Cryptocurrencies have had a profound influence on every industry in which they are used. The unique qualities that come from using blockchain technology have upset and changed how those who use it operate. The same can be said for sports marketing campaigns, which were not among the first to accept and integrate cryptos.
This article will go over some of the ways cryptocurrencies are used in sports marketing. Many of these are just an upgrade to tried and true methods that also work with fiat money, while some are brand new.
Sponsorship Deals
Sponsorship deals have been around forever, and they are the simplest way to advertise businesses in the world of sports. A company sponsors a team or a league, and in return, they get the promotion and the hype that comes from being associated with it.
Crypto companies have been doing so for more than a decade now, supporting both the teams and the events. At first, this was a very effective way to get the cryptocurrency company name out there and to associate it with traditional brands such as a sports team.
Ticket Sales
In the same manner, selling and buying tickets for sports events using cryptocurrencies is easy enough because it extends a traditional concept to the world of crypto. It also opens up the world of professional sports and events planning to a new demographic of fans and enthusiasts. There are also benefits of using crypto to make these sales – such as immutable records and fast transfers.
Some events have also used additional sales techniques to promote using crypto. The most common of these is that the tickets are slightly less expensive when bought with Bitcoin. Now, when the use of cryptocurrencies is more common, few venues do this.
Betting Using Crypto
The sports betting industry was also among the first to accept crypto payments, as its needs were well suited to it. There’s also growing cooperation between the official leagues and the sports betting sites when it comes to setting up fantasy leagues, as written by Cryptobetting.org.
Using cryptocurrencies to make wagers comes with many advantages for both the players and the betting sites. The terms of the wager can be written into the blockchain code itself. This makes the bets more transparent and safer for the players using online betting sites.
Driving Fan Engagement
Cryptocurrencies are widely used to drive fan engagement and create new venues for fans to interact with the teams, the game, and each other. This can be done via tokens awarded as a part of loyalty programs. The tokens can be used to gain access to exclusive content both online and online. It includes game tickets, access to fan events, merchandise, and exclusive game analysis.
Blockchain technology also allows the fans to share ownership over these tokens and, therefore, the benefits they provide. Blockchain can automate payments and write the ownership contacts into the code itself, thus making it equally available for everyone who earns them.
Selling Merchandise
Teams have opened the merchandise market to those who pay with cryptocurrencies. The merchandise can include anything from memorabilia to jerseys. It can be produced and sold on the open market or individually and exclusively made as a part of a promotional effort.
Selling and buying merchandise for crypto allows for shared ownership and better records of valuable and expensive items. The payments are also faster and more secure. Now, when each sport, league, and player has fans from all over the world- crypto payments allow them to purchase merchandise wherever they are.
Athlete Endorsement
Businesses have been endorsing athletes and associating their brands with their names for a long time now. Cryptocurrencies do the same as a way to get their brand out there and become a part of an already established community and customer base.
Many athletes were eager to get into these endorsement deals. Athletes themselves are a sort of business on their own, and crypto deals go to show that they are open to innovation and willing to follow the latest trends in business and finance.
Fantasy Sports
Fantasy sports have been around for a while, and they provide a unique way for fans to interact with the team and the league. The fans assemble virtual teams of real players and compete based on the statistical performance of those players in actual games.
Cryptocurrencies improve the game in numerous ways. Apart from the obvious ability to make payments anonymously and without having to pay the fees paid for fiat money transfers, the use of blockchain also affects the gameplay itself. Since fantasy leagues are based on how the teams are actually doing, the odds can be automatically adjusted based on changes in real-life statistics.
Using Tokens to Fundraise
Crypto tokens are commonly used in finance as a way to fundraise and finance different blockchain-based projects. Their unique features are also well-suited to the needs of sports marketing campaigns. The fans who own the tokens become partial owners of the sports startups and initiatives.
These can be platforms made to analyze sports events and predict the outcomes, or it can be a league or a sports team itself. That way, the fans can actually become communal owners of the team they cheer for. The tokens and blockchain code are used to divide the ownership between them based on the size of their contribution.
A New Type of Memorabilia
Memorabilia market is huge among sports fans. Big games are remembered for years if not decades, and having a small token of those games, such as tickets, jerseys, or even memorabilia specially made to commemorate them, can mean a lot to a fan.
Blockchain technology allows for a new type of memorabilia, which can be communally owned and is completely digital. Leagues have started creating this memorabilia on their own and fostering the communities that trade with them. The blockchain immutable ledger is used to verify that the memorabilia is authentic.
Making Payments Using Crypto
In the end, some teams, leagues, and sports managers have started making payments using cryptocurrencies. These work just as any other payment and can be made annually or in any other arrangement. Payments such as these are made to athletes, managers, teams, or any other actor involved in the sports event.
Players were especially eager to get paid in crypto as they were to get endorsements from the cryptocurrency companies. It shows that they are forward-thinking and willing to follow the trends in the market and beyond the world of sport.
To Sum Up
Cryptocurrencies are changing sports marketing campaigns. Sports events are a huge industry and, therefore, conservative when it comes to introducing new features. However, cryptos have become widely used and adopted by both businesses and the general public. The sports industry has followed along with these changes.
Cryptos are used to make payments, endorse athletes, and sponsor games, teams, and events. They are also used to place wagers on the outcome of sports events. Crypto tokens can be used to collect memorabilia and also to share ownership over it and over other communal assets – in some cases, over the teams themselves.