What’s The Future of Cryptocurrency in The Sports Industry?
The sports industry is one of the biggest in the world. Be it an advertisement or sponsorships, every industry is fascinated by the sports industry. They get huge popularity and hence all the other players are always seeking ways to leverage that. In that situation, what if we tell you that the sports industry is becoming a mouthpiece of Bitcoin’s credibility and reliability. Yes, it is true as prominent sports teams have agreed to accept fees in the form of crypto and that only speaks of the growing popularity of this industry. To learn more about Bitcoin Billionaire.
It was Sacramento Kings who first started accepting crypto payments and now The Mavericks have made the same decision. This move was made possible when Mark Cuban got 5Miles as the team’s sponsor. This opened gates for the fans to trade in Cryptocurrencies and pay them to buy the tickets and merchandise of their favorite team.
The use of Crypto in the sports department is still in a very nascent stage but this move has given the global industry confidence in the same. It was the first-ever move in this direction and it has further opened doors for other crypto players to enter this space in the future. Going back to Mark Cuban, by doing this, he has not only showcased its open-mindedness when it comes to technology, but it has also made a global statement through an elite platform like the NBA. The logic is easy: If Cuban believes in Blockchain and crypto there must be huge potential in this market for the rest of us to benefit from.
photo credit: Strolic Furlan / Flickr
Now, what’s the way ahead?
- This whole discussion is not just about Crypto being accepted in exchange for a sports ticket. It says so much more than that. It has paved way for more such steps in the future as the entire sports industry is going open to these reforms.
- At the most, we can be expecting players being paid their fees in the form of Cryptocurrencies.
- Another reform could be a team being sponsored by big brands in the form of Cryptocurrencies.
- The leagues could also open their gate to this advanced and sophisticated technology which means we can expect to see them running on the blockchain. This will open the gate for easy trading of players between different teams.
- It could also pave way for digital contracts between players and the teams. So, whenever a player is signed the contract will automatically be shared over the blockchain ledger.
With all these reforms on their way, we can soon expect to see the state of sports being transformed into something bigger and better. The same holds for other industries too as similar reforms are taking place there also. Various industries in the world are leaving behind their doubts and insecurities about Cryptocurrency and they are paving way for a brighter and better future in the same.
What are the major transformations happening in the sports industry?
There is already a lot happening in this space and we should see and observe how the sports and crypto-industry are merging.
A prominent Olympic-level skater Ted-Jan Bloemen was paid in cryptocurrency for his recent tournament. Though it was his personal decision and did not speak much of the team’s stand, it definitely made a point that sports players are open to such transactions.
This gave birth to an idea called the Blockchain-Powered Sports Sponsorships. Here, a sponsor can put money in the digital wallet in the form of Cryptocurrency and the players can be sponsored with those coins only. When this happens, all the major tournaments will see Crypto advertisements all over their marketing channels which will further help give Crypto the push it deserves.
While it will help, popularise Crypto it is an equally great opportunity for the sponsors also. As with this system in place they can purchase the sponsorship rights all by themselves and can avoid the consultant fee, manager appoints, and get as many featured opportunities as they please.