Partnerships between athletes and cryptocurrency traders are still occurring despite the bear market that has been affecting risky markets for a while. But the reason the major crypto players are trying to make a name for themselves in the game is mostly because to how similar the two audiences are.
Numerous collaborations between the two fields!
The previous Super Bowl’s halftime will live in everyone’s memory. The Coinbase platform did not think twice to purchase two 30-second commercial spots for this event with a wide audience in order to show a moving QR Code. No sound or text. The transaction cost little about $14 million. A commercial that also generated controversy since it accidentally crashed the Coinbase app during the meeting. The FTX platform, on the other hand, had placed a wager on the Super Bowl by providing a game to win Bitcoin.
But we must submit to Crypto.com in this little game of alliances. Kris Marszalek’s Singapore-based cryptocurrency exchange has been expanding its alliances for months. The platform, which was also featured at the last Super Bowl, paid for the renaming of the Los Angeles basketball arena, formerly known as the Staples Center. The Lakers NBA club will now play their home games in the Crypto.com Arena.
Since it has been sponsoring qualifying in the sprint format since last season, the exchange is also present in Formula 1. In addition to offering the name of the US Grand Prix for a 9-year period, Crypto.com also has a partnership with the Aston Martin team. The network has grown in combat sports as well, particularly thanks to its collaboration with the UFC.
Nielsen Sport data indicates that between 2020 and 2021, the amount of money crypto actors invested in the world of sport would have doubled. Some reports claim that by 2026, sponsorship deals between crypto actors and the sports industry might total more than $5 billion.
Fan tokens are a representation of the fusion of sports and cryptocurrencies.
Token supporters must be mentioned while talking about the connections between cryptocurrencies and sports. These tokens, which were really highlighted during the initial detentions, enable supporters to assert their loyalty to and membership in their preferred clubs. With the use of these tokens, supporters can take advantage of special benefits like player meetings, autographed jerseys, choosing the color of the captain’s armband, and even their team’s field or lawn entrance music.
Fan tokens are increasingly seen favorably by clubs because to the potential for diversifying the revenue streams they provide. In fact, the inability to fill the stadiums afflicted the sporting clubs during the numerous confinements. These numerous bouts of confinement or restriction have been especially problematic from an economic standpoint for many clubs that are (too) reliant on ticket sales.
The Socios.com platform and its Chiliz (CHZ) coin serve as a metaphor for this ecosystem’s success. However, other significant participants in the cryptosphere have also begun operations in response to success. In particular, the Binance exchange, which has introduced a number of sports fan tokens, is a case in point. The Binance Launchpad has been successful in all of the fan token launches. Today, the Binance platform launched 3 of the top 5 fan token projects in terms of capitalization.
If football has historically been the only sport where token fans have been used, currently several sports use them. as baseball, tennis, Formula 1, or even MMA. In order to create a long-term presence in the American market, Chiliz needs continue its expansion in the upcoming months.
Sports and cryptocurrency have similar audiences!
These two audiences frequently confuse one another, according to numerous surveys. In fact, compared to the typical person, sports fans are generally more cryptophile. For instance, according to a Morning Consult poll from the previous year, 66 percent of sports fans claim to be “acquainted with digital assets.” This number even went above the required threshold of 70% for bettors. For some bookies, the issue of accepting digital assets as a deposit method has been a pressing one for a while. This issue seems to have arisen much more recently in other markets.
Sports fans are twice as likely to be aware of digital assets as the general public is, according to the same study that was published last year. It seems sense that brands would want to have a presence in this market.
New avenues for crypto and sport?
A lot more athletes are starting to release NFT collections. The risk-taker in February of last year was French driver Sebastien Loeb. Athletes don’t seem to be deterred by the sudden decline in sales volume.
The connections between sports and cryptocurrency are growing in popularity today. The introduction of the Sorare platform has significantly altered the situation in this regard. Since then, new initiatives like Battle Infinity, which aims to create a Fantasy League-type universe where players compete against each other, have been inspired by the “Play to Earn” game. with the use of players represented by NFTs. However, the idea goes farther and aspires to eventually be implemented within a metaverse.
