What is Compete2Earn?
At LEVERADE, we are working on the Compete2Earn (compete to earn) concept with the idea of revolutionizing the world of sport and achieving our goal of making it more sustainable.
To explain this novel concept, in this text we will introduce you to the context in which we are working, why we believe blockchain can be a large-scale solution for sport and we will define exactly what we mean by Compete2Earn and how the use of NFTs can benefit the athletes of the future.
Where does it come from?
The term Compete2Earn is an adaptation of Play2Earn which is currently so ‘à la mode’ in the Decentralized Finance (DeFi) ecosystem.
P2E is a concept created to define crypto games, in which, unlike traditional games where you just play for fun and leisure, you can actually get a monetary reward in NFT format thanks to true asset ownership.
For example, FIFA (EA Sports) raised over $1.5 billion in 2021 thanks to Ultimate Team, where users shell out money to buy the game, and then to build their team through loot boxes in the form of packs with different players. At the end of the year and after the TOTYs, that team is abandoned in oblivion and users aim for the next edition of the video game, and start again from scratch.
Now imagine a soccer game in which the initial investment allows you to obtain NFTs that represent players that can go up in price over time; your club will increase in value and, when you get bored or decide to change, you can sell it and recover a large part of the investment. All this while competing each season for prizes of in-game token format, which you can convert into actual money. That’s what crypto games are all about, and that’s why it aims to be the great revolution in the industry.
Axie Infinity was a pioneer in the crypto gaming industry and its success triggered other applications of Web3, a term that refers to the evolution of the Internet thanks to new technologies, which we will explore later.
So, P2E alludes to crypto games (GameFi), but its success has favored the implementation of other concepts to generate new revenue channels for those involved.
For example, Move2Earn has been positioned as one of the most important terms in crypto lately, headed by STEPN, a project which seeks to gamify the fitness industry, allows the user to receive rewards and aims to become the first ‘health metaverse’ to encourage a fitness lifestyle.
If it has worked in the video game industry and is taking off in the fitness industry, why not bring it to sports?
Why Compete2Earn?
First things first, we focus on the sports industry because we have the experience to back it up. LEVERADE is a sports management company with more than seven years working with different federations and sports entities at the highest level.
We have a huge community of managers, coaches, referees, sportsmen and athletes that allows us to connect directly with the most important agents of the sport.
That is why, in our quest to make sport sustainable and organized, we seek to build a bridge between this industry and blockchain technology, with Compete2Earn as a key concept to achieve it.
We’ve been maximizing operational efficiencies and obtaining new revenue streams with infrastructure to collect, standardize, store, analyze and distribute sports data with more than 93 Federations (sport entitites) all around the world.
That’s why we are the right project to lead this sports revolution. Now, let’s talk about Compete2Earn in depth.
So… What is Compete2Earn?
As mentioned above, LEVERADE’s goal is to make sport sustainable and allow athletes to live from their passion and effort.
That is why the Compete2Earn concept was created to reward those athletes who dedicate their lives to competing and, in many cases, are not fairly rewarded.
So far, LEVERADE has focused on creating, together with sports federations and entities, awards in NFT format that go directly to the athletes’ and clubs’ digital wallets and whose potential and possibilites are endless.
The idea is that over time, athletes will be able to showcase their trophies and benefit directly from sharing them with their community, generating engagement and attracting new people to the competition. Everyone is competitive by nature, now add this additional reward system layer to it, it is just a snowball
The most successful athletes will soon have the opportunity to attract brands in the metaverse to support their career and, with NFTs, generate additional revenue that will allow them to make sport their true breadwinner.
The rewards will be NFTs and the economy around them will be $LEGEND token.
LEVERADE is shaping the future of sports in the web 3.0 and the potential of Compete2Earn is huge.
Web: https://www.leverade.network/
Twitter: https://twitter.com/leverade
Telegram: https://t.me/leverade
TG Announcements Channel: https://t.me/leverade_announcements
LinkedIn: https://www.linkedin.com/company/leverade
Whitepaper: https://litepaper.leverade.network/
Contact: Antonio Romero, CEO | aromero@leverade.com
