Crypto Is Becoming a Force to Reckon in the Sports Industry?

Crypto Is Becoming a Force to Reckon in the Sports Industry?
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Updated: Dec 12, 2022

Fans of professional teams may have seen an uptick in the number of crypto logos featured on the jerseys of their favorite players and in halftime commercials. Companies in the cryptocurrency industry often form partnerships with professional sports leagues to use tried-and-true marketing techniques, such as reaching out to the sports sector’s millions of global fans. 

Although cryptocurrency is still a fairly young participant in the sports sector, its opportunities hold great promise for both the teams and the spectators. We shall analyze how crypto is becoming a force to reckon with in the sports industry. 

Crypto Payment

It’s not surprising that fans are turning to cryptocurrency to buy sports tickets, given its near-instant transaction times and ability to bypass geographical barriers. Rather than dealing with the trouble and expense of international wire transfers, other football fans from other countries could make frictionless transactions thanks to the collaboration between Russian organizers and payment solution companies, e-payments, and Wirex at the FIFA World Cup in Russia 2018.

In the world of gambling, cryptos are accepted as currency. Cryptocurrency wagering is supported at Ignition Casino Australia. Ignition Crypto Poker is one of Australia’s most well-known forms of crypto poker in bitcoins casino.

Crypto entrepreneurs and crypto gamblers are attracted to the industry because it offers speedy transactions and no-hassle withdrawals and deposits. If you’re an Australian poker player, you can play at Ignition Casino with a wide variety of cryptocurrencies, such as:

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  • Bitcoin
  • Etherium
  • Litecoin 
  • USD Tether 

Using cryptocurrency has no associated transaction costs as opposed to using conventional currencies. There will be no need for supporters to fork out any additional funds to cover the expense of international transfer charges.

Loyalty Incentives Based on Crypto

Blockchain applications extend far beyond the realm of cryptocurrency. One example is software designed to increase fan loyalty, which in turn aids sports teams in building a feeling of belonging and community among their patrons.

Rewards can be given to fans participating on club websites by generating, sharing, or enjoying the material. Also, by participating in fan loyalty programs, they can accumulate incentives, points, or even cryptocurrency that can be redeemed for future purchases.

Fan Tokens 

Is running your favorite football team a fantasy of yours? The recent system of “fan tokens” makes your fantasy come true. Fan tokens are similar to cryptocurrency but with the added benefit of a VIP loyalty program in the world of sports. They’re a type of digital currency that gives fans a say in the direction their favorite teams take while granting them access to exclusive swag, events, and opportunities to influence club policy. 

Supporters worldwide may now feel more connected to their favorite teams by getting a front-row seat to the policy decision process and casting ballots on everything from charity efforts to jersey designs.

In addition to all membership privileges, fan tokens can also be used as an investment. As with any commodity, fan token prices are influenced by supply and demand and the notoriety of the respective teams. FC Barcelona raised $1.3 million after selling out of their first batch of $BAR fan tokens in just two hours. These tokens generally improve communication between teams and their supporters and foster a more profound feeling of community around sporting events.

NFTs 

Non-fungible tokens (NFTs) in sports are electronic collectables and merchandise cards that can be traced using unchangeable blockchain technology to guarantee their validity. As such, they are an ideal resource for gaming communities to make digital collectables like in-game items, trading cards, and other shareable items.

The Creation series from Manchester City is a good representation of a Sports NFT. With the help of Alan Bolton, a computer artist, the group created a set of rare and exclusive digital artworks. During the auction, the digital assets fetched values between $1,700 and $19,000.

When NBA Top Shot was released in 2020 by the NBA and Dapper Labs, it was among the most effective technology collection efforts at the time. In the format of video clips from NBA games, “Moment NFTs” can be owned, sold, and traded by basketball fans on the blockchain-based platform. 

In addition to the prestige associated with owning a piece of authentic sports history, NFT holders gain access to a network of over a million like-minded individuals worldwide. Furthermore, customers can participate in competitions to acquire other Moments NFTs, VIP passes to meet-and-greets, Basketball matches, and more.

Conclusion

The rapid adoption of crypto technology and blockchain within the sports business is growing. Sports organizations and clubs have welcomed these new technologies to test new ways of connecting with fans and making money.

While crypto’s presence in sports is relatively new, the mutual benefits of the two sectors are already huge. We are confident that cryptocurrency can open up a wide range of new possibilities, taking the sports industry to an entirely new level, whether it is through streamlined payment processes or enhanced fan engagements.

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