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The sports industry is one of the biggest in the world. Whether it be advertisements or sponsorships, the sports industry impressed every other industry. They get huge popularity and players are always seeking ways to leverage that.
In that situation, what if we tell you that the sports industry is becoming a mouthpiece of Bitcoin’s credibility and reliability. Yes, it’s true. Prominent sports teams have agreed to accept fees in the form of crypto. That itself speaks of the growing popularity of this industry.
Early Cryptocurrency in the Sports Industry
It was the Sacramento Kings who first started accepting crypto payments and now the Mavericks have made the same decision. This move was made possible when Cuban got 5Miles as the team’s sponsor. This opened the gates for fans to trade in cryptocurrencies. It also allowed fans to use them to buy the tickets and merchandise of their favorite team. Cuba already had a history of reliance on the crypto industry and this move further reinforced the fact.
The use of crypto in the sports department is still in a very nascent stage. However, this move has given the global industry confidence. It was the first-ever move in this direction. It has further opened doors for other crypto players to enter this space in the future.
By doing this, Cuba has not only showcased its open-mindedness when it comes to technology, but it has also made a global statement through an elite platform like the NBA in the sports industry.
Most Cubans believe they only invest in something once they are extremely sure of a favorable outcome. Now, with this move, they have made a remarkable statement about crypto and indirectly stated their favorable stance towards the same. So, the whole world is now thinking, since Cubans believe in blockchain and crypto, there must be huge potential in this market. For more information, visit this http://bitcoincircuit.biz/
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- This whole discussion is not just about crypto being accepted in exchange for a sports ticket. It says so much more than that. It has paved way for more such steps in the future, as the entire sports industry is going open to these reforms.
- We expect cryptocurrencies to pay players in the future.
- Another reform could be a team being sponsored by big brands in the form of cryptocurrencies.
- The leagues could also open their gate to this advanced and sophisticated technology which means we can expect to see them running on the blockchain. This will open the gate for easy trading of players between different teams.
- It could also pave way for digital contracts between players and the teams. So, whenever a player is signed the contract will automatically be shared over the blockchain ledger.
With these reforms in the sports industry on their way, we expect to see the state of sports transforming into something bigger and better. The same holds for other industries as similar reforms are taking place there also. Various industries in the world are leaving behind their doubts and insecurities about cryptocurrency and they are paving way for a brighter and better future.
What Are the Major Transformations in the Sports Industry?
There is a lot happening in this industy and we should see and observe how the sports and crypto-industry are merging.
A prominent Olympic level skater Ted-Jan Bloemen was paid in cryptocurrency for his recent tournament. Though it was his personal decision and did not speak much of the team’s stand, it definitely made a point that sports players are open to such transactions.
This gave birth to an idea called the Blockchain-Powered Sports Sponsorships. Here, a sponsor can put money in the digital wallet in the form of cryptocurrency and the players can be sponsored with those coins. When this happens, all major tournaments will see crypto advertisements all over their marketing channels. This will further help give crypto the push it deserves.
While it will help popularize crypto, it’s an equally great opportunity for the sponsors as well. With this system in place they can purchase the sponsorship rights all by themselves. As a result they can avoid the consultant fee, manager appoints, and get as many featured opportunities as they please.
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