getty
The Chicago Cubs will work with just-launched Web3 platform Valence to develop branded experiences and other key blockchain-based assets following investments in Valence by the team’s executive chairman, Tom Ricketts, and other media and tech notables.
Valence’s software platform and infrastructure are designed to help brands and creators leverage the group of next-generation digital tools lumped together under the Web3 rubric. The tools can be used to build tighter relationships with customers, creating rewards, digital experiences, and fan engagement in a variety of ways both in venues and beyond. The Cubs will work with Valence to develop a road map for adopting various Web3 incentive programs and digital assets.
“It’s a way for the team to forge community in new ways,” said Valence co-founder Chris Vroom, who previously founded Artspace and continues as CTO of CollectorIQ. “One big problem is how to connect one-on-one with customers at scale.”
Though Markets and Markets predicts the $3 billion NFT market will become a $13.6 billion market by 2027, Vroom said, “we’re still in the Craigslist days of Web3. It’s very important to recognize the business realities that companies re operating in, and the problems they are trying to solve. The point is to create promotions that are familiar to the fan so it’s not a mystery crypto experience to go through. It’ll be something the fans will be able to readily process.”
The possible array of fan rewards and collectibles could include “a discount, a seat upgrade, a meeting with a player, access to in-game recordings with miked players, (augmented-reality) activations, collect Cubs baseballs in exchange for Cubs coins,” Vroom said, though all that would depend on MLB approvals. “Today, you can imagine a fan who’s been to three games can burn a new incentive token that’s dropped into their (digital) wallet, or participate in new kinds of promotions based on what they’ve done.”
Vroom’s co-founder in Valence is CEO Adam Helfgott, who’s been CEO of media-focused blockchain companies MadHive.com and MadNetwork.com.
“The Valence engine will provide one-click NFT minting capabilities, SMS-based wallets to store assets, and the ability to display those assets in virtual galleries alongside the rest of the community,” Helfgott said. “We offer fans a meaningful alternative beyond JPEGs and flying avatars, facilitating deeper consumer engagement with the things they love, and the infrastructure for brands to execute long-term Web3 strategies.”
Other major investors in Valence include Blockdaemon CEO Konstantin Richter, BoldStart Ventures, and Talon Worldwide Global CEO Barry Cupples, formerly a top executive at Omnicom Media Group.
The system is built on Ethereum’s AliceNet layer 2 ecosystem, with an emphasis on fraud prevention and identity protection. Vroom said that focus is important to reassure fans their digital goods and identity are safe, so they can feel confident in taking part in the experiences.
Other teams are jumping into new corners of tech and media too. This week, the regional sports network for the Boston Red Sox and Boston Bruins became the first to launch its own direct-to-consumer subscription video service, called NESN 360.
NBA teams such as the Los Angeles Clippers, owned by former Microsoft
