Cryptocurrency in sport

People did not know much about cryptocurrency until lately, or they did, but it looked impractical and impossible to understand. However, the situation has changed considerably in the few years since crypto: thanks to numerous enthusiasts, there is more faith in electronic money — from investors and ordinary users alike. The sports industry has not lagged, demonstrating its faith in crypto not only in words but also in acts.

The feverish conversation about cryptocurrencies in the public and political media appears to have abated, but that does not imply blockchain has run out of steam — on the contrary, it is gaining pace in sports. The two sectors, cryptography and athletics, are comparable in their ambition to always innovate and improve. Both athletes and crypto-enthusiasts are constantly looking for new ways to advance and reach new heights. This is why we witness spectacular new records in high-performance sports daily, as well as quality advancements in cryptocurrency. At the very least, a relationship between sports and the crypto-industry was unavoidable and almost destined to succeed.

Cryptocurrencies increased and strengthened to such an extent that they actively entered even the sports world. In January 2018, a major sports club and a blockchain partner signed their first contract. The deal between Arsenal and CashBet was a breakthrough. The contract included CashBet Coin advertising on the Emirates Stadium and Arsenal’s official website.

The NBA, one of the most technologically complex and advanced leagues in the world, is no exception. They began utilizing cryptocurrencies in 2014 when their prices were not being tracked by all of the world’s media. The experiment was initiated by the Sacramento Kings, who were the first to allow fans to pay for e-tickets and equipment from the online shop using bitcoins. Furthermore, billionaire and Dallas Mavericks team owner Mark Cuban expanded on the concept in 2018. In response to a question from one of his Twitter followers, he stated that his team would begin accepting bitcoin payments as early as the next NBA season. Cuban later clarified that they will soon start accepting bitcoin and Ethereum, possibly some other cryptocurrencies as well.

By the way, as soon as blockchain and cryptocurrencies became a major topic, one of football’s kings burst into the information flow. Leo Messi became the advertising face of Sirin Labs, the company that developed the world’s first crypto-smartphone, Finney. Messi announced the contract on all social networks, with a combined reach of around 100 million people.

Similarly, Nikita Kucherov, the world’s finest hockey player, is supporting the development of blockchain systems. He is involved in the Russian TokenStars project, which is a platform for engaging with aspiring and current athletes. Anyone may assist aspiring players in gaining entry into competitions and improving their training facilities. Meanwhile, investors can not only monitor athletes’ progress but also make important decisions, such as signing professional or commercial contracts.

Nick Kyrgios, one of the world’s noisiest tennis players, is no exception. He invested in his friend Sam Karagozis’ Auscoin project, a network of cryptocurrency ATMs where anyone in Australia can exchange cash for bitcoins or vice versa.

By the way, hockey club Rungsted renamed its ice arena the Bitcoin Arena, as its general sponsor is Danish bitcoin billionaire Nicklas Nicolaisen, owner of payments provider Bitcoin Suisse. One of Rungsted’s players, striker Nikolaj Rosenthal, became the first professional athlete to be paid in bitcoins.

However, such striking examples do not count, it is only a small fraction. It’s all thanks to blockchain and its advanced technology, slowly but surely bringing a whole new dimension to the sports industry. It’s allowing people to play an increasing role in creating the world we want to see.

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Tatiana Leverya, Team bit4you.