In 2009, Satoshi Nakamoto first put his idea for a decentralized digital currency to practice. And it was met with immense success. In fact, in the late 2010s, cryptocurrency completely shook up the way we view finance. And now that it has been embraced by the mainstream, a lot of industries are accepting crypto as a valid form of payment.
One such industry, which has fully embraced crypto, is the sports industry. From crypto sports betting, to crypto sponsorships, and even sports-based NFTs, in this article, we are going to explore the link between sport and cryptocurrency. So, without further ado, let us get into the nitty gritty of this article.
Crypto and Sports Betting
Sports betting has always been a major part of our culture and society. From the oldest civilizations, people have been wagering on the outcome of athletic competitions. However, it has never been as popular as it is today. Sports fans today number in the billions, and a pretty large percentage of that number admit to wagering frequently.
What is great about betting in the 21st century, is that it could be done online. And even better than that, plenty of online sportsbooks accept Bitcoin, Ethereum, Tether, and other reputable cryptocurrencies as a viable payment method. Online sportsbooks are growing ever more popular, and a part of that has to do with their expanding sports coverage, as well as the numerous payment methods they’ve embraced.
But, it doesn’t end there. In 2023, you can also find some rather incredible Bitcoin casino websites. Which means, not only can you place bets, but also play your favorite casino games. Slots, roulette, blackjack, baccarat, and of course, poker, are all available at these crypto casinos, and are great choices for newbies, as well as seasoned and experienced players alike.
Crypto and Sports Sponsorships
For a while, many people believed that crypto companies would take over sports sponsorships. And, certainly, it felt like there is a good possibility of that happening. Websites like Coinbase, Crypto.com, eToro, and more could be seen all over Formula 1 races, UFC matches, and even on the uniforms of some baseball games.
On top of that, plenty of football/soccer games are sponsored by notable crypto companies. Of course, American football has also jumped on the bandwagon. The Super Bowl half-time is known for its advertisements, as well as the spectacular show. And just a few years ago, the Super Bowl was nicknamed Crypto Bowl, as a majority of the ads during the half-time were related to cryptocurrency in some way. It really did seem like crypto was the next big step in sports.
Indeed, there are still quite a few notable sports teams, players, and events that work hand-in-hand with big name crypto organizations, and promote the product. The Dallas Mavericks in the USA have partnered up with notable crypto companies, European football clubs are launching their own crypto tokens, and just this year, Tennis Australia has committed to NFTs.
With the world embracing crypto more and more, we might just see a lot more teams being sponsored by cryptocurrencies, and crypto-based companies in the future. It wouldn’t be surprising if we saw something along the lines of sports events sponsored by Bitcoin, for example.
Sport NFTs
For a while, in the late 2010s and early 2020, basketball NFTs really took off. From animated basketball gifs, to art pieces depicting basketball players, and even NFT-based pixel mini-games, a lot of NFT collectors who are also basketball fans had a wide variety of digital pieces to choose from. Naturally, fans of different sports saw the success of basketball NFTs and got to work producing their own crypto art.
In a few short years we got Football NFTs, Tennis NFTs, Baseball NFTs, and even some popular golf NFTs. While none of them reached the towering popularity of basketball non-fungible tokens, they did enjoy quite a bit of success in their own right. But, just as soon as it came, the trend passed.
Not only did the popularity of sport NFTs fade, but the general popularity and success of non-fungible tokens is no longer what it is today. Many people don’t identify with NFTs the same way they do with cryptocurrency. After all, many folks don’t even get the point of non-fungible tokens. However, for those who still enjoy the non-fungible token market, and hope to find some sports-themed pieces, there are still quite a lot out there, if you are just willing to look.
Athletes Have Endorsed Crypto
When Bitcoin launched in 2009, many people were skeptical of the idea. However, a lot of folks saw the potential in decentralizing currency. Quite a few of the people who saw the potential in the idea were some of the most notable celebrities. People like Snoop Dogg, Elon Musk, Ashton Kutcher, and 50 Cent. Some of the celebrities who’ve endorsed cryptocurrency have been notable athletes.
In this final section of the article, we would like to take a look at some of the most popular athletes who’ve backed crypto in the past, and have even admitted to investing their own cash in some brand of crypto. Without further ado, let us take a look at the athletes that invest in crypto.
- Cade Cunningham
Cade Cunningham was the first overdraft pick in the NBA in 2023. He also has signed an exclusive deal with BlockFi. While a paid sponsorship does not necessarily mean an endorsement, Cade Cunningham has made quite a few statements, claiming that he owns crypto assets, and a part of the reason he entered the deal with BlockFi, is so they would manage said assets.
- Tyson Fury
The modern-day legend of boxing, Tyson Fury has said on numerous occasions that he supports cryptocurrency and non-fungible tokens, even going so far as to drop his own, exclusive NFT in 2021.
- Aaron Rodgers
The celebrated Green Bay Packers quarterback is partnered up with Block Inc, as well as its CashApp unit. According to the terms of their deal, Aaron receives a portion of his salary in Bitcoin, making him one of the most popular American athletes to endorse crypto.