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How the Sporting Industry is Adapting to Cryptocurrency

Sports fans are notorious for their passion about the teams they support, which is why there’s a huge market for content, collectibles, and memorabilia. Cryptocurrency has provided new opportunities for sporting organizations and teams to provide fans with exclusive items. 

Here are some ways the industry has integrated digital currency.   

Fan Interaction

Football (or soccer for Americans) is the world’s most popular sport, with the biggest teams boasting of millions of fans who are always looking for ways to interact and support their favorite clubs. 

Juventus, Paris Saint Germaine, Roma, and West Ham have teamed up with blockchain-powered platform Socios to interact with fans. The platform lets the teams release their own tokens that can be used to participate in polls and have access to exclusive memorabilia. 

Sports Advertising

Sports is a goldmine when it comes to advertising, and 2019 has seen more endorsement deals between sports teams and cryptocurrency companies. For instance, the Cleveland Cavaliers partnered with UnitedCoin, with the latter being promoted at the team’s stadium.

Meanwhile, the Miami Dolphins has tapped Litecoin (LTC) to be the NFL club’s official token. Fans can buy raffle tickets using LTC and Bitcoin, with half of the proceeds earmarked for charity. 

Crypto-Collectibles

Crypto-collectibles have also exploded in the scene, with the Los Angeles Dodgers introducing the first digital giveaway at a sporting event in 2018. The event saw 40,000 fans receiving a token that allows them to download a digital bobblehead of the players. 

It’s still early days but collectibles are proving to be an intriguing use case of how blockchain and crypto can be utilized to boost fan engagement and sales.

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