The COVID-19 pandemic has boosted the adoption of blockchain technology in the sports industry.
The sudden outbreak of the COVID-19 pandemic in 2020 has created a drastic effect on the sports industry imposing strict lockdowns and severe regulations to maintain protocols. There are mostly empty stadiums all over the world with only players to continue with different leagues or tournaments in various sports. COVID-19 has boosted the online gaming industry among the tech-savvy millennial. Thus, the sports industry has started adopting blockchain technology in the cryptocurrency ecosystem to enhance monetary transactions among the staff and fans. The future of sports is in the hands of cryptocurrencies with its blockchain technology engaging the global market. The sports industry has understood the potential of cryptocurrencies to survive in the tech-driven era post-pandemic.
How is the sports industry adopting blockchain technology?
Adopting blockchain technology has helped the sports industry to connect with popular clubs and loyal fans in a socially distanced world. Blockchain technology has started revolutionising both the monetary system and fan experience through the following ways:
Salary payment in cryptocurrencies
There is a global acceptance of cryptocurrencies as a form of hassle-free payments among reputed companies. The sports industry has also started paying huge salaries to their top players through blockchain technology. The NFL star, Russell Okung is the first-ever American player who has received the partial payment through Bitcoin out of $13 million. Since there is an improvement in the digital technology post- COVID-19 pandemic, the sports industry has decided to follow the new global trend in the payment system. Blockchain technology has benefitted the sports industry to maintain the yearly budget by reducing the transaction fee of any transfer and eliminating all third-party agents.
Fan tokens have become popular among the sports team and their respective fans. It has created an opportunity for clubs to gain additional revenue as well as enhance fan engagements against other competitors. Tokens of sports teams can be brought through FIAT currencies like dollars, pounds or euros that can be exchanged for several merchandises, tokens, VIP opportunities and much more. Popular clubs like FC Barcelona, Manchester City are availing these fan tokens post COVID-19 pandemic to gain more online revenues with constant interaction with their fans. Fans can get access to the behind-the-scenes of their favourite clubs and players with special points and discounts with the help of blockchain technology. Fan tokens are helping the clubs to earn a large number of votes to influence their theme songs, upcoming kits or certain games from their international fan base.
Digital Trading Cards
Non-Fungible Tokens (NFT) have launched limited editions of digital collectables known as digital trading cards with the implementation of blockchain technology. This makes an opportunity for fans to buy or trade the digital trading cards of their favourite club, in-game assets such as eSports also game memorabilia. The prices differ with various digital trading cards depending on their popularity in the crypt market. Blockchain technology provides a unique digital identity to these trading cards that have the potential to remove the third party between the club and their fans.
The advent of the COVID-19 pandemic has increased the potential of fantasy sports in the global market that has successfully attracted millions of players. The implementation of blockchain technology into various platforms of fantasy sports has enhanced the betting system among world-class players with different cryptocurrencies. The Adoption of fantasy sports is still an unregulated industry but the public platform has boosted fan engagement in several interesting sporting events.
Real-time sports betting
The advancement in blockchain technology is encouraging worldwide players to focus on real-time sports betting in live matches. Modern contracts have the ability to remove any intervention from third-party and winners can receive their prize instantly in their digital wallets efficiently. This is one of the smart moves to earn cryptocurrencies in the middle of the COVID-19 pandemic.
Fitness data analytics
The updated blockchain technology showcases several fitness analytics of high-profile players in the sports industry. It helps to track regular performances, medical issues and history of club transfers of several players in a highly secured platform effectively. The players can grant permission to which data is for public and private to improve the management of player analytics.
Strict doping regulations
Players cannot alter or remove their past medical issues regarding injuries and doping in this advanced blockchain technology. This is useful for the sports industry management to get access to appropriate medical records of any player that are immutably stored. The drug test results cannot tamper and fans can get access to the necessary data of their favourite players.
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