Undoubtedly, cryptocurrencies have become increasingly a part of mainstream society for the last few years. What was once underground and niche is now a regular story on primetime news shows and a major part of the daily discourse.
If there is one area of society that is overwhelmingly mainstream, it is sports. Sports plays a major part in many people’s lives and can even be said to bring nations together. Now, the worlds of sports and crypto have become entwined. This has given digital currency a bigger profile and suggests that there is no looking back to those more underground days.
Crypto can be used now to order groceries, bet on events on sportsbooks like MyBookie, and even be deposited in roadside ATMs. With its new partnership and relationship with sports, there seems to be no end to how cryptocurrencies can play a part in everyday, mainstream life – including sports.
Fan Engagement
Sports teams rely on loyalty and fandom. In days gone by, an initial connection between a team and a fan might be because of geographical location or family history. But now, in the online world, forging bonds with people from all over the world is much more possible.
Sports teams have recognized the power that cryptocurrencies and blockchain technology hold in forming and developing bonds. Fans can purchase NFTs and other digital assets and become more involved in sports teams’ decision-making process. This greater sense of involvement can strengthen engagement and loyalty for the future.
Player Contracts
Not just fans and teams have benefitted from the growing relationship between crypto, blockchain technology, and sports. Players also use this digital relationship to enhance and streamline their position in the sector. Contracts can be agreed upon and negotiated with the aid of technology in the field.
These platforms can also ensure secure trades and transfers and reduce the possibility of unauthorized business or tampering. Athletes have received payment in the form of crypto, and in 2018, the first soccer transfer was completed using Bitcoin to purchase in Turkey.
Team Ownership
The last decade has seen a series of very wealthy businesspeople taking control of sports teams worldwide. In one sense, this is nothing new. Rich people have always owned sports franchises. But more and more have made their money in crypto and now use those profits to push sports forward.
However, one soccer team in England is even operated by blockchain technology. The owners of Crawley Town issued NFTs that fans could buy in return for a say in how the club was run. The move has not been without incident, but fans are slowly coming around to the idea, and greater success could inspire more crypto companies to become an integral part of the everyday running of sports teams worldwide.
Sponsorship and Marketing
One of the most noticeable areas where the sports and cryptocurrency worlds are colliding is in the form of sponsorship and marketing. Many sports teams wear jerseys emblazoned with company names as part of a sponsorship deal in which the teams are paid handsomely. Crypto companies have become more and more visible in recent years.
Sponsoring team jerseys and agreeing partnerships with clubs, franchises, and even entire leagues is now commonplace, and that is only growing crypto’s place in the mainstream. Some organizations even use the technology to drive marketing decisions, strengthening the bond between blockchain and sports.
Blockchain Technology
That integration of blockchain technology into sports has become the defining moment of the relationship. Teams from all kinds of sports, from across the world, have entered into agreements that allow fans to have more of a say, build official partnerships, and promise a more transparent way of doing things.
This move is obviously beneficial to both the sports world and the crypto businesses. A higher profile for both strengthens them while also generating new revenue streams. These associations have generally gone over well with a more tech-savvy sports fan base that has gotten used to crypto and digital currencies being a part of everyday life.
The Future of Crypto and Sports
Cryptocurrencies and blockchain technology are certainly helping to shape the future of sports and those teams and organizations involved have readily accepted the new relationship as part of mainstream culture. There seems to be no slowing down in how quickly this relationship grows.
There are challenges to be faced and both sides need to be careful not to get too carried away. There is the risk of alienating more traditional sections of sports fandom that may be more opposed to something they either don’t know about or understand.
The landscape continues to evolve, and sports and crypto must adapt to upcoming issues and situations to ensure that the relationship remains positive and popular. However, the initial signs look good for all involved, and we can be sure we will see greater involvement and integration in the coming years.
