How Crypto Is Making Its Way Into The Sports Industry

Crypto is often thought of as only a financial disruptor, but it's also making its way into the sports industry. From NFTs as collectables to fan tokens and even athlete salaries, crypto is revolutionizing the way we think about sports and its relationship with money.

The Rise of NFTs in Sports

NFTs (non-fungible tokens) have become a hot topic in the world of crypto. These unique digital assets are authenticated on a blockchain, making them one-of-a-kind and highly valuable. And now, they're being used in the sports industry as well.

Sports NFTs can come in various forms, from collectable trading cards to digital artwork and even game highlights. These tokens allow fans to own a piece of their favorite team or athlete, making their fandom more tangible than ever before. And with the rise of online marketplaces for NFTs, such as NBA Top Shot and Sorare, the sports industry is jumping on board with this new form of digital ownership.

The Role of Fan Tokens

In addition to NFTs, fan tokens have also gained popularity in the world of sports. These tokens are essentially digital currencies that fans can use to engage with their favorite teams or athletes. They can be used for voting on team decisions, accessing exclusive content and experiences, and even as a form of payment for merchandise.

One prime example is the fan token offered by the Chilliz platform, which allows fans to purchase and own tokens for their favorite sports teams. These fan tokens also give fans the opportunity to participate in polls and competitions, making them feel more connected and involved with their team.

Crypto as a Form of Payment for Athletes

Apart from NFTs and fan tokens, crypto is also being used as a form of payment for athletes. In recent years, we've seen a rise in professional sports teams and athletes accepting Bitcoin and other cryptocurrencies as payment for merchandise or services.

The reason why this is an enticing form of payment for athletes is because of its decentralized nature and ease of use. Crypto transactions are faster, more secure, and can be carried out without the need for banks or intermediaries. This makes it a more efficient way for athletes to receive payments from fans or sponsors.

Recently some MMA organizations have already agreed to pay their fighters in crypto, and it's only a matter of time before other sports follow suit. Crypto.com has also sponsored the UFC and it shows that the sports industry is beginning to embrace this new form of currency.

Final Thoughts

In many ways, sports influences culture and this could create a new wave of adoption for cryptocurrency. To properly prepare, using a crypto portfolio management software such as 

Moonrig.io would be helpful as it enables you to monitor crypto in real-time.

So, whether it be a fan token you are looking to manage or collectable sports NFT, using a free crypto portfolio tracker could be the perfect step forward.