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When every industry is trying to attempt to be innovative and adapt to the new digital currency technology - the sports industry isn’t the one to be left behind too! The sports industry and related organizations have started to adopt and embrace the world of cryptocurrency and digital tokens. In many of such forms, they also provide exclusive merchandise, items, or content with the help of the technology. The use of cryptocurrency in the sports industry does not only upgrade the game of transactions and payments but it also helps to be connected and engaged with its fans.
For instance, in the year 2014, the NBA team - Sacramento Kings - was believed to be the first in the sports industry that started accepting Bitcoin as a method for payment and transactions for ticketing and merchandise.
In this blog, we are going to talk about the United Partnership of the Sports Industry with Cryptocurrency and Blockchain Technology.
The Sport That Brings Billions Together
Football is the most popular and loved sport in the world, it's even called soccer in the United States. As per FIFA - football organization, over 3.5 billion people tuned in to watch the 2018 World Cup in Russia - that means almost half of the world’s population watched the global showpiece. A sport that big merely means the people, businesses, brands, advertisers, products, basically anything associated is in for huge benefits.
Also Read, Online Gaming and Bitcoin: The Crypto-play
Various teams in Europe have adopted a solution with blockchain technology that facilitates its fans in order to interact with the team, several powered utilities based on the token. West Ham, Paris Saint Germaine, and Juventus are involved in partnerships with its blockchain-based fan platform - Socios for engagement.
It enables the teams to be engaged and be involved with the fans and also the platform lets the fans have their favorite team’s fan token. With the use of these tokens, the fans can participate to place votes for things like changes in the jersey of the club, access to exclusive content and memorabilia.
Socios has two types of the voting process - binding and nonbinding. A binding set of the vote means that the club has to carry out and abide by the outcome of the vote, so for instance, if the fans have voted to change per se the color of the jersey, the club will have to carry out the vote’s request and since the process is done on blockchain technology, it cannot be manipulated or be tampered with.
Clubs have also utilized blockchain technology for endorsements, the system on Socios uses cryptocurrency token named - Chiliz. The company had also announced a partnership with Binance - a popular cryptocurrency exchange.
As Alex Dreyfus, the CEO of Socios noted how the untapped people can be connected too through the sector - given the global sports audience being estimated to be around 3.5 billion people.
The Portuguese Football Club - Benfica also accepts payments and transactions with cryptocurrency for ticketing and merchandise through Utrust - a cryptocurrency platform in June 2019. The supporters could make transactions by using ETH, BTC, and Utrust tokens, while the motive of the move was to meet the demands of over 7 million fans on social media.
Also, Lionel Messi - the Barcelona star has promoted cryptocurrency and blockchain projects on various occasions.
To continue reading visit: https://coinscapture.com/blog/the-united-partnership-of-the-sports-industry-with-cryptocurrency
Kings’ logo. BitPay assures that every purchase made via the team’s online store will go through a simple checkout process. “We make it easy for businesses like the Sacramento Kings to accept Bitcoin as a form of payment both in-person and online”, said Tony Gallippi, the company’s CEO. The Dallas Mavericks are set to accept Bitcoin payments, and the Sacramento Kings have been accepting Bitcoin since 2014. Further, the Kings even mine Ethereum to fund tech scholarships. Luxury Goods. Luxury goods have also arisen as a popular area for accepting Bitcoin payments from high-end cars to opulent jewelry. Post Oak Motors accept ... “Binance has no fixed offices in Shanghai or China, so it makes no sense that police raided on any offices and shut them down.” Binance, crypto exchange “People from all over the world were buying Kings jerseys, tickets, different Kings gear. They were super excited that this team was accepting Bitcoin […] We even put a Bitcoin ATM in ... The Sacramento Kings and Dallas Mavericks NBA franchises both accept Bitcoin payments in their online stores. The Kings started accepting Bitcoin already in early 2014, while the Mavericks joined the party a bit later in 2019. If you’re a fan of both Bitcoin and basketball, you can now use BTC to pick up game tickets and official merchandise. ATLANTA — January 16, 2014 — Today, the Sacramento Kings announced they will become the first major professional sports franchise to accept Bitcoin. The bitcoin purchases will be processed through BitPay.. Since purchasing the Kings earlier this year, majority team owner Vivek RanadivÃ© has directed a business philosophy coined "NBA 3.0," which focuses on investments in technology ... The NBA franchise Sacramento Kings has revealed that their relationship with crypto hasn't been easy. Fans are keeping the assets now that prices are up. SACRAMENTO, CA – Today, the Sacramento Kings announced they will become the first major professional sports franchise to accept Bitcoin, a popular online currency. The bitcoin purchases will be processed through BitPay – the world’s largest payment processor for virtual currencies. New Kings Token Crypto Rewards Coin Created by NBA Team Sacramento Kings As cryptocurrency grows in popularity, more merchants are starting to accept it as a valid form of payment. The Sacramento Kings made history when they started allowing Bitcoin for purchases in their arena, and they’ve decided to get in on the market on their own with a new token for rewards redemptions. Drużyna koszykówki NBA, Sacramento Kings, ogłosiła 7 października uruchomienie tokena na nowy program nagród oparty na Ethereum. Informacje zostały opublikowane za pośrednictwem oficjalnej strony internetowej NBA i sieci społecznościowych. Zgodnie z oświadczeniem The Sacramento Kings, a professional basketball team has partnered with CryptoKaiju, the developers of Ethereum-based Kaiju toys, to launch collectibles.
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