The introduction of cryptocurrency in the world of sports does not have to start today. Over the years, the crypto space has been active in many sporting events, including competitions, fundraisers, player buying and selling.
The impetus for cooperation comes from both sides. The sports world is now aware of the potential of cryptocurrencies to increase financial returns. At the same time, sports provide a suitable avenue for crypto to become more popular and fully integrated into real life. This is because sport is a global game with die-hard fans in every corner of the world. Here are some of the most interesting facts between crypto and the world of sports.
Cooperation and sponsorship
In 2014, BitPay, a leading US bitcoin payments company, and ESPN signed a sponsorship agreement. This deal is one of the first in the world of sports – cryptocurrency. In addition, BitPay is also a sponsor of the St.Petersburg Bowl, an annual student football tournament in the US. These sponsorships are perfect ways to promote crypto in the world of sports.
More partnerships and sponsorships happened in 2018. CashBet works with Arsenal as the official and exclusive blockchain partner. CashBet leveraged the partnership to advertise its online betting services. Many online crypto sportsbooks have existed since then, with 1xBit standing out from the crowd for its seamless betting functions and support for over 35 cryptocurrencies.
In the same year, Litecoin officially partnered with UFC 232, actively sponsoring the Heavyweight fight between Alexander Gustafsson and Jon Jones. This event led to an increase in the value of the LTC coin. Litecoin UFC has garnered over 40 million impressions on Twitter. These collaborations show a seamless flow between crypto and sports.
Player transfers and wages
More and more football clubs are accepting payments for player transfers and salaries in cryptocurrencies. Harunustaspor Football Club in 2018 bought a player and paid with Bitcoin. It was the first time this happened in football history. Having received 0.0524 BTC, 22-year-old Omar Faruk Kiroglu signed a new agreement with the football club.
However, in 2018, Gibraltar United Football Club took it a step further by paying part of their players’ salaries in cryptocurrency. This happened after the club signed an agreement with Quantocoin. Quantocoin has been involved in many crypto transactions in the football industry, notably the purchase of Italian Serie C Rimini FC 1912 Football Club.
The partnership between Lancashire Cricket and TIXnGO remains a remarkable one in this respect. The two parties signed an agreement for TIXnGO to develop a mobile ticketing platform using blockchain technology. The deal that followed has effectively brought all matches, whether international or domestic, at Emirates Old Trafford in 2020.
The success of the deal reduced cases of fake tickets. By synchronizing tickets with smartphones, the booking process has been simplified and made more efficient while increasing ticket sales.
Furthermore, many international payment companies are seeing the light in crypto services. The 2018 FIFA World Cup edition saw companies like Epayments and Wirex give fans the option to purchase tickets through BTC, ETH, and LTC. In addition, hotel chains like Kaliningrad Apartments Malina also offer BTC bookings.
Because fans have such a big stake in their club, innovations like Fan Token are an important part of crypto sports collaboration. The Fan Token is an all-tangible digital token that provides fans with access to a voice in club decisions. After owning Fan Tokens, you can vote on a number of issues related to your favorite club, such as selection of charity initiatives, kit design, training ground name , and other problems. Fans are also participating in FC coin groups.
The Fan Token initiative offers an exclusive ticket and makes fans feel more attuned to the team they love. Chiliz has made notable strides here, creating a crypto and social media platform dedicated to offering Fan Tokens across various sports. Juventus and PSG have both partnered with Socios to sell Fan Tokens.