Future Of Sports With Cryptocurrencies and Blockchain
The article explores the future of sports with cryptocurrencies and blockchain technology based on instances that have already experienced success.
Blockchain technology is rather easier to explain than implement in real time. It is a distributed ledger that is maintained to keep track of transactions. All the records are stored in a verifiable and permanent way.
No single entity controls information storage, and attempting to alter any information requires one to use large computing power, making it difficult for the involved party to modify the information on the network wrongfully.
Cryptocurrency utilizes blockchain technology to its full power. Cryptocurrency is a digital payment form that requires no intermediary, like a bank, to execute transactions. Digital currencies are decentralized, and the transactions can always be verified on the network. Users holding cryptocurrency in their wallets can implement its real-life uses, such as buying, selling, or trading them on an exchange platform.
The sports industry is moving to the future by partnering with several crypto exchange platforms. The aim is to reach a wider audience as crypto exchange platforms look to increase awareness about their operations.
Use Of Cryptocurrency in Sports
Crypto is widely used in online sports betting. Sports and cryptocurrency could soon share an inseparable bond. Various sports betting sites have leveraged the situation to highlight that they accept cryptocurrency, making their transactions safe and economical compared to those still on traditional payment systems. Since crypto transactions have stood true to their words, customers of crypto sports betting sites have expressed their keen interest in participating in online sports betting.
A question does arise if online sports betting can have more than limited uses through the partnership. It can, as fans no longer have to wait in line to purchase tickets. Plus, the new ticketing system will be much more secure and transparent. Fans will also be able to purchase their favorite merchandise.
As for the sports companies, they have already started use of cryptocurrency and blockchain technology for processing players winnings payouts, also the sports clubs have begun transferring fees through cryptocurrency.
There have been instances where sports companies accessed cryptocurrency as an alternative to the traditional payment service.
- FIFA World Cup 2018 saw Wirex & E-Payments come forward, allowing fans to purchase tickets for the tournament through Litecoin, Bitcoin, and Ethereum.
- Apartments Malina offered a similar service, announcing that it would allow customers to book accommodation and pay for it in BTC.
- Lancashire Cricket and RIXnGO recently partnered to offer a new blockchain mobile ticket platform.
Whether a sports company or a crypto service provider, both have made the best use of their partnership. Benefits have also been extended to customers to make their lives easier.
Partnerships and Sponsorships
Sports companies partnering with crypto exchange platforms help them secure event sponsorship. This is in addition to gaining wider brand recognition. Cryptocurrency is no longer a thing of the past. It is on the verge of entering the mainstream financial system. An informed awareness among viewers and investors will benefit the entire financial ecosystem.
Some instances from the past that reflect the successful partnership between sports companies and crypto exchange platforms are as follows:-
- eToro and several Premier League teams partnered, intending to promote the crypto-trading service for eToro. The deal was settled with BTC as a payment form. eToro took this opportunity to highlight that crypto holders could purchase merchandise or tickets using their services.
- BitPay and ESPN Events was one of the first partnerships recorded in December 2014. The crypto marketing initiative brought in the sponsorship for St. Petersburg Bowl.
- Litecoin and UFC 232 joined hands in 2018. Litecoin sponsored the Light Heavyweight title fight between Alexander Gustafsson and Jon Jones.
Partnerships like these have sparked a discussion among people on utilizing digital currencies for at least those services that accept cryptocurrencies. Community members who already have cryptocurrency in their wallets have welcomed newcomers warmly.
Sports and Crypto Collectibles
Crypto collectibles here mostly refer to non-fungible tokens, famously known as NFTs. They represent tangible and intangible items that users store in their digital wallets. Items could include virtual real estate property and sports cards.
NFTs are unique and have single ownership. They have information that can be easily verified on a blockchain network. The usage of NFT for sports betting could be far from being a reality; however, cryptocurrencies can still be used.
While the idea of using NFTs for sports betting may be speculative or theoretical, cryptocurrencies like Bitcoin can still be used for online sports betting in certain platforms or regions where it is legal and supported. If you’re a beginner in the world of Bitcoin sports betting, feel free to click here and explore some of the top Bitcoin sportsbooks that readily accept this cryptocurrency.
Sports and crypto collectibles have a success story as well. Top Shot by NBA consists of digital items that NBA officially licenses. Gross sale registered has crossed the mark of $230 million.
The future will be about the sports industry blending with the crypto industry. Stay on the lookout to not miss out on any opportunity. The combination of cryptocurrencies and blockchain technology is revolutionizing payment methods, boosting security, enabling new fan experiences, and opening up possibilities for digital collectibles, which is changing the sports sector. The future of sports in the world of cryptocurrencies and blockchain appears optimistic with ongoing partnerships and innovation.