Thirteen years ago, the person we know only as Satoshi Nakamoto unveiled a new and exciting development in finance. Bitcoin was the first and is still the most successful and popular cryptocurrency today. For a long while after its creation, Bitcoin went unnoticed by mainstream society; however, in recent years (especially since late 2019/early 2020), the overall standing of crypto has drastically increased in the zeitgeist.
The development of crypto has had a massive impact on various industries. While the finance and investment industries are the two most affected, Bitcoin has also touched the entertainment industry, the gambling industry, and the sports industry. In this article, we will look at a few of how cryptocurrency has changed sports for the better.
What is Cryptocurrency?
Before we get into that, though, let us first explain what cryptocurrency is. While the phenomenon has gotten a significant boost in popularity since 2020, it is still relatively new on the scene, and many people are still uncertain what the deal with crypto is. So, just what is cryptocurrency?
Well, cryptocurrency is, to put it plainly, a form of digital currency which is encrypted on a blockchain, making it untraceable. Most cryptos are decentralized, meaning they don’t fall under the authority of any bank or government, making transactions made with crypto all the harder to trace.
Now that we’ve looked into this brief introduction to what cryptocurrency is, let’s look at how the phenomenon has impacted the world of sports.
One of the main activities that sports fans enjoy getting into is sports betting. For this reason, the introduction of crypto-based betting is one of the most exciting developments in the world of sports. Some of the top online sportsbooks like BetUS, have begun incorporating crypto-based deposits and withdrawals. Most of these websites allow for a wide variety of payments, including FIAT currency and digital wallets, making this addition of crypto-deposits all the more exciting, considering it has no impact on the people who don’t wish to participate. Some of the most popular cryptocurrencies used on these websites are the following:
- Binance Coin
However, for those out there who are only interested in placing crypto-based bets, many online casinos and sportsbooks have opened up, which only deal with crypto-based deposits. This new trend in the gambling world is catching on quite a bit, furthering the popularity of cryptocurrency.
Clubs that Embrace Crypto
Quite many sports clubs throughout the world have begun to embrace crypto. Whether they’ve made advertisement deals with certain cryptocurrencies or whether the athletes have agreed that a sum of their paycheck will be paid out in crypto, this digital currency phenomenon has become quite popular in organized sports.
One of the biggest organizations in the sports world is the NFL, and so far, quite a lot of the NFL’s best-known teams have made partnership deals with various cryptocurrencies. The most prominent example is the San Francisco 49ers’ partnership with Litecoin.
Purchasing Tickets with Crypto
Another popular example of cryptocurrency’s impact on the world of sports is that, nowadays, fans can purchase their tickets using Bitcoin or one of the various other cryptos popular on the market. This development has made getting tickets much easier, as fans can simply log online, make their payment, and their ticket will be waiting for them. On top of that, the transaction is made untraceable, so for people who value their privacy, this is the perfect way to purchase a ticket and enjoy your favorite game.
Team or athlete merchandise has always been a huge part of the sports industry. Fans buy the jerseys of their favorite teams/players, memorabilia celebrating their most beloved clubs, and various other trinkets to symbolize their passion and support for a given team or athlete. The development of NFTs, has made it possible to purchase a team’s merchandise without leaving your home.
NFTs are a huge thing in the world of crypto today, and among all of the most popular forms of NFT, some of the biggest are the ones related to sports. The National Basketball Association has licensed its NFTs using the Ethereum blockchain, which will be released close to the 2022 NBA playoffs.
The rise of cryptocurrency has had a massive impact, not just on the world of finance but on most popular culture in general. Among all of the industries that have been changed by crypto, the sports industry is one of the most popular, and many sports fans are more and more interested in crypto and will likely continue to be in the coming future.
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