Cryptocurrencies have emerged slowly but surely; their global impact with the emergence of Decentralized Finance, DeFi, caused a stir. Anyone can have access to buy and, much more, to be aware of and learn about them. There is no doubt that in the sports world, it does widely accept that the name given to these cryptocurrencies is Tokens (chips).
The truth is that after the global interest in investing with cryptocurrencies, which had a surprising escalation, especially in the second half of 2020 when Bitcoin.
The most popular cryptocurrencies obtained a historical performance in times of pandemic—leading the sports world to seek new methods to receive income. Also Read https://slotsfans.com/20-free-no-deposit-bonus/.
Cryptocurrencies debate their volatility and the lack of regularization by financial or government institutions. But traders and investors wasn’t stop on believing in cryptos, as they keep trading on platforms like bitcoin x.
Similarly, companies in the sports industry have focused their marketing on sponsorships loyalty with cryptocurrencies and Bitcoin.
Currently, several teams from different sports disciplines have sponsors directly related to cryptocurrencies or Bitcoin.
The European football fever, Formula 1, the Nascar series, the NBA, and others have put aside the prejudices against cryptocurrencies and currently have sponsorships from companies directly related to digital money.
European soccer teams such as FC Barcelona, Manchester City, Paris Saint-Germain, Juventus, and AC Milan also offer tokens to their fans through the Chiliz blockchain.
With the rise of cryptocurrencies and the football machine Lionel Messi receive a part of his salary at PSG in digital money; European clubs invest in this new market, a source of additional income and a way to involve the players. Fans.
Many international athletes are receiving their payments in cryptocurrencies.
A great indicator of their progress; even athletes with an investment vision know that sports do not demand their athletic abilities and qualities at a certain age.
So they prefer to take these payments as a long-term investment, which will make your fortunes continue to increase even more.
What are fan tokens?
They are the well-known ‘fan-tokens,’ a type of crypto active that, unlike cryptocurrencies, needs to use the blockchain networks of a third party. The utility of the company’s fan tokens is the same for all the teams it works with, but each organization sets the rewards and benefits.
Fan tokens are a type of crypto used by sports clubs to improve their income and relationship with their fans.
Crypto business in sport
For various reasons, more and more people choose to receive their monthly salary in cryptocurrencies; yes, the new trend has reached professional athletes awesome true.
The benefits of the crypto business in sports have various edges. For example, it is the sale of digital merchandise such as tokens and a possibility of ticketing, the sale of secondary products, and even the transfer of intangible information internally through the blockchain.
Everything indicates that crypto businesses will be one of the primary sources of income for sports institutions or at least one of the important ones in the coming years.
Perhaps together with the issue of betting, two very atypical sources of income that have not been around for some time. Yet, they existed, and today they are beginning to gain more strength, as specialists warn.
It is super important to note that the partners with whom Cryptocurrency reached collaboration agreements in the sports field are: Formula 1, the Italian Series A, the mixed martial arts company UFC, the Montreal Canadiens hockey team, Paris Saint Germain (PSG), Aston Martin from Formula 1 and Philadelphia 76ers from the NB.
The NBA started selling a product called NBA Top Shot. It is a project that the league launched with the players’ association and Dapper Labs.
The topic of cryptocurrencies has become a recurring theme in the automotive industry in recent months, with Crypto.com becoming the first virtual currency to sponsor a world sports championship. In turn, the Hong Kong-based cryptocurrency exchange becomes a new global partner of Formula 1
Conclusions
Cryptocurrencies have found many strange and brutal ways to grab users’ attention, from being used by celebrities and crypto influencers to doling out tokens to more die-hard fans.
The fever of NFTs (Non-Fungible Tokens) continues to escalate and spread to more and more industries. Despite strong criticism that has not hesitated to point out the tremendous environmental impact of this type of digital asset, more and more people decide to work with them.
