It is the dream of every blockchain protagonist, developer and project sponsor/investor to see his blockchain product adopted by the mainstream. This is the fundamental of the term "Mass adoption" as often discussed in cryptocurrency forums. The goal is to see that cryptocurrencies are utilized in everyday life.

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Of all the sectors that cryptocurrency adoption have gained green light, the sports sector would be the most appreciated. Reason is that we cannot deny the influence and reach that sports have around the world. With a growing audience each day, sports audience becomes a strong niche for advertisement and promotion of other products. You see why Coca-Cola and other great products are sponsoring sports? They know of the awesome audience that sports pulls and they maximize it to sell their products.

Cointelegraph's Gareth Jenkinson mentioned in one of his analysis that "sports fans are notoriously passionate about the teams they support, and there is a massive market for everything from tickets to memorabilia, collectibles, and content." This is a sure truth as I have personally seen sports fans i=fight against another over an argument for/against a team or player.

Also, Wendy Glavin mentioned that sports fans spend over $1 billion dollars to support their favorite teams through ticket sales and sports memorabilia, including jerseys, sneakers, hats, posters, signatures, t-shirts, and more. Statistics from Fantasy Sports & Gaming Association posits that about 60 million people play fantasy sports, leagues, out of which 80% play fantasy football.

Audience numbers for the popular sports such as football are in the hundreds of millions and this has massive potential for advertisements. FIFA’s audit of audience data showed that over 3.5 billion people tuned in to watch the 2018 World Cup in Russia. This figure suggests that about half of the world’s population showed interest and actually caught a glimpse of the action during the football competition.

With the number of people reached by sports, particularly football, any product advertisement associated with the top football brands are almost guaranteed to benefit immensely from the exposure. It therefore follows that a leap into having cryptocurrency adopted by the sports sector (teams, players and management organizations) would be a face-lift for cryptocurrencies and the blockchain technology in general. In return the sports teams that adopt cryptocurrency have huge takeaways especially now that the covid pandemic has cut short the several revenue sources for sports.

I highlight in this post two salient opportunities available for the adoption of cryptocurrency in the sports industry.

1. Partnership

Blockchain and cryptocurrency projects should seek partnerships with the top teams in European football — as well as other emerging leagues that are gaining prominence and audience. Running cryptocurrency advertisements in those sports stadiums has the potency is bound to introduce new users to the world of cryptocurrencies and blockchain.

Now is the right time for this adventure as many ads that have been running in the previous years may suffer shortfall due to the corona virus outbreak which has affected several sectors.

The Hive blockchain can take advantage of this opportunity to push the HIVE project to the world of sports through advert placement. Such initiatives can be sponsored through the DAO funding.

Moreover, the development of e-commerce activities on the Hive blockchain such as the @Hivelist's store can be a huge opportunity to partner with sports teams to have their sports memorabilia listed for sale with HIVE, HBD, LIST, SPORTS and other Hive-engine tokens.

2. Fan Tokens

Fan Tokens provide fans the proivilege to participate in club decisions during polls. The Hive Blockchain has the capacity to make fan tokens to be a way of reward to fans as well. A token like SPORTS mined by @SPortstalksocial community can serve such purpose.

By using Fan Tokens to engage with their clubs and earning same as a reward for their passion, fans would see themselves as being more valued within the ecosystem and would definitely give some more supports. In fact, ownership of fan tokens can be used to qualify fans for other giveaways form the sports team.

Final Words

In conclusion, it cannot be overemphasized that sports have always brought people together and influenced the lives of many. When the right tools and campaigns are engaged, Cryptocurrency and blockchain technology can have a boost when partnering with the sports industry.

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Posted Using LeoFinance