As crypto gets more popular every industry will be affected. Although change isn’t always good the crypto industry is generally very determined to see a positive impact in society. This article will be another edition of how crypto will affect certain industries and this one will focus on sports.
Although it may not seem like it, sports was one of the first industries to have had a major impact by crypto. It came in the form of an NFT; the first widely well known one was NBA Top Shot. NBA Top Shot is a collectible that focuses on a scene or play by a certain player, for example a dunk by Lebron James sold for over $200,000. However, the relevance to sports goes beyond collectibles, athletes are now taking salaries in crypto and the betting industry has the potential to be completely revolutionized.
Collectibles
Almost every sports fan over the age of 40 has the same story. When they were a kid they collected cards yet when they got older one of their parents threw them away to remove clutter. As they got older they then realized that those cards had some real value and if they were kept they could have netted a fortune. Well live peacefully gen X, that will never happen again with NFTs and sports collectibles. These offer a digital moving collectible that has a ledger and a permanent value, without the possibility of being thrown out.
Not only are NFTs “throw away proof” but they offer collectors a whole new way to to take part in the activity. Instead of just owning player cards people can now own plays, moves, or even entire games. They can then display them in the metaverse where there’s an endless amount of room instead of just storing them in old boxes.
The blockchain offers proof of sale and is fully funded by crypto. It is clear and obvious who owns each collectible and collectors can spend time collecting sets and rare cards.
Player Salaries
Although this is not something that will affect the general public many athletes across the world are opting to have their salary in crypto. For example, Odell Beckham Jr, a recent NFL champion had his entire NFL salary paid in bitcoin. These players are public figures and are ultra famous, I guarantee most of the people reading this (if they exist) know who OBJ is. Seeing public figures get their salary in crypto is the best possible marketing crypto currencies can get and it will encourage others to invest.
Yes, bitcoin is currently losing value but there is still a reason many of these athletes are choosing crypto over the dollar. As inflation increases, athletes who have salaries in fiat’s value will also decrease and many of them see crypto as the safer option. As I’ve stated numerous times, crypto isn’t tied to a country so it is immune to the effects of inflation.
Sports Betting
Crypto will have a large impact on the sports betting industry. Investing in crypto at the current time is a little bit of a gamble in itself, so it is only natural that these two markets would have some intersection. Crypto sports betting allows for a safer betting experience with enhanced security and greater accountability. They can also be accepted almost everywhere so it isn’t bound by borders.
Most betting sites, whether it is Fanduel or Draftkings, make it very difficult to withdraw and deposit. However, many crypto betting sites such as BetOnline.com make the process way simpler and easier. The only simple way to get money in and out of traditional betting sites is with a third party, like fanduel or wire transfers. However, crypto betting sites also remove that factor. There are even NFTs that share some of the profits from casinos with their holders, to incentivize new users. The possibilities crypto has to create a real change to improve and revolutize the betting industry is enormous and incredibly exciting.
Fan Experience
Of all the possibilities of the crypto and blockchain world this aspect is one of the things that brings the most excitement in me. Imagine if you had the ability to watch sports in a completely simulated fashion from your home. This is one of the possibilities that the crypto funded metaverse offers. You could sit in the first row at Yankee Stadium, or even in the penalty box at Game 7 of the Stanley Cup. You can hear the crowd noise and feel like you are at the game in a fully immersive experience. Most people can’t afford to sit courtside at an NBA game but a simulated world that mirrors a real time and real life game may come close to matching that experience. If crypto succeeds this could be a real possibility, and although it may not be as good as attending an actual game it may come close.
One of the cool things about the crypto and the sports industry is that the focus isn’t on fixing a problem or making something more convenient. Sports is about entertainment and the idea of crypto in this industry is to create more entertainment. Think of the movie Moneyball and the sabermetric revolution and how it created a whole dynamic for not just baseball but all sports. Crypto seeks to do something similar and increase and enhance the way we view and interact with the entire sports industry.
