Over the years we have seen how cryptocurrency and blockchain technology has evolved as important innovation. Currently, everyone is taking keen interest in cryptocurrency, starting from the general public to big industries. The huge investments have made the crypto market cross a trillion dollar benchmark. And that has invited more investors to take part in this digital financial market.
After the Covid 19 pandemic the sports industry has also entered the fray. We have seen the rise of fan engagement tokens and crypto sponsorship in the sports world. The famous sports clubs have adopted crypto and blockchain technology. The introduction of fan engagement tokens have created a whole new threshold for diehard sports fans and crypto investors.
If you want to know more about fan engagement tokens then keep reading our blog post. Below, we have explained the fan engagement tokens. Also, listed the sports that have adopted this new-age technology.
What is a fan engagement token?
A Fan engagement token is basically a digital asset (a type of cryptocurrency) that is created by using blockchain technology. People who have this token can get the access to vote, and also participate in various internal (mostly minor) decisions related to their clubs. You can get this fan engagement token in some crypto exchange platforms like Binance, Quantum AI, Coinbase pro, or Bithumb. The name of this fan engagement token is Chiliz (CHZ).
The list of sports adopting cryptocurrency
In this section we have jotted down the list of sports that are currently using cryptocurrency:
Last year in June we saw the world’s first bitcoin chess championship, where Magnus Carlsen became the world’s first bitcoin chess champion. This Norwegian chess player won a prize of 0.6 bitcoin offered by the tournament sponsor FTX, along with $60,000 prize money. This is the largest-ever prize bonanza awarded to any chess player.
Currently, several football leagues have entered into the crypto fray. In 2018, a Turkish football club Harunustapor signed Omer Faruk Kiroglu using just bitcoin. We have also seen crypto sponsorship in various football leagues.
Beginning of this year, we saw Southampton FC, a Premier League club collaborating with Coingaming Group. This has helped them to receive rewards based on their performance in the form of bitcoin.
Probably the shocking news we got when we heard the signing of Argentine star Lionel Messi at PSG included some of the cryptocurrency “fan engagement tokens.”
In 2014, the famous NBA team, Sacramento Kings is believed to be the first professional sports team who accepted bitcoin for merchandise and tickets. Ever since then the team has been paying its player’s salary with bitcoin. In a recent interview the team owner Vivek Ranadive has announced that all players including all the staff members at the team, will receive their salaries with this method.
The bottom line
Before we wrap-up, we will say, cryptocurrency is one such digital asset which is slowly but steadily growing. Also, becoming an essential part of our lives and a part of modern-day culture. Therefore, we will suggest you to invest in the crypto market as soon as possible to avail all the benefits offered by this digital asset.