Some say replacing fiat money with cryptocurrencies is a way to get into the sport, while others say monetizing teams is the perfect approach. Well, there are enough examples of how cryptocurrencies managed to enter the sports industry, and today we are dealing with this topic.
Some may already be aware of the blockchain facilitating democracy in sport. Whether it's voting for the next team kit, or the song they would sing after scoring a goal or winning a championship.
In the past, it was usually just a group of people that started this trend and spread it across the country, until it reached the whole world. This type of development is very positive but unbalanced. For this reason, blockchain technology has entered the sector: to bring more balance and the ability to interact more directly with one's favorite team.
In this article I will focus more on football than on any other sport, simply because football is the most popular. So, without further ado, let's get started.
Participation in club decisions
As already mentioned at the beginning of the article, cryptocurrencies and blockchains, in general, have introduced a very democracy-centered system into sport. This was confirmed when popular Italian football club Juventus developed their own digital token and offered it to their fans for $ 2.22 per token.
Owning the token allows fans to participate in club decisions. Matters like the mechanics of the celebration, future transfers, new kits, themed songs, and so on. There are so many things to decide on.
These types of "token clubs" would promote more initiatives for the community, which is the source of life for football clubs. In the past some gifts were intended for devoted fans, but now things have changed completely.
Randomly selecting the fans who will come to see the match, rewarding those who participate the most and, in general, helping the token club to circulate within the community, would allow to bring much more initiative and even involve some non-fans of the club.
While it is somewhat of a marketing strategy, it is still an effective tool for introducing cryptocurrencies to the industry.
Advantages added by crypto
One of the main innovations of the sports industry are the advantages obtained with cryptocurrencies. For example, there are several occasions when a sports service provider offers some unique features to those who pay with cryptocurrencies.
Remember the story about the use of XRP as the main currency during the Olympics? This is one of the best examples of these crypto features in the sports world. Those who pay with cryptocurrencies could receive better seats or additional benefits, simply because the crypto community wants the technology to grow.
There is no larger audience than that of sport as a whole, so using it as a marketing tool is an incredible opportunity.
Furthermore, cryptocurrencies are starting to become a perfect tool for responsible gambling and betting. There have been dozens of cases where online gaming platforms would offer discounts or money back guarantees if people used cryptocurrencies. Obviously this is also a marketing ploy, however, getting people used to gambling more responsibly is a great initiative.
One of the main examples of this approach is fantasy football, which assigns cryptocurrencies to various team members and offers discounts if the tokens match the players' team. If today there were coins for every available team, the operations would be much quicker and easier.
Companies are simply claiming that as long as the financial sector is taken care of, they are willing to implement the appropriate features on the platforms.
Having a gambling industry with a stable moral sense would change the sports industry forever.
In addition to these two characteristics, cryptocurrencies in sport are still in their infancy, waiting for companies and clubs to take the first steps towards innovation.
