Bitcoin Blockchain Sports

How the Sports Industry is Incorporating Crypto

Cryptocurrencies and digital tokens have undeniably become powerful tools for multiple industries right now, despite some of the opposition they are facing at the moment. Sports has become one of the industries that the digital token fever has hit recently, with various teams seeking to incorporate the technology; in order to improve fan experience.

As the world continues to move technologically, sports teams and organizations are embracing cryptocurrencies more and more which are helping to improve fan access to exclusive content. Cryptos have featured in the sporting space for a while now dating back to as early as 2014 where the NBA outfit Sacramento kings, started accepting crypto payments for its tickets and merchandise. This move was considered a first in the sports industry, and from then on a number of sports organizations have followed suit.

Crypto taking Soccer by storm

The technology has gained traction in by far the most popular sport in the world, football, otherwise known as Soccer in the United States. Football fans are the overwhelming majority on the planet. According to Fifa’s audit of audience data following last year’s FIFA world cup, 3.5 Billion people worldwide tuned in. These staggering numbers prove that any product or advertiser associated with the sport is almost guaranteed to benefit from the visibility.

The biggest football teams have millions of fans worldwide, who have an insatiable appetite for team memorabilia such as jerseys and apparel. A number of European powerhouses have adopted Blockchain-based solutions that offer fans Blockchain-powered utilities to interact with the team. Big European clubs such as Juventus, PSG, Roma, and Westham have all interacted with Blockchain-based fan engagement platform socios. The platform helps engage with the fans on various issues which includes a voting mechanism, where fans can vote on such things as changes in the team kit.

Crypto adoption has also been boosted by Football clubs such as Portuguese champions, Benfica; who recently began accepting crypto payments for club merchandise and match tickets. Benfica supporters can now make payments using BTC, ETH, and UTRUST tokens. This has gone a long way in boosting adoption in Portugal.

Crypto gains through sports advertising

The technology is also gaining massively from sports through advertising. Prominent soccer players such as Lionel Messi of Barcelona have promoted various cryptocurrency and Blockchain projects while, various clubs have signed deals with various crypto based betting companies. One such deal was penned between California based crypto gambling company CashBet, and English premier league side Arsenal; who are based in North-London. Another such deal is between cryptocurrency exchange Coindeal, and English premier league sensations Wolverhampton Wanderers; with the Coindeal logo appearing on the sleeve of the team’s jersey.

Etoro made probably the most notable deals last year, after sealing deals with seven premier league clubs which include Tottenham, Newcastle, Cardiff, Crystal palace, Leicester city, Southampton, and Brighton and Hove Albion; for their branding to be displayed in strategic places pitch side. 2019 has seen more sports franchises get involved with crypto after the Cleveland Cavaliers announced a partnership with crypto exchange, UnitedCoin.

It’s easy to see why crypto firms are flocking to the sports industry to try and get the visibility they need. Sport brings people together and pulls crowds in every playing season. With sports such as football showing that they are accepting of new technologies such as the recently unveiled Video Assistant Referee (VAR), which made its world cup debut in the 2018 finals it’s safe to say that technologies such as crypto have a bright future in the sport.

Image Courtesy of Pexels

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