The cryptocurrency market seemed to correct itself not long enough, with the price of Bitcoin falling to a more modest US$5,800 in June of this year, and now it seems to be heading northward again (at the time of posting) towards the US$9,000 level. Despite its volatility, crypto is around to stay. With the rise of this new asset class comes an underlying technology known as a blockchain, progressively infiltrating many aspects of daily life, including sports. Since the inception of Van Hawke Sports, we have seen a sea change in how these new businesses use sports as key marketing assets. Bitcoin trading is very profitable, and most people are earning through it. So, join cfd society trading platform and start your amazing profitable journey.
This is a very exciting era for the sports industry. Blockchain technology and cryptocurrencies generate new income streams for right holders that did not exist even a year ago. Even established household companies are utilizing the term “blockchain” to push up their share prices; for example, Kodak’s stock increased by over 200 percent on the release of KodakCoin. According to Coinmarketcap.com, the total market value of all cryptocurrencies (now 1,694 as per Coinmarketcap.com) is likely to cross $1 trillion in 2018. There is no doubting that cryptocurrencies, as well as blockchain technology, have a place in the sports industry. However, impending cryptocurrency laws may stymie these relationships. Esports and cryptocurrency are also forming a symbiotic connection to promote both of their popularity.
A marketing campaign like no other
The first argument for cryptocurrencies entering the sports sector is simple marketing – there is untapped potential in one of the world’s greatest entertainment marketplaces. Take, for example, the English Premier League. StormGain just established a high-profile agreement with Newcastle United FC. For the 2019/20 season, the cryptocurrency would be the official sponsor “Sleeve Sponsor” of the team. StormGain, on the other hand, is simply one of several marketing campaigns attempting to make an impression in the sports world. A similar process has been taking place in the NBA at the same time. The famed Cleveland Cavaliers recently partnered with the crypto exchange UnitedCoin. However, cryptocurrencies do have something to offer the sports industry than merely selling team endorsements.
Administrative and anti-fraud protections
With ticket scalping constantly a concern, blockchain can offer a solution for sports companies. Each ticket may be more readily connected to a particular buyer by verifying all tickets on a decentralized ledger. This simplifies administrative tasks while also saving money. These are just a few of the advantages blockchain offers to sports, to never again mention the expanding realm of fantasy sports, wherein the technology is just starting to explore. In conclusion, the current boom of cryptocurrency-related enterprises in the sports industry is just the beginning — and we should anticipate blockchain technology to become a permanent fixture within sports in the next years.
Sports and cryptocurrency advertising
Sports betting has a long history. For a long time, the legitimacy of sports betting is already ambiguous. Arsenal inked an advertising contract with the California-based gambling startup CashBet in 2018. At the Premier League season, the firm intends to promote its cryptocurrency, the CashBet Coin, during Arsenal’s home games. Several sponsorship arrangements involving cryptocurrency businesses and sports teams were announced in 2019. eToro also made headlines with a Bitcoin-paid advertising sponsorship of seven Premier League teams. Newcastle, Tottenham Hotspur, Brighton & Hove Albion, Cardiff, Leicester City, Crystal Palace, and Southampton are among the clubs involved in the transaction.
Aside from football, the Cleveland Cavaliers announced a new collaboration with cryptocurrency exchange UnitedCoin, which would see the company advertising in the team’s arena. With the development of Ethereum, which allowed users to construct distributed apps on its network, cryptocurrency collectibles gained appeal. CryptoKitties and other projects have fueled the fire. The Los Angeles Dodgers, a Major League Baseball club, followed suit by presenting the first-ever virtual currency at a sporting event, enabling the first 40,000 fans to enter their stadium to get a crypto token to install a digital bobblehead featuring their players. These items would subsequently be added to the Ethereum wallets of the consumers.