The Next Big Market for Cryptocurrency is Fantasy Sports
Fantasy sports seem to be all set for the mass adoption of blockchain as the so called ‘digitally native’ industries are continuously boosting the blockchain synergy.
This is stated by Messari, a digital research firm.
Researchers state that these industries are all set for a robust growth due to the ongoing COVID-19 pandemic.
This industry of Sports has realized the potential that blockchain and cryptocurrencies technology can bring to monetize the engagement of fans. These technologies can, also, engage a global market and attract sponsors in ways that are unimaginable.
Each of the passionate fans are digital citizens and consume the content of the sports along with the sports beyond the actual timing of the match. Sporting bodies, clubs and also teams are going for different innovations for survival in this new age of digitization and want to cater to the expectations of their fans.
As known, there have been limitations upon the sports industry due to the ongoing pandemic. This industry has managed to respond and also managed to devise different strategies to ensure that the fans and also the clubs can remain connected in this world of social distancing.
The industry has also realized that cryptocurrency and blockchain can revolutionize the experience of the fan and the revenue streams through an increase in crypto-sponsorships non-fungible tokens (NFT), fan tokens or probably, blockchain providers entering the market.
Sponsorships and Partnerships
Awareness about cryptocurrency among investors and viewers has risen due to different sponsorships.
Use of Bitcoin and Cryptocurrency in Sports
Besides bitcoin, other cryptocurrecies are also being accepted as payments in the world of fantasy sports. Fans can now buy merchandise and also tickets with this currency. This is being used by clubs for paying salaries or paying fees. Organizations and sports clubs have benefitted by cryptocurrencies. This is due to the implementation of more transparent and secure exchange markets of tickets.
Crypto-assets and Fans Tokens
Fan engagement tokens are considered to be one of the most needed innovations between technology and sports. This token is ‘fully fungible digital’ token that can give a fan influence and access over specific decisions made by a sports team. The owner gains the right to vote on different matters of the club with this token. This includes training ground names, kit designs or even picking initiatives for charity.
This token is very similar to a membership card that provides the fans exclusive rewards. This includes treatment at different events or VIP access.
To enjoy this total experience of sports, all you need to do is get on to a sporting game platform, like Fanspel. All the transactions carried out on this digital platform are done in cryptocurrencies.
This gaming platform allows you to create your own digital team in accordance with the real team.
Fanspel offers you different sports like Football, Baseball, Basketball and also cricket. You can get new offers each day on this gaming platform. You can say this is a unique approach for enjoying fantasy sports.
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