Sports world recognizes the worth of cryptocurrencies and Bitcoin as prominent athletes and sportspeople are fully adapting to the digital and revolutionary change that cryptocurrency markets bring. Crypto and blockchain technology can prove to be a monetary value for the sports industry in times of the pandemic. Cryptocurrencies and blockchain technology may further monetize fan interaction, attract sponsors, and engage a global market in several unimagined ways.
People are connected to the clubs, athletes and teams even outside the playground. Hence, the sports industry is trying new ways to survive while meeting fans’ expectations in the digital world. Fans can buy bitcoin cash and once they have bought it, it can be used in various ways. Some of them are stated below.
Bitcoin and Sports: What’s the Connection?
- Boost fan engagement all across the world. Use outlets to sell as much sports memorabilia as possible.
- Improve the image of the team and athletes
- Use the popularity of groups and events to your advantage.
- Revenue rises, sales grow, and profit increases.
- Bitcoin sports betting
Doping Issue and Blockchain Technology
There are issues in the worldwide sports business that have an impact on sport’s reputation and integrity. Clubs and organizations, on the other hand, might try to misrepresent or modify vital information. The adoption of blockchain technology and cryptocurrency is successful in addressing this issue. The layers of blockchain encryption are impenetrable. It protects data on Blockchain from external influences in a substantial way.
Fan Engagement with Bitcoin
Every athletic event or team’s success relies heavily on its fans. Fans are made to feel special, dedicated, and important by their teams. From donating in-stadium tickets to sports items, towels, and other commodities, sports teams use Bitcoin to increase networking and connection with their supporters. Moreover, they collaborate with Blockchain startups to develop immersive experiences.
This may be one of the main reasons why so many clubs and sports organizations are now adopting Bitcoin. Every user receives a wallet, which can be opened using two keys: the public and personal keys. The user can disguise his identity and make anonymous payments since transactions cannot be made without private access with a unique alphabet and number combination. Customers can feel safe since no foreign agency can track their transactions. Fans can buy bitcoin cash and make payments.
Tokens and Online Merchant Sales
Fans are able to use Bitcoin and other cryptocurrency tokens to purchase everything from beverages and food to goods and souvenirs.
Sponsorship that is Genuine
Each sports club and company needs sufficient sponsorship to meet the financial demands of its athletes. The money will be used for player development and essential sports such as clothes, sports equipment, and medical treatment, among other things. Bitcoin enables sponsorships that are genuine and there is no risk of fraud.
Fans all worldwide are ecstatic when their favorite teams or athletes’ equipment is put up for sale. The authenticity of the auctioned objects, on the other hand, is extremely difficult to establish. This is where Bitcoin technology comes into play.
Bitcoin-based Ticketing Systems
Bitcoin is used in sports to make purchasing, storing, and even transferring tickets between owners or fans quick and safe. Fans who cannot attend an event may swap tickets, for example, without incurring fines or losing money, thanks to its decentralized structure, which eliminates the need for middlemen and primary players (and unsafe centralized systems), making the user experience considerably more efficient.
Because data on the Blockchain is immutable, no one can falsely claim a ticket or dispute a price. Because blockchain technology can instantly authenticate tickets, ticketing systems based on Bitcoin ensure that fraudulent tickets are removed. Furthermore, if the sporting facilities are postponed or delayed, the entire rescheduling procedure is easier for both organizers and end-users.
Let’s have a look at a few sports franchises and players who are investing in Bitcoin.
Sacramento Kings was the first NBA franchise to accept Bitcoin as a payment method in 2014. Now they have announced that players of the team will be eligible to receive their salary in Bitcoin.
Dallas Mavericks started accepting Bitcoin as a payment method in 2019 to increase fan engagement with merchandise and tickets.
Russell Okung is the first NFL athlete to receive a salary in Bitcoin.
The Oakland Athletics became the first team in professional baseball to use bitcoin for full-service payment.
Recent research has shown that 47% of sports fans have basic knowledge about Bitcoin. 27% of fans own cryptocurrency and Bitcoin.More and more teams and clubs are adapting Bitcoin and cryptocurrency technology to provide better opportunities to players and fans in this digital age.