https://www.ft.com/content/d691820e-114d-4927-8bfa-d18acc83379d
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Sports teams and leagues worldwide are partnering with cryptocurrency companies and unlocking the value that decentralized applications, NFTs and blockchain can provide. Cryptocurrencies including Tezos and VeChain are being utilized to track inventory and metaverse applications are being unveiled. Expect big things as more sports organizations utilize the metaverse and blockchain technologies going forward. The LA Stadium was recently renamed to the Crypto.com Stadium, and the Superbowl cryptocurrency advertisements showed that adoption of cryptocurrency in the sports world is on the rise.
According to recent studies, sports partnerships with cryptocurrency firms are expected to rise to $5 billion in value by 2026. Yesterday, I wrote about a recent partnership between VeChain and the UFC, which was valued at $100 million for inventory management and fighter standing maintenance. Recently, Manchester United has partnered with Tezos in a deal valued at $27 million/year. Formula One has also partnered with Tezos, and UFC is rewarding fighters who win contests with Bitcoin through a partnership with Crypto.com. Such high-profile deals should become more commonplace in the years to come. FIFA teams are being sponsored by Crypto.com, and major exchanges like FTX could offer and sponsor blockchain products that help with sports betting and give fans the ability to interact with their team.
Sports teams and leagues are realizing the value of working with cryptocurrency firms and the underlying blockchain technology. The ability to manage inventory, provide betting opportunities and engage with fans through NFT offerings bode well for both sports leagues and cryptocurrency firms and adoption. Sports betting and fantasy sports can easily be adopted to the blockchain, and decentralized applications (dapps) already exist for this purpose. A full-service sports betting dapp that tracks player’s statistics and delivers value to both parties is possible and a real use-case for cryptocurrency and blockchain in sports.
The metaverse is also an area in which sports is expanding. Recently, Magic Johnson has been working with SimWin, a sports platform built on Web 3.0 in which teams compete in competitions. Cryptocurrency firms interact with the metaverse to provide NFTs, dapps and cryptocurrency applications that add value to the metaverse. Expect to see high-profile partnerships between sports teams and leagues with cryptocurrency companies and assets that allow them to work with players in the metaverse. This is an exciting time for both cryptocurrency adoption and sports in the metaverse.
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