Investment opportunities take all shapes and sizes but in the world of professional sports, they are mostly reserved for huge capital firms or wealthy clubs. It is not readily available for smaller investors despite their passion for athletes. SportsIcon, creators of the NFT sporting marketplace, are trying to change that with their new Future Icon initiative.
The Future Icons Program allows smaller investors to financially support up-and-coming athletes in their careers, giving them the backing they need to become professional athletes and global stars. The investors themselves receive a share of the athlete’s earnings in the future as well as the opportunity to meet, hang out and play with the athletes in real life.
The Future Icons program uses NFTs and Smart Contracts to broker a financial deal between any investor and registered athletes in a crowd-funding mechanism. The two parties enter into a negotiation that includes total investment, investment period, percentage shares, and the return period, all recorded to the blockchain in the form of a smart contract.
This is an ideal use case for this new technology and smart contracts, truly bringing sports into the world of web3. We have seen similar approaches taken to contracts in DeFi deals before, but this seems to be a growing trend in the sporting industry.
SportsIcon CEO and Co-Founder Chris Worsey said, “We want to democratize opportunity for athletes. There are thousands of athletes globally that are good enough but never make it due to a lack of capital and network. We aim to change that!
Fans will support athletes at the earlier stages of their careers and will be rewarded through financial upside, money can’t buy experiences and community. Imagine identifying an athlete that goes on to have a career like Lewis Hamilton or Serina Williams – the upside will be very substantial indeed.”
Investors, big and small, can see the benefits of this program easily. Right now, the platform is beginning to onboard athletes from different sports and locations around the world. Once this opportunity gets started, there will be a huge adoption of this method of funding, as we have seen in other web3 projects before.
Athletes and investors alike have control of the Future Icons program. This is the first moment in history where athletes will be able to interact directly with their audience of fans and investors, create a mutually beneficial agreement, and begin their professional careers easily.
SportsIcon themselves are backed by tech leaders, athletes, and other celebrities such as rap icon Nas, Dapper Labs, Roham Gharegozlou (CEO, Dapper Labs), Chad Hurley (Founder of Youtube), Andrew Bogut (NBA Champion with the Warriors), Mike Edwards (Argo Blockchain), Andrew Masanto (Founder of Hashgraph Hedera and Reserve), Sunny Madra (Ford X), Anand Agarwala (Founder of Spatial), Chris Ye (Ukon Games), and many others.