Sports in the digital age: Running towards the blockchain

Did you know you can earn money by simply running around? Because you can. Digital currencies are disrupting most every market, and we are giving you some glimpses on how that process is unfolding, one industry at a time.

We’ve already told you all about tech, fashion and real estate, and now it’s time to talk about the sporting industry.

The big sports brands are investing in blockchain

When we think of sportswear, there are a few household names that immediately come to mind. Nike, Adidas, Reebok. Of course you can already buy sporting goods using digital currencies (we recommend the S.L. Benfica webstore, they have some really cool stuff). Ecommerce is an area where digital currencies have been present for a while.

What big brands are doing is investing in blockchain technology for the products themselves.

Both Adidas and Nike are developing special blockchain-powered sneakers that are tied to unique on-chain digital assets. This will guarantee authenticity and uniqueness in a market that is too often flooded by counterfeit products.

Fitness specialists see the potential as well

We have seen this in pretty much all of the articles we’ve been writing about these different segments. While it’s true that big multinationals are already actively investing in these technologies, it’s almost always small startups that are leading the charge and coming up with the boldest and most innovative uses.

Sports and fitness specialists around the world are creating different programs, based on digital currencies and blockchain to get people involved. The idea is really gaining traction: you work out, you share your data, that is kept safe thanks to blockchain technology, and you get paid in digital currencies.

With a worldwide fitness market that’s already worth hundreds of billions of dollars, creating these structures could be a gateway for structural change.

Big sports clubs are also getting in on blockchain

There are various use cases, some bigger than others, and what really stands out is the diversity of ways in which these million dollar businesses (because that’s what elite sports clubs are) are utilizing this tech.

Advertising, of course, is first and foremost. From eToro to UnitedCoin, digital currency related businesses are partnering up with massive teams from the world’s premiere leagues, including the English Premier League, the NBA or the NFL.

But advertising is just the beginning.

Major League Baseball’s Dodgers have done giveaways for blockchain-based “athlete tokens”. Fans who buy tickets for games will be able to then download Ethereum based unique tokens that represent the players. It’s a digital form of baseball card, with the same collectibility and uniqueness of the vintage cards you can now get for thousands of dollars on auctions.

Socios.com is also making something new. They have partnered with some of the biggest names in football (such as F.C. Barcelona, Juventus, PSG or A.S. Roma), as well as eSports team OG and the premiere mixed-martial arts competition in the world (UFC) to create on-chain fan tokens. These tokens will allow these organizations to engage with their fans in different ways, such as allowing them to vote on things that matter to them, with a high level of trustworthiness.

And, of course, there are sales. Portuguese football behemoth S.L. Benfica broke that glass ceiling with Utrust, becoming the first major sports organization to accept digital currencies in their webstore.

The future is now

For sports, the digital revolution is in full swing, with creative and out of the box on-chain solutions that not only solve problems but amplify these organizations’ potential for fan engagement. The creation of new and exciting experiences is a big part of how digital currencies will reshape the way we use our money.

We don’t want to simply replace traditional forms of payment. We want to do better. Companies that don’t get ahead of this curve won’t just be at a disadvantage in the future, they will be actively left behind. We don’t want that to happen. Join Utrust now, and make sure the future includes your business.