Formal adoption of crypto within the sports industry is an interesting trend. Perhaps the most famous example is F1, which has partnered with RSK (formerly Rootstock), a digital cash platform. In addition, the New England Patriots have invested in the digital currency, while a number of other sports teams have also taken a look at the opportunities.
With the increasing popularity of cryptocurrencies and Blockchain technology, the world has become a more global marketplace. One important facet of this is the impact it is having on the way sports are run. As cryptocurrencies become more popular, more and more athletes are starting to invest in it.
From football to boxing to horse racing and more, cryptocurrencies are being used more and more in sports. This has become even more apparent in recent weeks with numerous examples involving big names like Tom Brady and Formula One.
Crypto.com is quickly becoming a force to be reckoned with. After partnering with legendary Formula One team Aston Martin, Crypto.com has surpassed that feat by signing a $100 million sponsorship deal with Formula One itself.
The deal, which also includes the 2021 Global Sprint Series, provides opportunities not only for branding, but also for the NFT. Moreover, Formula 1 and Crypto.com have jointly set the goal to become carbon neutral within a short period of time.
Ben Pincus, Formula 1’s director of commercial partnerships, commented,
We are excited to announce that Crypto.com is a global partner and a key partner of the Sprint event, as we introduce this exciting new format to fans for the first time this year. We will rely heavily on their expertise to explore the world of cryptocurrencies, an area of great interest to us. This is the first time we as a sport can offer fans the chance to explore this exciting world as we continue to develop our digital presence.
Speaking of racing: Implementation can be seen not only through the sponsorship of teams in Formula One, but also in NASCAR. As part of a 20-race sponsorship deal with Voyager and Hedge, NASCAR driver Landon Cassill recently received a payment in Litecoin (LTC). The decision to accept Litecoin went beyond the sponsorship money and included Cassill’s regular salary. During this process, regular payments are seamlessly converted to Litecoin via Hedge and then sent to Cassilla’s Voyager account.
Landon Cassill said,
… Hedge is really a unique product that suits me very well because I am looking for ways to pay with cryptocurrencies. I am very happy to use the product for myself and have them on my car all season!
In addition to racing, digital assets have also caught the attention of Tom Brady, the NFL’s most prominent man. In a deal that also involved Brady’s wife, supermodel Gisele Bundchen, the couple officially acquired a stake in FTX.
In addition to taking a stake in FTX, Brady and Bundchen are expected to take on the role of ambassadors for the cryptocurrency. Various branding and philanthropic initiatives are undertaken as part of these activities. For their work, each of them receives cryptocurrencies as compensation.
Tom Brady said: These are incredibly exciting times in the cryptocurrency world, and Sam and the revolutionary team at FTX continue to open my eyes to the endless possibilities….. This particular opportunity showed us how important it is to educate people about the power of cryptocurrencies, while giving something back to our communities and the planet. We have the opportunity to create something very special here and I can’t wait to see what we can achieve together.
It should be noted that this is not the first indication of Tom Brady’s interest in digital assets. A few months ago, the future Hall of Fame inductee updated his public profiles with the caption BTC Laser Eyes, a testament to his faith and support of the network. Since then, he has spoken highly of the facility on numerous occasions.
While not on the same scale as a $100 million deal with Formula One or a partnership with one of the greatest NFL players of all time, examples of cryptocurrencies’ application are beginning to seep through to sports in the United Arab Emirates (UAE). An upcoming fight event called Social Knockout aims to capitalize on the recent phenomenon of social players showing interest in professional sports. The event, which is made possible with the help of the Dubai Sports Council, is expected to be organized entirely through cryptocurrency transactions.
The social knockout, which will also see the auctioning of several NFTs, will be led by Rashed Saif Belhasa, who is known on social media as Money Kicks and has over 5 million followers on various platforms.
Social Knockout CEO Tam Khan commented,
This is a competition like no other in the world. We are starting from scratch and are proud to be the first to use only cryptocurrencies for our transactions, in line with the government’s directive to make Dubai a leading digital economy and destination for all sports fans.
Examples of past tense
The above examples of the use of cryptocurrencies in sports are just examples from the past few weeks. They will put cryptocurrencies in the spotlight for millions to see on a regular basis. However, this is a long-standing trend. For more on past issues related to the NBA, NFT, player salaries and more, click HERE.
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