The digitization of sport and football is being pushed further.
In addition to well-known techniques such as VAR and AI offside decisions, so-called tokens from the crypto scene are also offered, which experienced a boom in popularity during the World Cup.
This is how cryptocurrencies find their way into the hearts of football fans
There is no direct FIFA cryptocurrency, but some tokens have a strong connection to football and are therefore also linked to major events such as the World Cup. Famous football clubs from around the world are also exploring ways to use cryptocurrencies to pay for tickets and merchandise, and to engage fans in cryptocurrency-related activities on matchdays.
Fantasy leagues, loyalty systems and cryptocurrency-based betting platforms are already being created for football enthusiasts looking to amplify their fan experience. Ultimately, cryptocurrency is slowly transforming football into an even more resourceful industry, where clubs are leveraging new technologies to engage with their audiences more effectively and earn more money. Sports betting is one of the sports where cryptocurrencies found their way early.
Cryptocurrencies are a popular payment option for many online providers. Bitcoin betting providers are the most popular, but some other cryptocurrencies are also gaining traction with virtual bookmakers and show that the combination of sports betting and cryptocurrencies definitely has potential.
The phenomenon of NFTs in sport
New technologies such as non-fungible tokens, also known as NFTs, are revolutionizing the sports industry. Powered by blockchain technology, NFTs offer fans a secure digital way to buy, own and trade exclusive content such as unique memorabilia, experiences and artwork from their favorite team or athlete.
For example, Los Angeles offered their own Lakers Fan Tokens. These limited edition tokens offer holders unique benefits such as virtual player encounters or exclusive discounts on items. Additionally, the teams have successfully used NFTs to offer digital memories otherwise unavailable on the open market.
NFTs are still in their infancy in many sports, but are already being used successfully in Formula 1 as well as basketball. But football also benefits from the introduction of such tokens. The possibilities are diverse and some clubs are already more open than others. For example, the superstar Lionel Messi he received a matching token when he joined PSG.
However, the French top club did not announce the transfer properly. Holding tokens can benefit both parties. For example, fans can win tickets or access special products, clubs are rewarded with an additional source of income.
WM as a Crypto Driver: These three tokens are closely related to WM
During the World Cup, three tokens in particular emerged as beneficiaries. They all have a connection to football and enjoy the excitement of the biggest sporting event in the world.
Algorand is a public blockchain network focused on scalability, security and decentralization. It is gaining more and more attention due to its innovative technology stack that offers extremely low transaction fees and near instantaneous speeds. The proof-of-stake consensus system ensures the secure transfer of digital assets without wasting energy resources on mining. In addition to its reputation for environmental friendliness and sustainability, the blockchain is also the official partner of FIFA.
Chiliz is an exciting new project in the world of football and cryptocurrencies. It is a blockchain-based fan engagement and rewards platform that allows sports fans to interact with their favorite teams. Chiliz is affiliated with Socios, a fan engagement platform where users can purchase specific fan tokens and NFTs.
Cronos has gained notoriety as the official coin of Crypto.com. Crypto.com, in turn, is one of the best-known online platforms that facilitates cryptocurrency trading and investing by providing a user-friendly platform. Crypto.com allows users to trade cryptocurrencies such as Bitcoin, Ethereum and others. They can also use various payment options like credit cards or Apple Pay to make purchases with their digital assets.
The platform appeared as an official sponsor during the 2002 World Cup in Qatar and thus entered the spheres of Coca-Cola and Co. The recent crash of the FTX trading platform rocked not only Crypto.com, but also the official document.
Like all cryptocurrencies, the newly presented tokens are subject to large fluctuations. Compared to Bitcoin and Co. Cronos, Chiliz and Algorand are still particularly cheap to buy. Only one “sports token” benefited from the World Cup. Since Cronos and Algorand were not only able to show a special high title in the World Cup, both tokens also fell during the event. Only Chiliz was able to stand out here and experience a significant price increase.
The future is uncertain for all tokens. Chiliz will need to maintain the post-World Cup lead as the other two options recover from a slump.
Conclusion
Cryptocurrencies and football go well together. The fan experience can be improved and clubs benefit from additional capital. However, the development is still in its infancy. For example, even if initial interest in NFTs is already high, hype must first develop into a stable market so that the future of these innovations can be determined.