What major sports are paying athletes in crypto?
After suffering significant losses due to issues stemming from the COVID-19 pandemic, the sports industry has turned to crypto to recoup its losses and help fans stay connected with clubs in today’s socially-distanced world.
Over the past 18 months, countless deals and sponsorships have been reported between Web3 projects and sports teams, and if things go as planned, this might be just the tip of the iceberg for these two industries.
With the prices of Bitcoin and memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) exploding, projects are starting to realize the importance of a loyal community and are making all the necessary moves to build and sustain a devoted fan base — something sports teams have had figured out for some time now.
Crypto.com and Coinbase spent $6.5 million on 30-second ad spots during this year’s Super Bowl. One sports analytics firm even claims that crypto deals in the sports world are expected to cross $5 billion in revenue by 2026.
When the word “crypto” is used in sports, it doesn’t just refer to regular cryptocurrencies but also to nonfungible tokens (NFTs) and fan tokens, which athletes and clubs create to increase fan engagement. These tokens allow holders to gain exclusive benefits such as voting on the song to be played at the stadium before a match begins.
Besides fan tokens, the sports betting landscape is also getting much attention from the blockchain industry. With crypto sports betting, people can bet on the outcomes of sports events or league rankings, paid out in cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and Litecoin (LTC). While this might not sound revolutionary, it has a significant impact on cryptocurrency adoption.
Crypto sports betting allows for a safer betting
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