications for fan trust and institutional legitimacy. Greater transparency and clearer governance arrangements may help align digital innovation with supporter expectations. Originality/value By integrating financial analysis with fan discourse, this study offers one of the first systematic examinations of NFTs in football that connects economic outcomes with governance and legitimacy concerns. The findings contribute to debates on digital innovation in sport by demonstrating that the significance of NFTs lies less in their financial scale than in their institutional and social implications.
Maria Christodimitropoulou, John Douvis, Panagiotis Alexopoulos, Panagiota Antonopoulou
This research examines the multifaceted digital transformation of tennis, analyzing the impact of new technologies on four key pillars: athlete training and performance, officiating and "smart" courts, fan experience and engagement, and emerging business models and governance. The integration of Artificial Intelligence, the Internet of Things through wearable sensors and "smart" equipment, and blockchain technology is radically reshaping how the sport is trained, played, watched, and managed. Technologies such as motion analysis systems, "smart" racquets, electronic officiating systems, personalized content platforms for fans, and Non-Fungible Tokens are analyzed. The research demonstrates that while these technologies offer unprecedented opportunities for performance optimization, objectivity in officiating, and deeper fan connection, they also present challenges related to adoption, regulation, commercial viability, and the need for unified governance. The research concludes that successfully navigating this new landscape requires a strategic approach that balances innovation with tradition, ensuring that technology acts as an enhancing factor for the sport rather than an end in itself.
Purpose - This study examines how Web3 technologiesâincluding blockchain, non-fungible tokens (NFTs), and decentralized finance (DeFi)âaffect the business models of sports organizations and the engagement behavior of fans. The research evaluates both the revenue and loyalty opportunities created by digital assets and the financial risks and regulatory challenges they introduce. Design/methodology/approach - A mixed-methods approach is employed, combining blockchain analytics, big data and social media monitoring, expert interviews, ethnographic observation of online fan communities, and systematic case analysis of NBA Top Shot, Chiliz/Socios.com, Sorare, and related platforms. Theoretical grounding draws on the Stimulus-Organism-Response (S-O-R) paradigm, the Fan Attitude Network (FAN) model, and Social Identity Theory (SIT). Findings - Fan tokens and NFTs create new revenue streams and deepen supporter loyalty through exclusive access, participatory governance, and gamified interactions. However, empirical evidence reveals high price volatility, speculative investor behavior, misleading marketing, and an unclear regulatory environment that expose fans to financial risk. Emerging markets such as Azerbaijan face additional structural barriersâlimited fan culture depth, nascent regulation, and underdeveloped digital infrastructureâthat preclude near-term viability of NFT-based fan engagement. Originality/value - This article is among the first to systematically integrate governance, financial risk, and regulatory dimensions of Web3 in sports within a single framework, moving beyond prior work focused narrowly on marketing and financial performance. It offers actionable implications for sports organizations, regulators, and platform developers. Research limitations/implications - The study is constrained by the rapidly evolving nature of Web3 technologies, jurisdictional variation in regulatory frameworks, and limited blockchain data accessibility for some platforms.
Introduction: Blockchain-enabled products (e.g., cryptocurrencies and fan tokens) have rapidly expanded across professional sport, but the research landscape remains dispersed across finance, marketing, information systems, and sport management. Methods: This study conducted a thematic review of Web of Science Core Collection records supplemented by snowball searching, yielding 30 English-language peer-reviewed studies published between 2019 and 2025. Results: Based on the included titles, we mapped how the literature has developed and what it collectively implies for sport organizations, platforms, and consumers. Five recurring strands were identified: (1) fan tokens and sport cryptoassets as financial assets, emphasizing volatility, spillovers, and sensitivity to sport- and crypto-market events; (2) adoption, identity, and engagement research explaining why supporters buy/hold tokens, participate in voting, and engage in advocacy; (3) computational and platform-data approaches (e.g., sentiment/discourse analyses and poll/voting participation patterns) to quantify online engagement and market narratives; (4) blockchain applications and governance, including stakeholder-oriented discussions and ethical critiques regarding value creation, transparency, and power asymmetries; and (5) gambling-like risks and addiction-related correlates, highlighting the convergence of trading, betting-like dynamics, and potentially harmful consumption. Discussion: Limitations include dependence on WoS-indexed English-language publications, topic and context concentration (especially European football and major platforms), and heterogeneity in study designs and outcomes that precludes comprehensive data synthesis. Future research should broaden contexts beyond dominant sports/regions and use stronger longitudinal or quasi-experimental designs to test mechanisms and harms.
This systematic review examines how elite athletes are leveraging digital platforms, generative artificial intelligence (AI), and blockchain to build autonomous brands, bypass traditional sport gatekeepers, and develop athlete-owned business models. Drawing on 47 peer-reviewed studies (2016-2025), we synthesise evidence across five domains: athlete branding and self-production, disintermediation, platform-enabled empowerment, AI-driven content innovation, and emerging commercial structures. The findings reveal a decisive shift in sport's power balance, with athletes acting as media producers, cultural influencers, and entrepreneurial actors. Digital platforms enable direct-to-fan engagement, while AI tools lower content production costs whilst personalising interactions and extend global reach. Blockchain facilitates decentralised monetisation and data sovereignty, supporting ventures such as athlete-owned leagues and non-fungible tokens. However, these developments embed new dependencies on platform algorithms and volatile digital markets. From a platform capitalism perspective, athlete autonomy is constrained by corporate-controlled infrastructures; from a value co-creation lens, fan relationships become participatory spaces for shared cultural and commercial value creation. The review highlights governance challenges, including ethical implications of synthetic media, data ownership, and the regulation of AI-enabled branding ecosystems. We argue that sport governance must evolve from a control-oriented model to one that positions athletes as co-creators of value and strategic partners in decision-making. Future research should address equity in digital visibility and sustainable athlete-led business ecosystems. Governance mechanisms that reconcile technological opportunity with autonomy protection should be explored as well. Athletes are no longer peripheral actors in sport's commercial order, they are emerging as its architects, with significant implications for the future of sport governance.
Philip Kang, Yong Jae Ko, Sangpil Youm, Yoonki Chun · 6 authors
Purpose The current study attempted to unravel the complexities of sport Non-Fungible Token (NFT) consumption by exploring consumers' perceived values and risks of sport NFTs. Design/methodology/approach To achieve this goal, the authors conducted an exploratory study by collecting 23,445 tweets from Twitter and adopted artificial intelligence tools (i.e. latent Dirichlet allocation topic modeling and visualization, Word2Vec and uniform manifold approximation and projection) to analyze the data. Findings The results revealed that sport NFT platforms (i.e. NBA Top Shot, NFL All Day and UFC Strike) engage users through a blend of intrinsic and extrinsic motivations, including personal enjoyment, financial rewards and social recognition. Originality/value The current research not only illuminates the newly emerged NFT market but also provides exploratory evidence to understand sport NFT consumersâ value perception by using machine and deep learning approaches. Practically, the current study provides valuable insights to sport NFT brand managers by identifying significant values that trigger sport NFT consumers' engagement with sport NFT consumption behavior.
Lennart Ante, Aman Saggu, Benjamin Schellinger, Friedrich-Philipp Wazinski
This paper investigates the potential of blockchain-based fan tokens, a class of crypto asset that grants holders access to voting on club decisions and other perks, as a mechanism for stimulating democratized decision-making and fan engagement in the sports and esports sectors. By utilizing an extensive dataset of 3,576 fan token polls, we reveal that fan tokens engage an average of 4,003 participants per poll, representing around 50% of token holders, underscoring their relative effectiveness in boosting fan engagement. The analyses identify significant determinants of fan token poll participation, including levels of voter (dis-)agreement, poll type, sports sectors, demographics, and club-level factors. This study provides valuable stakeholder insights into the current state of adoption and voting trends for fan token polls. It also suggests strategies for increasing fan engagement, thereby optimizing the utility of fan tokens in sports. Moreover, we highlight the broader applicability of fan token principles to any community, brand, or organization focused on customer engagement, suggesting a wider potential for this digital innovation.
The Indian sports industry is undergoing a substantial transformation in fan engagement, driven by evolving trends and technological innovations. This study comprehensively analyses the current state, methodologies, and implications of fan engagement within the Indian sports sector. In response to the COVID-19 pandemic, there has been a noticeable shift in traditional fan behaviour, with a decline in physical gatherings and a surge in alternative forms of participation such as co-watching, online discussions, sports betting, and content sharing. The research employs a multifaceted methodology, combining data collection, surveys, and trend analysis. It explores the Impact of cutting-edge technologies like Over-the-Top (OTT) media services, Non-Fungible Tokens (NFTs), blockchain technology, Artificial Intelligence (AI), and Virtual Reality (VR) on reshaping fan engagement. The dynamic and tech-driven nature of the Indian sports industry necessitates a holistic understanding of contemporary fan engagement strategies. This study aims to analyze the current landscape of fan engagement in Indian sports, explore methodologies employed, and assess the Impact of technological innovations on fan behaviour. Quantitative methods like data collection through surveys have been employed to gain insights into emerging trends and their influence on fan engagement. Survey data reveals the enduring dominance of cricket (46%) and the growing prominence of football (29%) among Indian sports fans. Notably, there is significant trust (46%) in in-game analysis technologies, indicating fans' readiness to embrace technological enhancements. While live stadium experiences remain popular, the survey underscores the role of digital platforms, with 57% preferring Hotstar for sports content. The rising popularity of fantasy league apps and the recognition of social media's Impact on player performance (64%) present opportunities for digital engagement. The study concludes by offering recommendations for businesses and stakeholders to adapt to the changing landscape. It underscores the importance of integrating innovative technologies, fostering online fan communities, and tailoring content and experiences to cater to the evolving expectations of Indian sports enthusiasts.
Jamie Torrance, Conor Heath, Maira Andrade, Philip Newall
Background & aims: The gamblification of UK football has resulted in a proliferation of in-game marketing associated with gambling and gambling-like products such as cryptocurrencies and financial trading apps. The English Premier League (EPL) has in response banned gambling logos on shirt-fronts from 2026 onward. This ban does not affect other types of marketing for gambling (e.g., sleeves and pitch-side hoardings), nor gambling-like products. This study therefore aimed to assess the ban's implied overall reduction of different types of marketing exposure. Methods: We performed a frequency analysis of logos associated with gambling, cryptocurrency, and financial trading across 10 broadcasts from the 2022/23 EPL season. For each relevant logo, we coded: the marketed product, associated brand, number of individual logos, logo location, logo duration, and whether harm-reduction content was present. Results: There were 20,941 relevant logos across the 10 broadcasts, of which 13,427 (64.1%) were for gambling only, 2,236 (10.7%) were for both gambling and cryptocurrency, 2,014 (9.6%) were for cryptocurrency only, 2,068 (9.9%) were for both cryptocurrency and financial trading, and 1,196 (5.7%) were for financial trading only. There were 1,075 shirt-front gambling-associated logos, representing 6.9% of all gambling-associated logos, and 5.1% of all logos combined. Pitch-side hoardings were the most frequent marketing location (52.3%), and 3.4% of logos contained harm-reduction content. Discussion & Conclusions: Brand logos associated with gambling, cryptocurrency, and financial trading are common within EPL broadcasts. Approximately 1 in 20 gambling and gambling-like logos are subject to the EPL's voluntary ban on shirt-front gambling sponsorship.
This article investigates the emerging segment of the cryptocurrency market related to football fan tokens (FFTs)âdigital assets used for engagement with professional football clubs around the world. More specifically, the authors study the investability of FFTs from the perspective of risk and return. They find that FFTs generate a whopping 150% return on the first trading day. This return is significantly larger if the FFT market cap is higher, the FFT offer price is lower, the football team displays better historical performance, and the team is located in a relatively small metropolitan area with a high GDP per capita. They also find that in the long run, FFTs severely underperform all major crypto benchmarks, including NFT, DeFi, Meme, and bitcoin. Moreover, the returns to FFTs tend to be highly volatile (160% annualized). Intriguingly, they show that the real-life performance of football teams does not affect the contemporaneous market performance of their FFTs.