Appearance of the crypto in sport

Written by Anna Komashko
Written by
Investing reporter
ECOS community manager...
3   min.
Crypto news 

Cryptocurrencies and digital tokens have become a major part of every single area of life, including even sports. Today crypto in sport also presents.

Since 2014, The NBA team Sacramento Kings confessed Bitcoin (BTC) as an appropriate way for paying for tickets and a lot of things closely linked with football.

Now we look at the example of the largest sports teams which already started to use digital tokens and cryptocurrencies in order to expand the area of influence and keep up with modern technologies.  

How is football linked with cryptocurrencies?

Football is the most popular and famous kind of sport worldwide, that’s why there’s a countless variety of things which are linked with this kind of sports. So, a lot of football teams already started using cryptocurrencies on a blockchain basis, which allows fans to build successful communication with sports teams through special programming products, such as Socios, which is already used in the majority of incredibly famous teams all over the world and showed its stunning efficiency.

The proof of its growing influence is the expansion of the first and largest application which linked sports and NFT – NBA Top Shot. It consists of kept moments from the most captivating competitions. All these moments are divided into several categories, for example, depending on the level of hype around one certain moment. The more renowned it is, the more it costs.  

Along with NBA Top Shot, there is also one of the most renowned platforms which accept cryptocurrency as a payment method – Sorare. It is a kind of VR-football team that is created by the user according to his tastes.

Moreover, the efficiency of crypto-based platforms is explained by the inclination of the majority of fans to watch certain moments from the competition instead of its full version.

As for Socios, it gained its stunning popularity not only with the help of various functionalities but also because of the fact that it launched its own cryptocurrency Chiliz (CHZ), which is based on the Ethereum blockchain.

Socios and other programming products are also aimed at implementing certain tokens, which help fans to participate in the life of a team as a whole.

Moreover, such renowned footballers as Lionel Messi are already advertising the use of cryptocurrencies and blockchain projects. Besides, several Premier League sides are also receiving Bitcoins as salary.

Despite the efficiency of ads promoting Bitcoin, it’s not the only area of its implementation, the other side is promoting organizations, for example, with help of cryptocurrency exchange UnitedCoin.  Ethereum has become the next successful participant in the crypto race.

Major League Baseball team Los Angeles Dodgers has become the first sports team to invent a crypto-giveaway which allowed the quickest 40,000 fans to acquire crypto token which is, in its turn, a way to download a digital bobblehead of participants of their favorite footballers, which are kept in the fans’ Ethereum wallets as the next stage.

Cryptocurrencies and Blockchain are undoubtedly continuing to show really stunning efficiency in sports. Despite this, its further development may be suspended by future changes in rules concerning the crypto field.

If the Crypto Industry successfully overcomes all the obstacles from the state, it has all chances to integrate closely crypto in sports, apart from many other areas. However, Blockchain is the most sustainable kind of cryptocurrency because of structural advantages. The majority of experts are curious about the planned development in this specific field, although there is already quite a successful example – a partnership between Football and Basketball teams and Esports, which helps cryptocurrencies to expand their area of influence.

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