Cryptocurrency has shown over the years that it can be used in virtually every industry. From finance to entertainment and even art, we have seen cryptocurrency used in so many industries around the world. One of the more unique industries that has found use for crypto is the sports and gaming worlds. And gambling-related cryptos are worth over $150 million.
Crypto gaming has become a hot cake in the last few years, and sports organizations, from the smaller grassroots to the globally-known, have been using crypto in different ways. As 2024 unfolds, it is safe to say that we will continue to see this impact.
More Gaming as Bull Runs Begin
Right now, the crypto industry is gearing up for a bull run. Bitcoin, Ethereum, and several tokens seem on track to break previous all-time high records and overall see a successful 2024. This is thanks to several factors, including market corrections, a possible Bitcoin and Ether ETF being approved, the decision by the Feds, and so on. Should this happen, the crypto gaming space will likely see a boom.
As has been established in the past, one of the reasons why people play gambling games with crypto is because there is a chance of making more money if your tokens appreciate in value. And few times are better for this than during a crypto bull run. The use of tokens like Bitcoin and Ethereum in the gambling industry always spikes during bull runs, and if the progress the industry is expecting does happen, more people will gamble with crypto. This is on top of the $3 million in crypto that is wagered each day.
Teams Launching Fan Tokens
One of the most successful applications of crypto in the sports industry has been sports clubs launching fan tokens. From FC Barcelona to Juventus to Arsenal, some of the most well-known clubs have launched tokens for their fans. These tokens offer all sorts of benefits, from access to VIP sections to free merchandise to the chance to meet some of their favorite players.
These tokens have been quite successful, with many having market caps in the tens of millions of dollars.
Now that the crypto industry is looking towards better days, we can expect that more clubs should be launching tokens. The public is more familiar with cryptos and fan tokens, so they are less of a novelty. On top of this, cryptocurrency should be reported more positively in 2024, and this, coupled with the success that many clubs have already seen with fan tokens, should mean that more will enter the market.
And while football clubs have dominated the market when it comes to fan tokens, this could change in 2024. Clubs from other sports might choose to get in on the action, and this will only benefit the fans.
Athletes Getting Paid in Crypto?
2022 saw an interesting development in the sports world, which was several sports stars like Green Bay Packers quarterback Aaron Rodgers asking for a portion of their compensation to be paid in the form of crypto. Others included Odell Beckahm Jr, Francis Suarez, and Eric Adams.
This stalled a bit in 2023, possibly because of the state of the industry and the ongoing crypto winter. But as Bitcoin and other cryptos look to be making a major market comeback, it is possible that more athletes will hop on the trend and ask to be paid in crypto.
If this happens, it could benefit the industry in several ways. First, it offers a more positive public perception of cryptocurrency if such high-profile athletes want to be paid in digital assets. It could also lead to more institutional support of crypto as sports teams and associations begin paying players in crypto.
