The Impact of Cryptocurrency on the Traditional Sports Industry

Only a few years ago, people were not so sure about what the future of cryptos would be. But with the blockchain technology slowly permeating almost every industry, can the sports industry be far behind? Instead of confining its uses to the fintech world, blockchain is now infiltrating the sports industry. While the sports world has considered dabbling in cryptos, it is treading cautiously. The first to test the waters had been gabling companies and traditional sports betting websites which started to accept cryptos as payment.

While the crypto and sports industry seem to be involved in a close relationship today, things were certainly not like this even a few years back. What started with offshore betting sites and gambling companies soon spread to sports club owners who began paying members with cryptos. One of the earliest examples is that of the hockey player Rosenthal, now the CEO of Evonax. Recently, a huge number of bettors turned towards safe and trusted tennis betting sites 2021 to earn big and also some gain experience in betting through cryptocurrency. Soon afterwards when ICOs kicked off, the sports industry sat up to take notice.

  • Different clubs have now decided to offer their fans tokens; the biggest names like FC Barcelona and Juventus have their tokens that can be distributed amongst fans. The fans, on their part, use these tokens to buy sports merchandise, vote on club decisions, and even win rewards like VIP seating. This method of using tokens to connect with fans is both innovative and effective. Clubs on their part benefit because they can now boast of a stronger community and connect to fans anywhere on the globe.
  • More and more sports stars have started self-tokenizing themselves; even ordinary people have been trying this. But where it concerns actual sports stars, it can be an excellent way to get funding support. It is being argued that stars will soon not only promote their own coins but even their own marketplace for trading tokens on their sites directly.
  • Companies are combining the blockchain technology with fantasy sports leagues. For instance, Protoblock uses NFL statistics to offer new ways to play on Windows and Mac desktops or mobile devices. Protoblock provides a high-end experience to fantasy fans by offering cryptos based on a player’s ability to predict the NFL statistics. This is one of many firms that have embraced cryptos as a better way to boost transparency and payment for fantasy sports. Companies like MyDFS have made plans to create their own crypto to expand their platform. They have ensures that users can play games, withdraw their winning fast without having to face bots.
  • The LFE or London Football Exchange expects to take advantage of the crypto euphoria by democratizing its club ownership. It has almost 4 billion soccer fans worldwide. It has done an ICO of 4 billion tokens that are going to let fans use these for buying goods at discounted prices, tours, and meet-and-greets. It is hoped that these tokens would eventually be used for buying tickets. Using the blockchain will also make ticket transactions more secure. This system is now allowing fans to get a taste of ownership of their favorite teams and bringing a forth a new revenue model that will benefit sports clubs.