[Wise Crypto Life] 14. Blockchain and Sports

 

[Wise Crypto Life] 14. Blockchain and Sports

Date: Jul. 28, 2021, 05:30 PM KST

[Wise Crypto Life] 14. Blockchain and Sports

The Tokyo Olympics, which had been postponed for a year due to the pandemic, have finally started. Athletes from all over the world are sweating profusely and showing off their skills. Have you been watching the fierce competition, too? In this Wise Crypto Life edition, we will highlight the merge between the sports industry and blockchain to commemorate the start of the Olympics.

The NBA and Cryptocurrency

The NBA is one of the four major sports leagues in America. In the past NFT episode of Wise Crypto Life, we mentioned that famous NBA game scenes were released digitally through ‘Top Shot’ and gained great popularity. However, the relationship between cryptocurrency and basketball does not just stop there.

This spring, the popular NBA team ‘Miami Heat’ based in Miami, Florida, made a deal with the cryptocurrency exchange FTX. FTX took over the naming rights of the Miami Heat’s home stadium. As a result, the stadium changed its 20-year-old name ‘American Airlines Arena (AAA)’ to ‘FTX Arena’. With this as an opportunity, FTX also announced that it would conduct various programs like Fintech-related education through continuous exchanges with the Miami area.

Earlier this month, it was announced that Portland’s ‘Trail Blazers’ had partnered with a blockchain-based platform. The Trail Blazers plan to apply cryptocurrency payments in several areas including season tickets and affix their uniforms with the platform’s logo. We look forward to the day when we will be able to ticket NBA players’ games using cryptocurrencies.

Professional Football and Cryptocurrency

Paying for NBA tickets with cryptocurrency is a future that has yet to be realized, but in Portugal, one can already buy professional football tickets with cryptocurrency. Portugal’s prestigious soccer team ‘SL Benfica’ has partnered with a blockchain-based payment company to launch a service that allows the audience to purchase tickets and goods with cryptocurrency

In addition, Chiliz, a fintech company, is issuing ‘Fan Tokens’ of famous soccer teams such as Barcelona FC and Juventus FC that have signed official partnerships with them. Soccer fans who have purchased these tokens will have the right to participate in voting related to the operation of the team. This decision-making process is fully recorded and disclosed with the full transparency of blockchain, so fans buy tokens with confidence to create a new fan culture.

Win-Win Partnership

Why is the sports industry and the blockchain industry joining hands? First, blockchain technology implemented by NFT is the best way to keep famous scenes that you want to cherish forever. The current sports industry viewing has been greatly reduced due to COVID-19, so the rise of NFTs are a new way to break through the slump.

Second, the collaboration of these different industries creates new synergies. Those who are interested in blockchain but not in sports and those who like sports but do not know about blockchain have the option of expanding their interests. It also forms a new sports fandom that has never been seen before, such as the Chiliz’s fan token case.

Lastly, if ticketing using blockchain technology is introduced, it will be a secure way to prevent unfair ticket transactions. Based on various advantages, the blockchain industry and sports industry are expected to cooperate more actively in the future. It is exciting to see what kind of sports culture the blockchain will create in the future.