The Sports industry is one of the biggest and oldest industries in the entertainment sector. The global sports market had reached $488.5 billion in 2018 itself and has gone up further. With time this industry is going through tremendous changes and not just in terms of sports, but from a technological perspective as well. With the advent of cryptocurrencies in the scene, more and more sports teams have started adopting cryptocurrencies and digital tokens to give fans access to various contents.
One of the sports that cryptocurrencies are seeing massive adoption in is undoubtedly Football, or as it is called in the United States, soccer. Football is the most popular sport on the planet, and there is a huge market for everything from tickets to collectables. With the speed and security of blockchain technology, cryptocurrencies are finding their place in the football market over the last few years.
Football club Juventus, with over 360 million fans worldwide, have been utilizing cryptocurrencies since last year after they partnered with Socios.com, a blockchain company that helps football clubs transform digitally with the help of Blockchain technology. The partnership was aimed at creating the tradable Juventus Official Fan Token that will allow fans from all across the globe to access a voting platform that will allow them to be heard.
This move was made by many other big clubs in the game like Paris Saint Germain, West Ham and Roma who have all engaged in a partnership with Socios.com to improve fan engagement using blockchain technology.
Apart from just boosting fan engagement, cryptocurrencies have also received great exposure with the help of these teams. One of the notable events was when Premier League Club Wolves FC, became the first UK football club to partner with an online lottery business. The partnership was meant to help spread awareness about cryptocurrencies and boost adoption.
Watford Football Club, another team in the premier league sported the famous Bitcoin’ ₿’ logo on their sleeve after a partnership with popular online betting platform Sportsbet.io. This initiative to drive education about cryptocurrencies is proof of how Crypto is a growing trend in the world of football. Talking about crypto adoption Justin Le Brocque, Head of Marketing at Sportsbet.io, said:
“Some of the biggest challenges we and others like us face is raising awareness, dispelling common myths around cryptos and educating the public on the advantages and opportunities presented by cryptocurrencies, Our partnership with Watford marks a major disruption in the world of traditional sports sponsorship, and by adding the Bitcoin logo we hope this world’s first partnership will create even more buzz around cryptocurrencies.”
It is quite evident that the role of cryptocurrencies in the world of football is more like a give and take policy. While football fans and clubs get to benefit from the various attributes of this emerging technology, Cryptocurrencies and blockchain get a worldwide exposure which is much needed to boost crypto adoption.