Players and franchises in the world of sports are often looking for ways to increase their income in both the long and short run. Cryptocurrency interest among individuals and even institutions has risen dramatically in recent months. The world of professional sports has picked up on the trend, with many sports clubs already accepting payments for stadium services and accepting decentralized currencies such as Bitcoin and Ethereum.
With the developments, franchisees can now pay their players and coaching staff in crypto.
Okung Received $13 Million in Bitcoin
Okung is not the first professional athlete to interact with digital currency payment. During the 2017 bull, boxer Floyd Mayweather offered to change his nickname from money to crypto. Players like Spencer Dinuidi, who appears on the big money lines every week and various unnamed New York Yankees members were among the first athletes to make the leap to trust in crypto transactions.
As Zap processes Okung’s Bitcoin deposits, Zap’s CEO commented that members of the New York Yankees and Brooklyn Nets had asked him about being paid in Bitcoin too. Like many other Bitcoin accelerators, Okung argues that cryptocurrency is better than traditional currencies because the government does not control its value.
Sports fans and players should now hope that the teams they support are ready to compensate recruits with cryptocurrency. If not, future talent will probably fall to other franchisees who do. It means that an avid NFL supporter should read experienced football experts or opt for NFL betting odds that take such financial issues into account to not bet on a team that is a little out of date.
With gamers ultimately being flavour creators regarding so many aspects of the sporting world, it seems only a matter of time before such practices become commonplace, with sports agents and sportsbooks needing to be abreast of the pitfalls and benefits of such transactions.
Interacting With Fans Through Fan Tokens
Some football clubs are turning to fan tokens to encourage fan engagement and fundraising. The initial interest began in 2018 when many famous soccer clubs worldwide considered this innovation, especially in Asia, where the football community experienced tremendous growth. Over the years, many of them have incorporated digital coins into their practice.
Juventus in December 2019 launched fan tokens paving the way for several clubs also to release to expand their fan base. From Atletico Madrid to Paris Saint-Germain and Barcelona to Rome, every famous football club in Europe has fan tokens.
The trend of releasing fan tokens has expanded boundaries beyond Europe, with the latest club to join the bandwagon being İstanbul Başakşehir. As per the report, $IBFK was to get released in late 2020. İstanbul Başakşehir becomes the 18th football club to partner with the Chiliz platform, which is currently the only one to offer a backup service for token fan placement.
Spanish football giant Barcelona issued a token in the middle of 2020. Within about two hours of launch, Barcelona had made $ 1.3 million in symbol sales.
Crypto Rally Attracted Players
The current crypto rally could have attracted more players and football institutions to venture in cryptocurrency. As per CoinGecko’s index of 6,124 assets, all cryptocurrencies’ total value passed $1 trillion Wednesday for the first time. Crypto exchanges such as Coinbase and Binance and online trading platforms like Revolut and eToro have seen a spike in late activity as new investors seek some wild profits in the market.
Michael Bucella, a partner at crypto investment firm BlockTower Capital, stated that there is market evidence of increased retail engagement. Adding, he noted that the recent surge in altcoins has historically been more retail-focused. Still, this time around, the focus has shifted to institutions hence a significant loss, similar to 2017 may not be experienced.
It has undoubtedly caught the eyes of pro sportspeople who want their salaries converted into skyrocketing crypto as soon as possible to not miss out on substantial financial gains.
Another thing that will have given players more confidence regarding crypto investments is that they are an increasingly safe bet. More and more established financial institutions legitimize cryptocurrencies by trading in them themselves.
Was Okung Paid in Crypto
Every NFL Pro player’s public action needs to be approached with caution because sometimes things are not always exactly what they seem.
As many publications show, Russell Okung was not paid directly in cryptocurrency by the Carolina Panthers. Instead, a service called Zap converted fiat US dollar payments into cryptocurrency.
It means that while Okung and his Zap pals say that they are somehow leading the crypto revolution, they are more likely to drive a currency conversion platform. However, this does not mean that transactions between clubs and players will no longer occur in the future.
The search for new communication channels based on digital solutions is a priority for many companies and institutions. Hence, other sports teams may consider using their tokens to communicate remotely with their fans.
It won’t be long before all the big, and small clubs worldwide would have to ask their fans to offer special discounts and privileges to their fans.