Cryptocurrencies and digital tokens have been around for the past few years or so, and its adoption into various industries and markets have been steadily growing. As we progress into the digital age, where most transactions are most convenient when done digitally, cryptocurrencies have started to cement themselves as powerful tools in a variety of industries worldwide.
One uncommon integration of cryptocurrencies seen recently is in the world of sports. The market in the world of sports has been bigger than before, with passionate fans willing to purchase different merchandise, collectibles, and memorabilia to support their respective teams.
Cryptocurrencies first appearance in sports
As the market grew, sports teams and organizers have started utilizing systems and tools that offer more effective, secure, and convenient ways to facilitate transactions. It was in 2014 when Sacramento Kings made Bitcoin an acceptable payment method for merchandise and tickets. This is now considered the first move in incorporating cryptocurrencies into the sports world. From here, different sports organizations began considering cryptocurrencies into their market system.
Cryptocurrency in football – the biggest sport in the world
Football is arguably the biggest sport worldwide, with audiences spanning the entire globe especially during the World Cup. This single sporting even offers the largest market potential for any sports organization or company due to its wide audience reach. Just last year alone, FIFA has recorded over 3.5 billion people watching the 2018 World Cup in Russia.
This huge market potential has led to various sports organization and companies to integrate cryptocurrency technology to create a more convenient way for the organizations and the fans to do transactions. Teams have started releasing platforms featuring digital tokens which fans can use not only to purchase merchandise but also to participate in various team activities such as voting on jersey designs and such.
Partnership of sports and cryptocurrency
Socios CEO Alex Dreyfus have started up a partnership with a major cryptocurrency exchange platform to give fans a chance to connect more with their favorite teams through digital tokens and cryptocurrency. His explanation for this partnership is it opens up a huge potential for both blockchain technology and the sports world to mutually benefit from each other considering the huge market volume of sports audience, currently estimated at 3.5 billion people.