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The COVID-19 pandemic has fueled the adoption of blockchain technology in the sports industry.
The sudden outbreak of the COVID-19 pandemic in 2020 has had a drastic impact on the sports industry as severe lockdowns and strict regulations to maintain protocols have been imposed. Around the world, there are mostly empty stadiums with only players who can continue in different leagues or tournaments in different sports. COVID-19 has boosted the online gaming industry among tech-savvy millennials. Therefore, the sports industry has started to adopt blockchain technology in the cryptocurrency ecosystem to improve monetary transactions between employees and fans. The future of sports is in the hands of cryptocurrencies, whose blockchain technology is taking over the global market. The sports industry has understood the potential of cryptocurrencies,
How is the sports industry adopting blockchain technology?
The advent of blockchain technology has helped the sports industry connect with popular clubs and loyal fans in a socially distanced world. Blockchain technology has started to revolutionize both the monetary system and the fan experience in the following ways: Salary
payment in cryptocurrencies
There is a worldwide acceptance of cryptocurrencies as a form of hassle-free payment at reputable companies. The sports industry has also started paying huge salaries to its top players through blockchain technology. NFL star Russell Okung is the first American player to receive the $13 million installment payment via bitcoin. As digital technology has improved after the COVID-19 pandemic, the sports industry has decided to follow the new global trend in payment system. Blockchain technology has helped the sports industry stay within annual budget by lowering the transaction fee for each referral and eliminating all third-party providers.
Fan tokens have become popular with sports teams and their respective fans. It has created an opportunity for clubs to generate additional revenue and improve fan engagement over other competitors. Sports team tokens can be brought through FIAT currencies such as dollars, pounds or euros, which can be exchanged for various goods, tokens, VIP opportunities and much more. Popular clubs like FC Barcelona and Manchester City are using these fan tokens in the wake of the COVID-19 pandemic to generate more online revenue through constant interaction with their fans. Fans can go behind the scenes of their favorite clubs and players using blockchain technology with special points and discounts. Fan tokens help clubs earn a large number of votes,
Digital trading cards
With the implementation of blockchain technology, non-fungible tokens (NFT) have released limited edition digital collectibles known as digital trading cards. This offers fans the opportunity to buy or trade their favorite club’s digital trading cards, in-game assets such as eSports and game memorabilia. Different digital trading cards are priced differently depending on their popularity in the crypt market. Blockchain technology gives these trading cards a unique digital identity that has the potential to remove the third party between the club and its fans.
The emergence of the COVID-19 pandemic has increased the potential of fantasy sports in the global market, which has successfully attracted millions of players. The implementation of blockchain technology in various fantasy sports platforms has improved the betting system among world-class players using various cryptocurrencies. Fantasy sports adoption is still an unregulated industry, but the public platform has boosted fan engagement at several interesting sporting events.
Sports betting in real time
Advancement in blockchain technology encourages gamblers worldwide to focus on real-time sports betting in live games. Modern contracts have the ability to prevent any third-party interference and winners can receive their prize in their digital wallets instantly and efficiently. This is one of the smart moves to start earning cryptocurrency in the midst of the COVID-19 pandemic.
Analysis of fitness data
The updated blockchain technology shows several fitness analyzes of high-profile players in the sports industry. It helps to effectively track regular performances, medical issues and club transfer history of multiple players on a highly secure platform. Players can give permission what data is public and private to improve player analytics management.
Strict doping regulations
Players cannot change or eliminate their previous medical issues related to injuries and doping in this advanced blockchain test
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