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Cryptocurrency And Sports: A Combination To Keep An Eye On

One would imagine that the sports sector is the one place where sponsorship opportunities abound and that crypto money is unnecessary. Money, on the other hand, attracts money, and crypto money is no exception. 

In reality, both sectors are discovering new ways to gain from one another. Playing on the best online casino and betting on your favorite teams is certainly a thrilling and consuming activity. 

Bringing People Together

Sports, unlike anything else, bring people together. This characteristic makes it an excellent platform for fundraising. While other ventures may take months or even years to develop a community, with sports, everything is already in place. Clubs, teams and individual players all have large fan bases; all you have to do is figure out how to contact them. Sports and cryptocurrency may use a number of rather apparent strategies:

  • Raising funds for teams, clubs, or athletes using cryptocurrency.
  • Marketing in collaboration with popular athletes to generate money for a cryptocurrency initiative.
  • Create a token and distribute it to fans who will use it to pay for services on the platform for that sport (like betting, buying merchandise, etc.).
  • Allow fans to participate in key choices about a certain player, club, league, or even sports event by using tokens as a tool for influence.

Cryptocurrency, Sports, and Crowdfunding

One of the most famous incidents occurred in 2014 when the Jamaican bobsleigh squad received a surprise contribution of $30K from the Dogecoin community to attend the Olympics. Needless to say, a number of initiatives use tokens to raise funds via crowdfunding. 

SportyCo, for example, was founded to give long-term investment to players and numerous sports groups. Investors get a portion of the athlete’s or team’s future earnings in return. In England’s Premier League and Championship, Newcastle United and Cardiff City have backed this project in the hopes of raising revenue through their own coin.

Bitcademy, a promising business offering its own STO, sought to use a mix of AI and blockchain technology to assist and empower young players. Fans would be able to participate in and influence the development of world-class football players via the platform.

Big Names Pushing Crypto

With their “Bitcoin” St. Petersburg Bowl in 2014, BitPay was perhaps the first to combine bitcoin with sports, at least on an official level anyway. Four years later, a token called CashBet allegedly made Arsenal an appealing offer. The soccer team promised to promote its ICO in return. However, the agreement failed to materialize in its latter stages. 

More recently, the Wolverhampton Wanderers Football Club was sponsored by the CoinDeal exchange, and the squad displayed the logo of the company on their football jerseys. Then, eToro, a multi-asset investing platform, inked a partnership with Tottenham Hotspur, Leicester City, Newcastle United, among others. The clubs were invited to establish cryptocurrency wallets and were compensated very handsomely in Bitcoin.

Eden Hazard and Sergio Agüero are two popular soccer players who have endorsed All Sports Chain, a platform that seeks to be a significant sports entertainment and prediction platform. A lot of renowned exchanges already sell their SOC token. The initiative is still considered a promising “work in progress,” however, they do provide weekly updates on a regular basis.

While some celebrities are cautious when it comes to promoting cryptocurrency, others go all in and even develop their own currencies. Take Ronaldinho and his Soccer Coin, for example. His concept aimed to improve soccer’s global growth and assist underdeveloped nations in proving themselves on the field. However, something went awry, and the public auction was halted. 

The Perfect Fit

Sports and cryptocurrency seem to be a good match. Both sectors have attracted significant funding and are led by passionate people. A new seamless method for athletes, fans, sponsors, and advertising to cooperate and communicate is possible with blockchain. 

In turn, the sports business tends to make its vast community available to blockchain-based enterprises. The opportunities for collaboration are infinite, from crowdfunding to token awards to celebrity promotions to crypto collectibles. This one certainly seems promising to say the least and is one to keep eyes on.

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