How Cryptocurrencies Are Infiltrating Big Sports
In recent years, the intersection of sports and cryptocurrency has become increasingly prevalent, forging new pathways for fan engagement, sponsorships, and financial transactions. As the world of digital currencies expands, so does its influence on various industries, including sports. This evolution brings about the importance of responsible gaming, ensuring that both enthusiasts and organizations navigate this new terrain ethically and safely. Responsible gaming initiatives are crucial in maintaining the integrity and enjoyment of sports betting and related activities. Different sports clubs now have something in common - a connection to the blockchain industry. Some teams are advertising digital money, while others are issuing their own fan tokens.
With each passing year, cryptocurrencies are starting to make their way into different areas of life, and sports are no exception. While the Litecoin Foundation sponsors the NFL and UFC, football players and boxers are issuing their own tokens, and basketball clubs are allowing cryptocurrency payments at their home arenas.
It is difficult to clearly identify which sport is most connected to cryptocurrencies, as interest in cryptocurrencies is growing across many sporting disciplines. However, based on media visibility, a number of partnerships, and cryptocurrency integration, we can identify several areas where the connection with crypto is particularly prominent.
Football
Football ranks among the top in the integration of cryptocurrencies and blockchain technology. Many major football clubs such as Barcelona, Juventus and Paris Saint-Germain have launched their own fan tokens in collaboration with platforms like Socios.com. These tokens give fans a say in certain club decisions and access to exclusive content and events.
The Socios platform operates using its own token CHZ, unlike club coins, it is traded on exchanges (Binance, Bilaxy, BitMax, KuCoin and others). Now its average market price is $0.0083, the asset ranks 102nd on the list of the largest capitalisation of digital money.
Portuguese Benfica started selling tickets and team attributes for cryptocurrency. This became possible thanks to a partnership with the platform Utrust. Payments can be made with Bitcoin, Ethereum, and the company's native token.
Bayern Munich has taken a different route - they have partnered with platform Stryking Entertainment to produce digital collectibles of their players. Fans can create virtual competitions and play each other using their cards with images of the club's players.
Basketball
The National Basketball Association (NBA) and its teams are also actively engaging with the cryptocurrency world. For example, the Dallas Mavericks team accepts cryptocurrency as payment for tickets and merchandise. In addition, NBA Top Shot, a platform for trading collectible digital cards in NFT format, is very popular among fans.
Mining pool AntPool has become the official team sponsor of the Houston Rockets, providing financial support to the club in Bitcoin Cash for the 2018-2019 season. This was the first case in the history of the National Basketball Association.
Brooklyn Nets guard Spencer Dinwiddie went further and decided to issue DREAM Fan Shares coins. Investors are invited to buy shares of a player and earn dividends in case of his successful game or personal achievements.
The league's management was firmly against such an initiative, pointing to the agreement, according to which basketball players can not transfer the right to receive payments to third parties. However, the player does not think to give up the idea and claims that the long-term viability of the project will depend on the success of his performances in the coming year.
Martial arts and boxing
Organizations that host fights and martial arts tournaments, such as the UFC, are partnering with cryptocurrency exchanges and platforms. This not only helps to increase revenue for the organizations but also raises awareness about cryptocurrencies among fans.
Motorsports
Formula 1 and other motorsport competitions also have a noticeable presence of cryptocurrencies. Teams and drivers are sponsored by cryptocurrency companies, and some races and events bear the names of cryptocurrency brands.
Cybersports
Cybersports is perhaps one of the most natural spaces for cryptocurrency integration because of the technological awareness of its audience. Cryptocurrencies are used for betting on match results, as well as for prize money and transactions within the gaming world.
Conclusion
Each of these sports uses cryptocurrencies and blockchain technology in different ways, but with the common goal of improving engagement with fans, optimising financial transactions and opening up new revenue streams. Interest in cryptocurrencies in the sports industry continues to grow, which promises an even greater variety of applications in the future.
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