The hype surrounding cryptocurrencies over the past decade is undeniable. Blockchain technology is here to stay, as the industry is set to revolutionize the online payments industry. Many industries have already linked their respective businesses to various channels within the crypto space, maintaining their focus toward the future. In recent years, it has become evident that the sports world is no exception.
The relationship between the sports and crypto worlds is as natural as it gets. As various coins and tokens become more reliable to popular, the public continues to place more trust in their use as a sustainable method of payment. Sponsorship deals continue to form across the world, with sports teams getting their share of the industry, while big players in the blockchain field benefit from the added exposure from a substantial and lucrative target market.
Way back in 2014, the NBA’s Sacramento Kings introduced Bitcoin as an official method of payment for fans interested in purchasing game tickets and team merchandise. It was another way for the Kings to increase sales, while also appealing to the younger and more technologically diverse fanbase. Credit the Kings organization for becoming one of the sports pioneers in the industry, by accurately forecasting the growing popularity of Bitcoin.
Since then, we have see various teams take similar action to incorporate cryptocurrencies into their business models. The NFL’s Miami Dolphins have agreed to a deal with Litecoin (LTC), which will become the team’s official cryptocurrency. As part of the agreement, the team will incorporate the use of the digital coin as a payment method for Dolphins raffle tickets. Litecoin will also benefit from having official advertising within the organization’s stadium. Earlier this year, the Cleveland Cavaliers partnered with cryptocurrency exchange UnitedCoin in a promising endorsement campaign for both sides. The exchange hopes to garner added traffic through this agreement.
The Sports world has already recognized the growing frenzy surrounding Bitcoin and other coins. And as a result, there has definitely been progress made in the correlation between these two industries. In 2018, during the most recent World Cup in Russia, FIFA estimated that roughly 3.5 billion people across the globe, tuned in to watch some of the games. That type of exposure it impossible to ignore. And with such an absurd global reach, it’s no wonder crypto companies are rushing to create partnerships that could lead to an increase in users and engagement.
The immense market that soccer has around the world makes it the most natural and lucrative target for blockchain companies. We have already seen a plethora of cryptocurrencies related companies enter the sports world, hoping to see their market share grow. Despite the growing buzz surrounding crypto, the truth is that this market remains in its infancy. Many potential users have yet to truly put their faith in a non-tangible, digital coin. As the public recognizes that blockchain is not going anywhere, it is likely only a matter of time before more people begin to use digital coins.
The world will ultimately continue to implement blockchain technology and cryptocurrencies across a wide range of industries. As global users continue adjust to the new age of “digital money,” it is likely we will see crypto become of long-standing partner for many sports organizations around the world.
The goal for any basketball franchise is to build a dynasty that fans and experts will be talking about for