Cryptocurrencies are Becoming an Integral Part of Sports

An artist’s impression of the Staples Center when it is renamed Crypto.com Arena. The rebranding will take effect on Christmas Day, and physical signage expected to change by June 2022 © Crypto.com

Sports have been a major source of entertainment for several decades because sports allow fans to be more involved in the game. Also, millions of people worldwide are drawn and interested in them. Due to the extensive engagement with fans around the world, sporting events never have had a shortage of sponsors who wanted to tap into the audience.

Some of the major sporting leagues never moved out of their comfort zone, which eventually became a vulnerability for their sustainability.

The Pandemic

Things were going great for all major sporting leagues. Apart from getting great brand sponsorships, the leagues also brought thousands of fans to the stadiums. On top of all this, getting broadcasting deals from various broadcasters made these sporting events extremely successful.

When the Covid-19 pandemic struck in early 2020, predictably these sporting leagues took a major hit. Sponsors had to pull out of the sponsorship deals to survive the pandemic themselves. Additionally, the people going to the stadiums to view the games were either very limited or nil. With their two primary sources of income gone, the sports industry worldwide took a massive hit.

Apart from hitting the leagues, the pandemic devastated the clubs in the league as well. Some of the most popular clubs even had to resort to letting go of their best players just to stay afloat.

During this period, one decentralized industry was itching to make a grand entrance to the scene.

The Crypto Industry Enters the Sporting World

Until very recently, the major clubs and sporting leagues had several sponsors. So, the crypto companies had no real shot at being chosen. When other brand deals started falling through, the major clubs, players, and leagues began accepting the deals that the crypto companies had to offer.

We now have several crypto companies sponsoring almost all the major sporting events out there. Some of the most popular ones are Coinbase sealing a deal with the NBA, FTX exchange getting brand deals in the ICC cricket world cup, as well as getting a name deal in the NFL. Apart from these, crypto.com also ended up getting a name deal during the same period.

The way the world worked before the pandemic has changed entirely now. The crypto companies becoming major sponsors in several sporting events has given them exposure to a much broader audience.

While the sporting events are now accepting the sponsorships of major crypto companies, this also has helped ease the audience’s minds. Due to the wider acceptance of cryptocurrencies, more people now understand the significance of this digital asset.

This way, both the sporting industry and the crypto industry are mutually benefitting from each other.

Conclusion

Even though cryptocurrencies are entering the mainstream world, the complexities involved have not changed. This is why several crypto companies, particularly, PlayersOnly, are working hard to make it easy for more people to get into cryptocurrencies.

PO is the premier sports social media platform trying to bring the fans and the games they support a lot closer using the power of the blockchain. You can now support your favorite club and be more involved in the game by getting into various sports NFTs that are available on the PlayersOnly platform.

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