Surfing is a globally popular sport but it gets limited attention.
Sports activities have built a parallel industry that caters to billions of people. However, most of the focus that businesses place is on a small number of sports. Consequently, the millions of people that are enthusiastic about sports that attract limited investment remain underserved.
One of the most prominent examples of this problem is witnessed by the surfing community.
Surfing is a sport that has been popularized for its brilliant yet distinct culture. It is a sport that attracts the participation of over 60 million people, but in the sports industry, this figure is considered small because businesses feel there are better opportunities. They tend to place efforts on ventures that target more popular sports like soccer and basketball.
At present, the participants of most sports rely on a handful of investors to construct and handle the industrial aspects of the sport. A new blockchain-powered project intends to change this as it adopts the blockchain movement's socio-economic goal to leverage distributed efforts to build functioning economies in which power is not centralized.
LipChain is a blockchain-powered application that aims to give the surfing community a dedicated ecosystem in which the community controls the direction of surfing. LipChain provides a social media application cored around surfing; the unique part is that the ad revenue the application generates will be distributed among the content creators.
As the surfing community collectively has a strong buying power, LipChain leverages this aggregate value to loop in advertisers. The key here is that LipChain fills an important void: currently there isn't a strong existing channel to build a targetted reach to the surfing community.
The ability to funnel advertisers towards the surfing community allows the surf economy to cycle revenue internally. LipChain allows surfers to create surfing-related content which other sports fans can enjoy. This content will be sponsored by advertisers and will allow LipChain's surfer audience to proliferate. As surfers gather an audience for their content, they will have the opportunity to finance their skill growth through training, better equipment, and miscellaneous needs. This results in a multi-ended benefit.
LipChain is making it possible for the surfing community to dictate its collective value. The network effect is the key to attracting sponsors; the community achieves this together. LipChain allows the surfing community to themselves attract greater revenue to their sport and thereby create the opportunity for the younger talent to pursue this sport without fear of the training expenses; new surfers will have the means to build an income directly from their interest in the sport.
This is a testament to the value of a well-exerted network effect. While most people independently do not have the ability to carve a better future for the sport they are passionate about, the community, together, does have the ability to do so. Blockchain technology, through enabling secure, trustless, and quick value-added interactions, makes it easier than ever to leverage the network effect.
LipChain stands at the forefront of utilizing the blockchain to build an ecosystem that leverages a community's combined buying power to demonstrate a network effect that can improve the nature of the sport itself.
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