The surrounding environment and supporting infrastructure are equally important for talent identification, development and for it to proper and thrive. This applies both in the corporate world as well as in the realms of sports and other performance areas such as music.
Not surprisingly, the topic of talent development has captivated scientific interests in sports and other performance domains such as music in the past few years. Genes, environment, practice and psychological factors together play a crucial role in evolution of talent in an individual.
The identification and development of talent or potential have become hugely popular, especially in sports. Scouts and agents look for talent in youth camps. They try to identify the most prosperous athletes, coaches and try to improve training techniques for faster success. Scientists then analyse and seek to explain how talent comes about.
Even then, lack of credible information act as a hindrance in talent recruitment and transfers, which ultimately results in unfair practice, missed opportunities and financial losses. In fact, corruption, fraud and unfair judgment are prevalent in all levels of the sports industry.
Besides, there are more players looking for clubs than clubs have vacancies. This discrepancy paved the way for intermediaries and scouts and it created a whole new sub-market, where players are powerless and are left entirely in the hands of the agents.
As more and more players come into the market with the aspirations of becoming professional athletes, the financial assets of the sports industry have also been booming. However, only the top performers of the sports ecosystem are subject to credible data and information. Hence, the latter reap the benefits of the prolific growth of the sports industry and the modest players and clubs – the bedrock of the sports industry – lag behind due to absence of adequate infrastructure and information.
Some data suggests that the current system of recruitment in the sports industry does not work for almost 95 per cent of the players involved, despite the latter forming the backbone of the industry. Agents and scouts want to capitalise big with talented players and top clubs and hence pick only the top 2 or 3 players on the pitch or court.
While these top players command the highest transfer fees, the other players are mostly left to fend for themselves. These unfortunate players even make desperate attempts like sending videos and CVs arbitrarily to licensed sports agents but such efforts often prove to be futile.
Even the recruitment process works mostly for elite clubs, as most of the clubs do not have the funds to support an extensive network of agents and scouts. Moreover, it lacks transparency and information.
Blockchain revolution in sports
With the sports industry besieged by the above issues and more, perhaps the solution lies in implementing blockchain technology in the sports industry. It is a decentralised public ledger that records every single input and transaction without the need for any third-party agent. The data is operated and stored in the community.
The ingenious cryptography makes this ledger irreversible. It not only stores the data but also execute it through automated protocols, which are called smart contracts. These smart contracts validate conditions and execute the procedure of the contract punctually, cost-effectively and without any risks.
Reasons to support sports and music talents
The sports and music industries continued to grow even in the most difficult economic downturns and are now two of the biggest industries, occupying almost all aspects of daily life. Globalisation and technological disruption have helped in the growth of the money involved, as well as overall participation. All these factors propelled the sports and music industries to outpace the GDP growth of most countries.
Besides, the sports industry now spans a much wider business field and that includes food, memorabilia stands at the stadia, media rights, and sponsorships. The stakeholders include the players, teams, clubs, sports agencies, sponsors, and broadcasters. As much as US $620 billion is spent every year in this multinational enterprise.
Talent IDO – A practical platform
Talent IDO is a decentralised marketplace for talents and mentors. It tackles the problem of talent recruitment and transfers with blockchain capabilities in the sports and music industries. It already has a working platform and a football marketplace with more than 270,000 registered players, intermediaries and 150 clubs, merchandising stores, and the Metaverse.
It is a global project that is set to disrupt the sports and music industries by changing the way talents are recruited and transferred. It wants to give power back to the players and their talent by providing them with an incentivised ecosystem to thrive wherever they are and through performance-based visibility.
Talent IDO will use blockchain technology to tackle and solve the real problems facing these two industries. In order to do that much more effectively, it will take advantage of Decentralised Finance (DeFi), NFT, virtual reality, augmented reality Internet of Things, and artificial intelligence.
Other talent categories
There are more than 8,000 original sports and sporting games but not all are represented equally in terms of popularity and participation. Football is number one with a 43 per cent share of the industry. Talent IDO intends to immediately target 7 out of the 10 biggest sports in the world and football is already operational on the platform.
Web 3.0 strategy
The rewards system of Talent IDO enables creators of existing social media services to have an additional source of profit. All they need to do it share the URL of their content to the core Decentralised app or DApp. Viewers are also compensated at the same time.
Therefore, Talent IDO serves as a portal or contents link collector of existing social media platforms and promotes user inflow into Talent IDO rapidly. This will help in faster market penetration and a win-win growth instead of fostering competition.
The entire roadmap of the Talent IDO project has been divided into nine phases, which started from the first quarter of 2022. It will begin in 2023 with the integration of the blockchain concept and the beta version of its Sportspassport going live.
The Talent IDO platform will expand beyond football in the second quarter of 2023 when it will release the beta version of its basketball marketplace. During this period, the mass adoption of Talent IDO use cases will also be attempted and the Fieldoo.com Talent IDO mobile app will be launched.
Finding and promoting the right talent is quite a strenuous task with a lack of available data and information that are verified and credible. This impediment comes in the way of finding the right place for athletes to showcase their talent or identifying which clubs they best fit into.
Talent IDO offers an ecosystem for these players and performers where they are rewarded for their performance. As mentioned earlier, the goal is to revolutionise talent recruiting, promotion, and transfer.
So, the focus in the Talent IDO ecosystem is more on talent, merit, and performance since it does away with the middlemen, agents, and other intermediaries. So, the better a player is, the higher the visibility on the Talent IDO platform. The latter is done using blockchain technology, augmented reality, and artificial intelligence.
Talent IDO’s solution relies on smart contracts that are responsible for the entire cycle – from player discovery through the creation of the contract for the transfer or the transfer itself. It is all done automatically without the need for the two parties to trust each other.
This will ensure equal opportunities for all players, as it not only cuts short the transfer chain but it also limits the influence of middlemen and puts the athletes in the spotlight. It provides a level-playing field for every player, regardless of his or her location, financial condition, or social status.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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