Sports Accepting Cryptocurrencies, Adoption is Spiking

Sports Accepting Cryptocurrencies, Adoption is Spiking

Cryptocurrency
June 21, 2022 by Editor's Desk
1972
Every day represents another step ahead in the indulgence of cryptocurrency in the world of sports. Many teams are offering NFTs for avid fans to buy. Top athletes are demanding that their salaries be paid in crypto. Fans can pay for game tickets using cryptocurrencies. All these activities, and more, represent a change in that
Sports Accepting Cryptocurrencies, Adoption is Spiking

Every day represents another step ahead in the indulgence of cryptocurrency in the world of sports. Many teams are offering NFTs for avid fans to buy. Top athletes are demanding that their salaries be paid in crypto. Fans can pay for game tickets using cryptocurrencies. All these activities, and more, represent a change in that the sporting world is adopting cryptocurrencies across all realms of sports, from soccer and basketball to motorsports such as F1. 

This has also been evident in some other industries directly linked to sports, such as sports betting. Researchers have recorded the gamblers’ preference for using crypto to pay for their wagers, such as NFL lines, soccer games, and more.

Crypto Makes Things Simple

One of the main reasons for this revolution is that teams are accepting cryptocurrencies as a form of payment. This was first done by the NBA’s Sacramento Kings, followed by various big-name teams around the US and the world at large. Sporting brands see this as a welcome practice because crypto transactions are much quicker, sustainable, and safer.

The number of athletes that are demanding to be paid in digital currency is increasing swiftly. The NFL’s Russell Okung had a widely publicized request in which he announced that he would like half of his salary to be in Bitcoin. This was followed by Sean Culkin, who requested his entire earnings to be in the form of Bitcoin. The NFL’s number 1 pick last year, Trevor Lawrence, accepted his entire signing bonus in digital currency in a staggering package that included Bitcoin and Ethereum.

The pavers of this movement, the Sacramento Kings, recently announced that they are offering everyone within the Kings organization to be paid in Bitcoin. 

The more recent phenomenon is not this, however. This goes to the buzz of 2021 – NFTs. 

Also, read – Which skills does GenZ need to learn to become an NFT developer?

Sports Leagues Are Getting Involved

Several leagues throughout the world, and especially NBA, are offering fans the opportunity to purchase NFTs of varying types and styles. In less than 12 months, fans will be able to buy NBA NFTs from the NBA Top Shot, a blockchain-based card trading system. Top Shot has topped the $700 million mark in total sales. 

Celebrity athletes such as NBA All-Star Victor Oladipo are using crypto to contribute to various charities. Even more exciting is the fact that these stories and examples are not restricted by geographical or any other barriers. In the UK, for example, EPL Champions Manchester City have started issuing NFTs in the form of artworks to celebrate the team winning the division title. Italian soccer powerhouse AC Milan has also jumped on this chance to issue NFTs for fans to connect and celebrate with the approximately 500 million fans worldwide. 

Developing economies are also not far behind. Argentina’s national team launched its own NFT fan token, which was promoted by team captain and former Barcelona legend, Lionel Messi.

Crypto to be Part of the Sports Ecosystem 

The sporting world portrays what is, perhaps, the best example of the world’s leading industries adopting cryptocurrency and taking it even further. Not only is the interest from U.S. citizens in cryptocurrency growing exponentially, but the decision-makers of the sporting sector are also seeing this as the future of commerce and the future benchmark for athlete and fan experiences.

The real-world evidence clearly shows positive growth in crypto-directed momentum every single day in the sporting sector, and most of these technological innovations are benefiting charity as well. 

Cryptocurrencies being accepted by sports franchises allows users to utilize their assets in versatile and tangible ways. Furthermore, providing salaries to athletes in crypto allows them to make even more profits on them, as they can keep them in digital form for long periods, only liquidating as much as they need. The future of sports is directly linked with cryptocurrency, and one cannot help but be excited about it.