Mainstream Sports Tokenization: What’s Currently Happening

Cryptocurrencies and tokens have turned out to be incredible assets for quite a few industries in the course of recent years. Mainstream sports are no exception.

Sports fans are very passionate about the teams they support, and there is a monstrous market for everything from tickets to memorabilia, clothes and even home appliances.

As the world keeps growing online, sports teams and associations are starting to realize the potential of cryptocurrencies and tokens. The potential to give fans access to very exclusive content via these new technological innovations.

This advance toward crypto-acknowledgement has been going on for quite a while in the mainstream sport world.

Back in 2014, the NBA team Sacramento Kings started to accept Bitcoin (BTC) as payment option for tickets and products. This was the very first time something like this happened in the mainstream sport industry.

After that, many teams have started to test out the utilization of cryptocurrencies and tokens.

Football is referred to as soccer in the United States. It is by a wide margin, the most mainstream sport on Earth. FIFA’s review of public viewership after the 2018 World Cup in Russia, over 3.5 billion people from all over the world were watching the worldwide masterpiece.

This basically means that half of the entire world was tuned in to the World Cup at one point or another. Given the potential client exposure, any merchandise or ad related with the most famous football brands are almost always ensured to profit by the levels of exposure.

Mainstream sports have literally billions of fans with different needs

The fans have a huge appetite for memorabilia, including anything from t-shirts to marked attire. The greatest football teams have gargantuan fan bases over the world, who are in most cases, constantly looking for new ways to show their support.

Some of Europe’s greatest teams have embraced a blockchain-based arrangement that gives fans various token-fueled utilities to associate with the team. Juventus, Paris Saint Germaine, West Ham and Roma all have their unique partnership deals with the blockchain-based fan platform Socios.

Socios allows the teams to develop and use their own fan tokens. Utilizing their tokens, they can take part in decisions on things like changes to the club’s t-shirt or logo while also gaining access to special merchandise and memorabilia.

Socios has two ways to cast a ballot component: binding and nonbinding.

A binding vote suggests that the club needs to abide by whatever the result of a vote is. Along these lines, if the fans vote in favor of a color change on their shirt, the club should keep its promise. Given that the votes are cast on a blockchain implies they can’t be changed or deleted in any way.

Sports, bets and wagers have had a long history, and are for good or bad, connected on many different levels. The idea of digital forms of money has seen them utilized as a way to encourage betting and wagering.

The overwhelming success of betting companies has allowed them to become major sponsors of the majority of mainstream sport teams in the world. In fact, many betting companies sponsor more than 1 team.

Crypto-based betting companies have also done this with two noteworthy English Premier League football sides taking sponsorships.

Partnership with the biggest European football giants seem to be breaking into the American crowd for basketball and American football. This factor can’t be downplayed as ads alone will undoubtedly claim many new users to the crypto and blockchain universe.

It’s anything but difficult to envision that online fan commitment and deals will be driven by tokens in the near future. Teams who are already exploring the possibilities will have a great head start in front of those who aren’t.

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