A couple of years ago, cryptocurrency took the whole world by storm, and by the start of 2021, cryptocurrency has successfully become a household phenomenon with the evolution of digital currencies. The cryptocurrency market size is expected to grow from USD 1.6 billion to USD 2.2 billion at a CAGR of 7.1 percent from the year 2021 to 2026. The fact that brought cryptocurrencies from hype to mainstream in the buyer’s market is, this cannot only be bought but can also be mined with adept hardware.
The concept of blockchain-based virtual currencies is not only safe but also plays a promising role for businesses in developing a transparent relationship with their potential customers. The cryptocurrency bug has bitten the world of football in the past few years. A vast range of football clubs are integrating themselves with cryptocurrencies for the enhancement of fan engaging experience via social media platforms and to raise funds.
Let’s lay our eyes on some facts about why cryptocurrency acquisition is tremendously evolving in the football sector and what impact will it leave in the upcoming years.
Why Cryptocurrency Acquisition Is Progressing in Football?
According to Aizdevums.lv football is the most-watched and followed sport all over the world. Also, cryptocurrency is also attaining the world’s attention in recent days as payment via digital assets is becoming a new normal. In order to achieve more engagement of fans towards the game and alluring more sponsors, the Football Federation has decided to use Blockchain.
Fans were allowed to buy the ticket of FIFA WORLD CUP 2018 in Bitcoin, Litecoin, and Ethereum. This depicts that the football industry is supporting cryptocurrency and blockchain from the start.
The key reason to introduce crypto in football is more brand sponsorship. Several platforms which consume cryptocurrency for trading and betting purposes have set forth partnerships with football clubs. Also, cryptocurrency revolves around the issue of a lack of transparent transaction profiles and international exchange rates, permitting people to carry out digital transactions efficiently and effectively.
What are Fan Tokens and How Useful are They?
Do you know that the word “coin” and “token” are often used in the blockchain community, but they differ from each other? There will be no wrong in saying that both are deliberated for the same purposes including purchasing, selling, and other kinds of transactions. Coins are consumed on their blockchain, for instance, if we talk about Bitcoin so it is used only on the Bitcoin blockchain. Whereas tokens are different from coins, they are consumed on blockchains that already exist. Tokens are a symbol of possession and integration.
Thus, football clubs have introduced Fan Tokens, an online asset for the fans to participate in any kind of voting and retrieve special kinds of awards and events by the club. Fan Tokens can be interchanged for various purposes just like for buying a ticket or VIP experiences etc. These tokens are utilized to take part in fan-led decisions using social media platforms. The larger the number of tokens you hold, the more you can participate in voting and unlock VIP tiers. The best part about fan tokens is they are tradable as well as fungible, which means that they can be exchanged just like other cryptocurrencies for goods like matchday tickets, exclusive club merchandise, etc depending upon the market valuation.
How Blockchain is Encouraging Partnerships?
Partnership plays the most significant role in the world of business. If you want to run a successful business, a successful collaboration remains the most indispensable part. Following the traditional ways of finding a reliable partnership may have some flaws. They may cheat, lie or they may run off the commitments. Sponsors can have a more direct connection with fans and this is more valuable as compared to advertisements in the stadium or being the official sponsor of a team’s shirt. With this surge, Blockchain primely changed the way a collaboration worked.
Blockchain has changed the aspect of the business world altogether when it comes to having trust while sharing or transferring important data. Thus, using this digital record system a couple of people are given authority to view or change the shared information. The most attractive factor about Blockchain is that no party can make any kind of alteration in the content of records without the consent of other parties.
Nowadays, the Blockchain method is preferred by most people out of many factors.
Let’s have a look at some of these:
- This innovation in technology has led people to choose authentic partners easily. The main reason is unprofessional and unskillful will avoid having a commitment or agreement followed by Blockchain patterns.
- The infrastructure followed has enabled the negotiation part more steady and firm as the terms supported by Blockchain can not be terminated that easily. Hence, Managers have to remain more cautious during the formation of an agreement between two parties for collaboration or partnership.
- Another benefit of using the Blockchain method is the implementation of the programmed agreement which lowers the possibilities of cheating and unfair acts. It boosts up the process of execution and lessens the cost of settlement.
Blockchain has shocked Digital Ticketing Marketing all over the world. The blockchain platform is attractive to those who plan an event that is under high insistence. It provides accessibility to those who can resell or exchange your tickets. If you want to run your Ticketing Platform efficiently when there is huge traffic, BlockChain Ticketing is the ultimate solution. UEFA has already developed a new ticketing system that completely relies on trustworthy blockchain technology to combat counterfeiting and scalping evolving from an uncontrolled secondary market of tickets.
Privacy and authority issues remain at the top of the list for professionals. This is the reason Blockchain remains on the priority list as it provides several benefits including:
- Gaining the authority, you can easily control the reselling of your tickets decreasing the chances of bots and black marketers interfering.
- It provides more security and privacy reducing data breach problems and fraudulent activities. This helps in developing a transparent relationship with customers.
- Blockchain ticketing can effectively control high complex transactions when the ticketing system is in high demand.
Surely, cryptocurrency acquisition will reshape the dimensions of money transactions in the upcoming years. A prominent emergence of payments via digital assets in the football industry depicts that the amount of crypto-based sponsorship deals will progress in the football industry in the upcoming years. Cryptocurrency acquisition and blockchain technology play a promising role in turning the football sector more transparent and profitable. Meanwhile, taking the initial steps towards the technologic generation of the football sector, let’s just hope that club-brand tokens will be as profitable as they claim to be.