Home More General How are Crypto and Blockchain Being Used in Sports?

How are Crypto and Blockchain Being Used in Sports?

Considered by some the next step in currency, cryptocurrency offers a more secure payment system in a currency that bypasses the need for a bank – and more and more it is becoming a legitimate form of payment every day. Blockchain has a flexible nature that allows it to be applied to any industry, with superior security that brings perks to many applications.

And now it is spreading into the sports industry. Read on to find out how your favourite sports are being affected by the sudden surge in cryptocurrency.

Blockchain ticketing systems

Blockchain is considered more secure than traditional payment methods due to its decentralised nature bypassing the banks and other centralised systems. This is allowing fans to buy tickets through other means, knowing that their money is safe and is going to who they need it to.

But there are extra perks to buying a ticket with blockchain. If a customer has to miss the event, they can switch their ticket to another event without a penalty fee or fear of losing their money.

Plus, blockchain can effectively eliminate the idea of counterfeit tickets. The data on blockchain can’t be tampered with, so tickets can be validated immediately with blockchain technology. Also, anyone claiming to have a ticket that don’t can’t argue with it, neither can they haggle over the price.

Fan loyalty and engagement

Sports industries are rightfully looking for any means possible to keep their fans engaged. Tactics like teams surrounding locations has been the most long-lasting and effective means of engagement due to civic pride, but it is enhanced and profited from with merchandise.

With more companies investing in merchandise, modern fans are asking for ways to engage with their cryptocurrency earnings.

We’ve seen, for example, a lot of online gambling sites offer deposit currencies that include Bitcoin, allowing customers to bet and buy with their crypto.

Platforms like GG Poker are a good example of offering as much as possible to gain as much engagement as possible. Not only is it a poker site, offering online games to play for free or for real money, but GG Poker also partners heavily with the World Series of Poker, the biggest poker tournament in the world to bring you all the coverage of the event. They also offer opportunities to enter tournaments and have their own GG Team of Twitch players to follow.

The fact that some cryptocurrencies like Bitcoin are being more widely accepted by sites like GG Poker means that more customers can deposit money to take part in the poker tournaments or buy merchandise available.

eSports ecosystems

eSports is the newest form of an athlete. They may sit in a chair and look at a screen, but they are a tank within that world, mowing down opponents as they go – and if that isn’t the spirit since the days of the original Olympics, what is?

It is becoming an increasingly popular idea, with the natural next step of watching Twitch streamers becoming worldwide competitors. Investments are being made, teams are being formed, and players are being bought with, you guessed it: cryptocurrency.

The decentralised nature of cryptocurrency allows investors to connect on a peer-to-peer level, removing any extra complexities and allowing for a simpler distribution of funds. Prize money, player transfers, media rights, and more are all being handled with blockchain.

Blockchain allows for a level of transparency most traditional sports don’t allow, as participants can see what is happening in the network.

PhonesWiki
Audrey Throne
Audrey Throne has an ongoing affair with the words that capture readers’ attention. Her passion for writing dates back to her pre-blogging days. She loves to share her thoughts related to business, technology, health and fashion.

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