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Cryptocurrency In Sports

Cryptocurrency In Sports

As someone who is updated with the sports world, you may have discovered that crypto logos are becoming a familiar sight in athletes’ jerseys, half-time advertisements, and inside stadiums. According to a recent report, the proceeds emanating from sports and cryptocurrency deals have more than doubled since 2021. Analysts say the figure may rise to 5 billion US dollars in the next three years.

The fact that crypto firms have decided to explore the teeming fan base in the sports industry should not surprise anyone. That is because the number of fans supporting one sport or the other is quite massive. Moreover, crypto companies have finally discovered that this is the fastest and most effective way to drive brand awareness, gain considerable exposure, and bring about the necessary conversions.

Indeed, cryptocurrency is still new to the sporting world. However, that does not change the fact that it promises enormous benefits for sports teams and fans. Ncaab picks is an excellent example of such benefits. Cryptocurrencies have been reshaping the sports industry in the following ways.

Crypto Payments

Many sports outfits are now considering accepting cryptos as a means of payment for ticket sales. This is a no-brainer because cryptocurrency transactions are super-fast and are not restricted by country borders. As a result, Crypto users in one country can make payments for tickets even though they live in another country.

For example, the last edition of the FIFA World Cup in Russia engaged the services of Wirex, a payment solution, so foreign soccer fans could do basic transactions in the country without necessarily incurring international wire transfer costs. That deal made it possible for soccer lovers to buy and pay for things in Russia with very little stress.

Sports teams are equally indicating great interest in crypto payments. They are particularly interested in how they can pay salaries with cryptos. For example, sometime in 2022, the NY Yankees were on the news when they proposed to members of staff and players that they could receive their wages in BTC through NYDIG.

Similarly, many more athletes are asking that their salaries be given to them in crypto formats. From big names like Odell Beckham to UFC fighters, it is evident that athletes are happy to get along with the trend. This move makes even more sense when you look at the short lifespan of athletes in different sports.

Making payments in BTCs or cryptos helps to hedge against any form of inflation. Also, in addition to providing investment value, it creates a special incentive, making that particular sports team attractive to the best talents.

Fan Tokens

Are you a sports fan that has been fantasizing about having a sense of belonging with your best team? Quit dreaming and be more involved in your team with fan tokens. Think of fan tokens as sports cryptos reserved for VIP members. Fan tokens make it possible for fans to get behind their teams. And in doing so, they can enjoy other benefits like participating in club voting and having unique access to club merchandise. In addition, you can have a say in what your club is doing as a fan.

Club fans from all around the globe can partake in sensitive decision-making processes, such as deciding on the upcoming season’s jersey design or even voting on various charity ideas. This gives the fans that overall sense of belonging. This simple move has gone a long way to boost the fan base in many sporting outfits.

Fans with fan tokens can also enjoy specific investment benefits. The cost for each fan token is based on a number of factors. FC Barcelona sold out their first set of fan tokens, and the transaction only lasted for about 120 mins. The money accrued from the sales was over 1.3 million US dollars. When Lionel Messi agreed to sign for PSG, it excited the football community so much that it increased the value of PSG tokens.

In summary, fan tokens help increase engagement between sports teams and their followers. For instance, if you love sports, you can get started today by leveraging ncaab picks. I am pretty sure you don’t want to miss out on the excitement.

NFTs

NFTs are also making a remarkable impact in the world of sports. It works like baseball cards. Baseball cards first premiered in 1868 and have evolved into one of today’s most endeared collectibles. Likewise, NFTs work the same way as baseball cards, with the exception that they are used on a blockchain network.

Three years ago, the NBA signed a massive deal with Dapper Labs to birth NBA Top Shot. This has turned out to be one of the most successful products in the world of NFTs. NBA Top Shot is a blockchain platform letting fans trade, sell, and own Moment NFTs.

Another benefit of NFTs is that it helps to bring NFT holders together, allowing them to meet as a community. NBA Top Shot holders worldwide are up to a million. The holders can partake in special competitions where they can earn more NFTs and access events where they can meet other VIP Moment NFT holders, or get tickets for NBA games.

Also, Oracle Red Bull launched a couple of NFTs in 2022. The NFT was only auctioned on a particular platform, rewarding users with mouth-watering benefits. Sports NFTs having special values can last forever on the blockchain network and in the minds of their fans.

Wrapping Up

The first partnership deal between a sports company and a crypto platform was signed about four years ago. Ever since the first deal, both stakeholders have made appreciable progress. Cryptocurrency will penetrate more areas in sports. There is no doubt about that. After all, cryptos are here to stay. Now is a good time to invest in the cryptocurrency space. Ncaab picks is offering you a chance to do that. Cryptos is the latest trend today. So, let’s make the best of as many sports and crypto partnerships as possible.

About Yashwant Shakyawal

Avatar for Yashwant Shakyawal
Yashwant Shakyawal is a passionate, innovative, and curious digital marketing specialist with experience in Social Media Optimization, web content creation, Content Marketing, Search Engine Optimization, and brand marketing.

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