Crypto, blockchain set to take sports industry beyond NFT collectibles

Bitcoin (BTC) has been accredited as the leading blockchain use case, portraying the prowess of the technology in successfully delivering a true and immutable decentralized ledger over the past 13years. Adding to the years of innovations since then – that saw the introduction of non-fungible tokens (NFTs), altcoins, decentralized finance (DeFi), and more, a research done by fintech giant Deloitte called attention to the not yet exploited potential of the cryptocurrency ecosystem to open up new markets for the sports industry.

NFTs and fan tokens were first introduced to the sports industry to attract fan engagement through voting mechanisms and collectibles. However, one of the four accounting companies, Deloitte visualizes the industry as further supporting blockchain technology and cryptocurrency over the coming years.

Underlining the incoming trends in the sports industry, Deloitte’s 2022 sports industry outlook report anticipates an ultimate surge in blockchain-enabled innovations, as an outcome of which the use of cryptocurrency, NFTs, ticket innovations, and fan tokens will surge and develop.

Moving beyond NFTs, Deloitte anticipates the sports industry to initiate soon linking spectators with season tickets over the blockchain. While the initial move towards this goal would signify merely linking game tickets with NFTs as a mode to reward fans, innovations around smart contracting could potentially open up new cases.

Author: Diksha Khiatani

A writer by day and a reader at night. Emerging from an Engineering background, Diksha is a travel freak and anxious to explore different cultures and religions. Inclined towards the off-beat places, she wishes to uncover the secrets on her Scooty (if possible). She always grabs some time to take a quick nap, listen to music, skating and eat a brownie.

Leave a Reply

Your email address will not be published.