The rise of cryptocurrency has disrupted traditional ways of business as customers see the value of accessing cheaper and quicker payment options without the need to provide personal details. It’s a win-win situation for companies and merchants too as crypto generally means lower transaction fees and almost immediate receipt of funds.
Cryptocurrency is already changing traditional markets including stocks, bonds, and other assets. As they offer a safe and open ledger system with their blockchain technology, many sports fans have begun to see the value in this new digital currency. The athletes themselves know the value too.
SERENA WILLIAMS
The retired 23-time Grand Slam singles champion has been a big backer of cryptocurrency, investing in a Bitcoin enterprise alongside her husband, Alexis Ohanian, who was a co-founder of Reddit. Bitcoin operates free of any central control or the oversight of banks or governments and Williams has championed its value for women and women of color in gaining financial inclusivity.
The investment vehicle is called Lolli which makes cryptocurrency more accessible by offering “cash back” rewards in Bitcoin on purchases at more than 1,000 companies, including Williams’ former sponsors Nike. She considers bitcoin “a super strong investment.”
STEPHEN CURRY
The NBA has become increasingly involved with crypto currency with the establishment of NBA Top Shot which is a blockchain-based platform that allows players to buy, sell and trade NBA video highlights in the form of NFTs.
Two-time MVP Steph Curry features on some of these packages and could be a Clutch Player again as NBA lines come out for the new season. Curry became a global ambassador and shareholder in a crypto exchange company FTX. “I’m excited to partner with a company that demystifies the crypto space and eliminates the intimidation factor for first-time users,” the legendary Golden States Warrior player said. He also joined the advisory board of Socios, the NFT player token site that had Lionel Messi as its promotional face.
AARON RODGERS
Aaron Rodgers had a legendary career at quarterback for the Green Bay Packers and in 2022 revealed that he was receiving Bitcoin as part of his salary. Rodgers insisted that the decision was a no-brainer. After speaking with financial crypto analysts and looking into the project further, the current New York Jets star insisted that the digiital currency was the best way to beat inflation and he even attended the 2022 Bitcoin Conference. The star gave away $1 million in the currency to fans via a mobile payment service to make it more accessible.
LIONEL MESSI
When the world’s most famous footballer gets involved in blockchain then it is time to take notice. In a post a few years ago, Lionel Messi said that he was “digging deeper into blockchain and decentralised systems.” The net result was that he signed a $20 million deal in 2022 with Socios, a fan token company. Fan tokens do count as a type of cryptocurrency that allow holders to vote on minor decisions related to their clubs.
“Fans deserve to be recognised for their support. They deserve opportunities to influence the teams they love,” Messi said in the statement when he joined the platform for three-year deal. Football clubs have been keen to sign up to the new crypto trend and Manchester City, Juventus, Barcelona, Atletico Madrid, AC Milan and Arsenal have all been involved with this brand.
JESSICA PEGULA
The U.S. Open runner-up became the first female athlete and the first tennis player overall to mint a digital trading card in 2021.
“I am always looking for ways to grow the game of tennis and connect with our fans,” Pegula said and her move into the blockchain-powered collectibles came with five different digital offerings that were digitally hand-signed and numbered by the top 10 player. Pegula is known to come from a wealthy background as her father is onner of the Buffalo Bills, but this entry into entrepreneurship showed that she is aware of the growing NFT market.
Crypto markets have had their ups and downs in recent years, but they have penetrated the sports market in several ways. Crypto sector experts believe that it won’t be too long before all major sports accept Bitcoin and other cryptocurrencies. The potential for fan engagement through increasing use of NFTS could be another step forward and blockchain technology could also make ticketing more secure.
The possibilities of using cryptocurrency as a tool to bring sports to the people is further enhanced by the fact that so many celebrities have already invested in its potential. Despite the volatility of the market, crypto assets could bring more excitement on and off the pitch for spectators and investment opportunities for players.
