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Breaking Boundaries: The Emerging Role of Blockchain Technology in the Global Sports Industry
The Business and Athletic sides of world sport have always been meticulously cared for. Over time, experts, sports league governments and analysts have deemed the involvement of Blockchain processes in sports necessary.
As we move forward, here is an overview of the most relevant ways Blockchain intrudes into global sports gaming and processes.
Decentralization and authentication of sports tickets
Recently counterfeit ticket sales and piracy have plagued some sporting events to harmful proportions. This has led to greater demand for emerging solutions. Therefore, many sports leagues and athletes have adopted the use of Sports Blockchain platforms to bridge the gap between sports fans and facilitators.
So instead of traditional paper tickets for games, Blockchain technology in sports has made it possible to issue event tickets as digital tokens. And in turn, this contributes greatly to boycotting unreliable platforms as intermediaries for ticket sales.
Revolutionizing sports betting
Sports betting has long been an important revenue base for global sports activity. And the rise of blockchain processes in gambling has more or less revolutionized the industry. Today, major sports betting markets such as Canada and the Philippines have embraced blockchain inputs such as crypto payments into everyday gambling.
According to MightyTips, a trusted source that publishes resources on sports betting, Blockchain’s place in sports gambling is now important. And in addition to comprehensive sports betting guides from expert Evelyn Balyton, MightyTips introduces online sports betting sites in the Philippines which have adopted Blockchain processes in its operations.
Structuring eSports
Edul Patel, CEO of Mudrex – “I believe the global surge in cryptocurrency adoption has seen collaborations between crypto platforms and sports and entertainment figures”
Esports, according to numerous sources, is one of the lesser-known but important factions of the global sports industry today. Second Statistics, the global eSports market has crossed the $1.08 billion mark. Its recent popularity and functionality have a lot to do with several Blockchain processes, which represent an important operational factor in the industry.
From transparent transactions to fanbase tokenization, Blockchain is currently quite involved in putting Esports competitions on the global map. Furthermore, Blockchain-based gaming has become something of great interest to both top gamers and eSports fans.
Here are some of the best developed Blockchain games popular in the eSports industry;
- Decentralized
- So rare
- Ember sword
- Infinity Axis, etc.
Emerging fundraising opportunities
Francis Suarez, Mayor of Miami – “We believe that cryptocurrency and the use of blockchain can open the economy to individuals and groups who have historically been excluded or ignored by the free market and financial institutions.”
Blockchain-based tokens such as cryptocurrency and NFTs, etc., are good news for sports governing bodies and athletes who need periodic fundraising campaigns. These Blockchain tokens not only make the entire process easier and more productive, but also more transparent.
Here, the decentralized and seamless nature of Blockchain currencies and tokens comes into play, big time. Therefore, sports league governing bodies and athletes can further explore cryptocurrencies and NFTs as a means to monetize their events, products, etc.
Additionally, due to the nature of sports fandom, sports organizations generate revenue through the sale of digital collectibles and tokenized sports icons.
Fun fact: Several top-level sports teams and athletes have embraced cryptocurrency sponsorship, with logos appearing on jerseys and in stadiums.
Data security and transparency
Top sports teams and organizations are now more eager than ever to integrate Blockchain technology into player and event databases. This involves integrating relevant Blockchain use cases into collecting, storing and protecting public and secret data from players and competitors.
Overall, the global sports scene becomes more complete when accurate and reliable data is available to measure player metrics, target youth, and facilitate effective training.
Fun fact: Football is the most popular sport globally, with approximately 4 billion fans worldwide, making the FIFA World Cup the most-watched sporting event, with billions of viewers tuning in for each tournament.
Conclusion
Ultimately, you don’t have to look too far to see the different ways Blockchain use cases are already influencing global sports processes. Above all, Blockchain is making much more diverse means of monetization available to sports facilitators and athletes.
Furthermore, Blockchain’s involvement in sports gambling has so far proven to be quite instrumental, both for bookmarkers and individual bettors. So, while we should expect greater global acceptance of Blockchain use cases in the sports scene, there is already some clear evidence of its impact.