Why Crypto Firms Have Their Sights Set on Mainstream Sports

UTC by Kseniia Klichova · 4 min read
Why Crypto Firms Have Their Sights Set on Mainstream Sports
Photo: StormGain / Twitter

Although the vast majority of cryptocurrency and sports crossovers are with popular football clubs, several other sports have also seen significant interest from blockchain and cryptocurrency firms.

In the last few years, cryptocurrencies have gone from being an obscure tool used primarily by computer scientists and cryptographers, to an investment asset and payment option used by tens of millions worldwide.

In this time, cryptocurrencies have disrupted practically every industry there is, ranging from online finance, to supply chain management, to gaming, and even the real estate and healthcare industries.

However, of all the industries that have embraced cryptocurrency and blockchain, the sports industry stands out as one of the most interesting.

Football Is the Biggest Draw

Football, or soccer as it is known in the United States, is the most popular sport in the world, with an estimated 3.5 billion football fans worldwide.

Since almost half the world’s popular regularly tuning in to watch the beautiful game on a regular basis, there is little wonder why blockchain and cryptocurrency companies have been keen to tap into this massive fanbase, and perhaps convert some of these to cryptocurrency users and enthusiasts.

With arguably the most enthusiastic and dedicated fans of any sport, Football has long been recognized as an incredible marketing option for companies that want to reach a huge audience of eager supporters. This has led to a recent wave of partnerships with football teams and clubs, as cryptocurrency projects want to ensure their platform is seen by potentially millions of avid fans around the world.

One of the most prominent of these partnerships occurred between the popular cryptocurrency exchange StormGain and Newcastle United Football Club. As the official sponsors of Newcastle United, StormGain and Newcastle Utd FC are working together to bring exclusive experiences to StormGain users, such as free tickets and VIP seats at NUFC games, as well as signed memorabilia.

StormGain is currently the official sleeve partners for the football club, as such, the StormGain logo can be seen emblazoned on the official Newcastle United FC shirt. StormGain have even taken their partnership with Newcastle United FC to the next level by launching a YouTube series called StormGain Answer Time, where StormGain discusses a range of topics with the Newcastle FC team.

StormGain isn’t the only major platform to target football fans either. Back in September 2019, Bitcoin was confirmed as a new sleeve partner for Watford Football Club, thanks to an educational drive launched by cryptocurrency betting platform Sportsbet. As a result of this partnership, Watford FC also became the world’s first sports club to accept Bitcoin for merchandise purchases on its website.

Sports Clubs Cross with Blockchain

Although the vast majority of cryptocurrency and sports crossovers are with popular football clubs, several other sports have also seen significant interest from blockchain and cryptocurrency firms.

Back in October 2018, the British Masters golf tournament was sponsored by LIFElabs, a crypto firm that offers its own stablecoin and several other products. Likewise, the Litecoin Foundation recently partnered with Ultimate Fighting Championship (UFC), leading legendary fight announcer Bruce Buffer to declare “Take control of your money and pay with Litecoin” during UFC 232.

Moreover, sport investor Heritage Sports Holdings (HSH) acquired a 25% stake in the Italian Serie C soccer team Rimini Football Club by paying entirely in a cryptocurrency token known as Quantocoin (QTCT) – which is still yet to trade on major cryptocurrency exchanges.

It isn’t just sponsorships and acquisitions either. Several sports clubs have taken the opportunity to release their own crypto collectibles using the Ethereum blockchain. One of these is FC Bayern Munich, a German sports club based in Munich. Back in October 2019, the club raised over 240 ETH by selling blockchain-based merchandise to fans.

Panini America, a popular online retailer for sports trading cards also launched its own blockchain store, where it intends to auction off licensed blockchain-based trading cards represented by non-fungible tokens. Since sports trading cards are hugely popular, it wouldn’t come as much surprise if blockchain-based substitutes also gain significant popularity in the coming years.

Altcoin News, Bitcoin News, Blockchain News, Cryptocurrency news, News

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