Initially, many people dismissed the crypto sector as having no tangible use cases. As far as they were concerned, the crypto industry was only a fad that couldn’t thrive outside its niche online spaces. But as the last decade has shown us, cryptocurrency indeed has a myriad of use cases.
One of these is the sports sector, which has readily adopted it. We’ve seen cryptocurrency adoption across various sports arenas, and this trend shows no signs of slowing down. If you’re a fan of cryptocurrency, sports, or both, it’s worth looking at the various ways the two are aligning.
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Sports Betting
For as long as sports have existed, humans have been curious about the outcome and often place wagers on it. In the past, in-person establishments were the primary means of betting on the outcome of matches. Now, thanks to the internet, it can be done from virtually anywhere. As time has passed, cryptocurrency has become an integral part of the mix. A look at online casinos will show that many of them accept cryptocurrency alongside and even instead of fiat currency.
And as insider tips will tell you, there are a number of benefits to using cryptocurrency to bet on sports. First, customers can retain their privacy by bypassing traditional KYC requirements. There’s also the chance that the tokens will appreciate in value, yielding even greater profit. Then there is the control they have over their tokens, which does not exist on the same level within centralized systems. With this in mind, cryptocurrency is poised to play a significant role in sports moving forward.
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Fan Tokens
Cryptocurrency has proven itself to be a valuable tool for community engagement, and sports teams are quickly taking note. This has led to the emergence of the total market, which sees dedicated teams release cryptos and NFTs specifically for their fans. These can unlock perks, serve as an investment tool, and offer access to a broader community of fellow fans.
Some examples of these include Paris Saint-Germain and Arsenal, and with the top tokens retaining a market cap in the tens of millions of dollars, this has been far from a fad. Soon, we should see even bigger teams raising cryptocurrency in this way, and eventually, a sports team having a dedicated crypto will not be a novelty but the norm.
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Blockchain Verification for Merchandise
One of the most significant pain points for sports fans is purchasing merchandise and ensuring they have received a legitimate product. Billions of dollars are lost each year in counterfeit markets across various industries, but fortunately, blockchain technology offers a solution to this problem. The underlying technology for cryptocurrency can now be applied to sports merchandise pieces, allowing them to come with blockchain-backed tracking that gives buyers peace of mind.
By scanning dedicated QR codes and logging onto the blockchain, they can see the complete life cycle of the piece of merchandise and track its origin. This means complete charity that they have both legitimate products, and with teams like the Sacramento Kings experimenting with this use case, the sky is the limit.
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Crypto Sponsors for Sports Teams and Players
Crypto companies have been working hard to break into the mainstream, and one of the ways they have done this is by collaborating with sports teams and players. These days, it is not unusual to see sports teams taking sponsorship from various crypto companies and featuring the logos on their jerseys, and even within stadiums.
Perhaps the most notable example of this is the Staples Center being renamed to the Crypto.com Arena a few years ago, generating millions of dollars in publicity. Even individual players are getting involved with Serena Williams and Jessie Lingard becoming ambassadors for various crypto-related companies. This is a win-win for all involved as crypto companies gain exposure to the teams and the players’ audiences while they, in turn, receive an income.
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Crypto Payments for Athletes
Cryptocurrency, being so lucrative and appreciating in value, has seen many people invest some of their income in it. Some sports players have gone the extra mile, however, by requesting that their salaries or a portion of them be paid in cryptocurrency. Russell Okung made headlines a few years ago when he asked for a portion of his salary to be paid in Bitcoin.
Given that Bitcoin has since appreciated several times, many consider this a winning move. This helped to grant not just more visibility for cryptocurrency but a sense of legitimacy. After all, if these athletes with million-dollar contracts were leaping with crypto, why not the general public?
Conclusion
Cryptocurrency is finding its use in several industries, and sports appear to be one of them. From crypto companies sponsoring sports teams to more betting being done using digital assets, it shows no signs of stopping. This means that sports and crypto lovers have several entry points through which they can reap the benefits of cryptocurrency while enjoying the magic of sports.