The Interplay Between Digital Artifacts and Value Creation in the Ecosystem Design

Abstract

Since Satoshi Nakamoto's first publication of the Bitcoin whitepaper in 2008, blockchain based technologies has gradually permeated various aspects of our lives. From the emergence of cryptocurrencies like Bitcoin to the development of platforms such as Ethereum, and the rise of phenomena like NFTs and Fan Tokens, the impacts of this technology has been diverse. While speculation surrounding these innovations persists, there exist successful use cases that have breathed new life into industries and enhanced customer interaction with established brands. One such domain where this is evident is the sports industry. Historically, sports teams, particularly football clubs, have sought avenues to capitalize on their fan base, aiming to diversify revenue streams. The advent of Fan Tokens has facilitated this endeavour, allowing teams to monetize fan engagement effectively. Consequently, an exploratory study comprising multiple case analyses was undertaken to examine how digital artifacts, exemplified by Fan Tokens, contribute to value creation within an ecosystem, fostering innovation and monetization for sports enterprises. The findings of this study elucidate the correlation between the characteristics of digital artifacts and the sources of value creation within an ecosystem. Furthermore, they underscore how these characteristics catalyse the formation of such ecosystems, thus propelling innovation and revenue generation within the sports industry.