The United Partnership Of The Sports Industry With Cryptocurrency
Cryptocurrency and Blockchain technology is proliferating in various industries — one such industry is ‘Sports’. Sports and the aura that it creates is so vibrant and energetic — sports fans are passionate about the teams they support. The market in the sports industry is massive too — from partnerships to tickets, merchandise, collectibles, and much more that could benefit everyone associated.
When every industry is trying to attempt to be innovative and adapt to the new digital currency technology — the sports industry isn’t the one to be left behind too! The sports industry and related organizations have started to adopt and embrace the world of cryptocurrency and digital tokens. In many of such forms, they also provide exclusive merchandise, items, or content with the help of the technology. The use of cryptocurrency in the sports industry does not only upgrade the game of transactions and payments but it also helps to be connected and engaged with its fans.
For instance, in the year 2014, the NBA team — Sacramento Kings — was believed to be the first in the sports industry that started accepting Bitcoin as a method for payment and transactions for ticketing and merchandise.
In this blog, we are going to talk about the United Partnership of the Sports Industry with Cryptocurrency and Blockchain Technology.
The Sport That Brings Billions Together
Football is the most popular and loved sport in the world, it’s even called soccer in the United States. As per FIFA — football organization, over 3.5 billion people tuned in to watch the 2018 World Cup in Russia — that means almost half of the world’s population watched the global showpiece. A sport that big merely means the people, businesses, brands, advertisers, products, basically anything associated is in for huge benefits.
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Various teams in Europe have adopted a solution with blockchain technology that facilitates its fans in order to interact with the team, several powered utilities based on the token. West Ham, Paris Saint Germaine, and Juventus are involved in partnerships with its blockchain-based fan platform — Socios for engagement.
It enables the teams to be engaged and be involved with the fans and also the platform lets the fans have their favorite team’s fan token. With the use of these tokens, the fans can participate to place votes for things like changes in the jersey of the club, access to exclusive content and memorabilia.
Socios has two types of the voting process — binding and nonbinding. A binding set of the vote means that the club has to carry out and abide by the outcome of the vote, so for instance, if the fans have voted to change per se the color of the jersey, the club will have to carry out the vote’s request and since the process is done on blockchain technology, it cannot be manipulated or be tampered with.
Clubs have also utilized blockchain technology for endorsements, the system on Socios uses cryptocurrency token named — Chiliz. The company had also announced a partnership with Binance — a popular cryptocurrency exchange.
As Alex Dreyfus, the CEO of Socios noted how the untapped people can be connected too through the sector — given the global sports audience being estimated to be around 3.5 billion people.
The Portuguese Football Club — Benfica also accepts payments and transactions with cryptocurrency for ticketing and merchandise through Utrust — a cryptocurrency platform in June 2019. The supporters could make transactions by using ETH, BTC, and Utrust tokens, while the motive of the move was to meet the demands of over 7 million fans on social media.
Also, Lionel Messi — the Barcelona star has promoted cryptocurrency and blockchain projects on various occasions.