List of sports which have entered the crypto wagon

List of sports which have entered the crypto wagon
List of sports which have entered the crypto wagon

09 Sep 2021: List of sports which have entered the crypto wagon

The cryptocurrency market has been on the rise over the years.In recent times, the sports industry has also entered the fray.Players across several sports such as chess, basketball, and football, have been dealing in the virtual asset, which is secured using cryptographic keys.Bitcoins are being used as rewards for the competitions.Here are the sports which are using cryptocurrency.

Chess: World's first bitcoin chess champion

In June, Magnus Carlsen became the world's first bitcoin chess champion. He defeated Wesley So to win the FTX Crypto Cup final. The Norwegian won a prize money of $60,000 along with a bonus of 0.6 bitcoin offered by the tournament sponsor FTX. Notably, this is the largest-ever prize pot awarded in an elite online chess event.

Football: Several football leagues have entered the fray

In 2018, Turkish football side Harunustapor signed Omer Faruk Kiroglu using bitcoin. Earlier this year, Premier League club Southampton collaborated with Coingaming Group, a hub for bitcoin gaming brands. With this, they will be able to receive performance-related bonuses in the form of bitcoin. Also, the signing of Argentine star Lionel Messi at PSG included some of the cryptocurrency "fan tokens".

Fact: Football clubs have also purchased Fan Tokens

Fan Tokens are a type of NFT (Non-fungible token). Fans can purchase these tokens with real-world money in order to gain access to exclusive content. Arsenal, Aston Villa, Everton, Leeds, Manchester City, and PSG are some football clubs to have signed up for fan tokens.

Basketball: First professional sports team to accept bitcoin

NBA side Sacramento Kings is believed to be the first professional sports team who accepted bitcoin for merchandise and tickets in 2014. The team has been paying a part of the players' salary in bitcoin ever since. Recently, the team owner Vivek Ranadive announced that all staff members at the team, including players, will receive their salaries with this method.

Cricket : A relatively new term in cricket

Cryptocurrency is a relatively new term in cricket. Earlier this year, former Australian pacer Brett Lee donated one bitcoin to help India fight the COVID-19 pandemic. Recently, former Zimbabwe captain Heath Streak's shocking admission enlightened the International Cricket Council (ICC) about the use of cryptocurrency in cricket. The ICC's judgement revealed that Streak received two bitcoins from a corruptor in 2018.

The news article, List of sports which have entered the crypto wagon appeared first on NewsBytes.

Also see: A Cricketer's Guide to Crypto Investing
A cricketer's guide to Crypto Investing
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