When cryptocurrency and Bitcoin first made waves, only a few people understood what they were. For a long time, the subject of cryptocurrency received mixed reviews and speculation, especially because many experts and traders were torn between its legitimacy and high-profit potential. To this day, many skeptics still disapprove of digital currencies, although the crypto market is an ever-growing one.
Like NCAAF picks, crypto investing and blockchain technology are becoming increasingly popular, with over 4,000 cryptocurrencies currently being traded, bought, and sold on various exchanges and brokers. For this reason, cryptos are gradually shaping multiple industries, including sports. Numerous companies are now looking to explore how they can harness the power of cryptocurrencies, and sports organizations and franchises are joining in on the craze, helping shape the sporting world one milestone at a time. For further insight on this, you can keep reading.
How Crypto Investing And Blockchain Technology Shape Sports
Teams
Blockchain technology is primarily known for its decentralized and democratic key elements, where changes to its systems are only allowed if most online collectives agree. With this in mind, many professional sports clubs are taking full advantage of the technology, so they question fans on how they would like their clubs to be run. In the process of doing that, the club in question will then receive funding.
Juventus, the Italian soccer team, offered its supporters a digital coin that they owned for roughly $2. Here, supporters had the opportunity to make decisions and vote on various matters, including anything from transfer policies to kit designs. With this engagement, the team could enhance fan experiences while bringing people closer to brands they adore and love.
As you sit in and think about this approach, many end up imagining the possibilities that can surface from influencing how your favorite pro franchise or college decides to draft players. This means supporters can have an important inside track of anything the subject of wagering comes in with cryptocurrency.
Buying Products
Another exciting advancement blockchain technology has brought is allowing in-game purchases. The concept first came to light in the esports and online gaming industries, where players could spend various cryptocurrencies on anything they wanted, from weapons to avatars. By doing this, fans could gain access to the multiple teams and stars of Mountain West Football.
So, if you wanted to talk with a player seated on the bench or listen in on what goes on in locker rooms during half-time team talks, these desires could be monetized by offering fans such experiences. Here, fans would then use cryptocurrencies as a means of payment.
Ticket Touting
One of the most promising applications of blockchain technology in sports had to be the possibility of making ticket touts obsolete. Here, venues have the full authority to distribute tickets through various strict policies, which means that the ticket’s face value is all that’s ever paid. By doing this, fans will be kept from being ripped off by sites that tout tickets and imply that fans who show the most dedication will get the chance to be present at important games.
In Conclusion
Those who continue to advocate for cryptocurrency in sports mainly direct it towards salaries and trades being paid using popular cryptos like Bitcoin and Ethereum. Businesses like these are already being tried, and we see this with, for instance, the sponsorship deal that’s in motion between ONG Social and famous speed skater Ted-Jan Bloemen, where ONG Social is paying the former player to promote their services exclusively in Bitcoin. With CFOs and sports agents now becoming savvier in understanding how cryptocurrency works, fans and supporters can expect more deals like these in the future.
