Football and cryptocurrency may seem like an unlikely pair, but that doesn't mean they won't work well together. In fact, it could become the latest football craze in years to come. It all depends on how the sports industry adopts cryptocurrencies and how the public sees this change. It's a match that is slowly being made — but one that we definitely see working in the near future.
What is the relationship between crypto and American football?
Cryptocurrency exchanges are always looking for new ways to gain exposure and attract users. One of the latest trends is sponsoring American football teams. This provides a great opportunity for crypto companies to get their name out there and also allows players to invest their salaries in cryptocurrency. This is a win-win situation for both parties involved. More and more people from the football world are realizing the benefits of the cryptocurrency market and its impact when it comes to investing in cryptocurrency.
The truth is, there is something for everyone: clubs, players, fans, exchanges, they can all benefit from the deal packages. But what are the benefits? Let's find out.
What do football teams win?
Crypto sponsorships enable American football teams to make more money by paying bigger salaries and making the teams more recognizable. This allows the teams to attract better players and compete at a higher level. In turn, this creates a more entertaining product for fans and generates more revenue for the league and its partners. It's important, as many teams are widely recognized in the US but they lack worldwide presence. The Verge claimed the NFL is lifting a part of its heavy restrictions on crypto deals.
What's in for crypto exchanges?
Crypto sponsorships in American football are helping crypto exchanges become popular. By sponsoring a team or player, exchanges are able to gain trust and credibility with potential customers. In addition, these sponsorships drive more revenue for the exchange, which can be used to improve the platform and attract more users. There are many places where you can buy Bitcoin, but the most reputable ones usually get a headstart.
Where are players in the whole business?
American football players are also getting in on the cryptocurrency craze. Just like many other people, they are hoping to cash in on the growing popularity of digital currencies. While there is no guarantee that they will make a lot of money, some players are already seeing some success. Many football players, including the face of the NFL Tom Brady, earn a part (or the whole salary) in cryptocurrency, mainly Bitcoin. Other big names like Aaron Rodgers have stated their intent to help the blockchain network, and other players like Trevor Lawrence have made it clear that cryptocurrency is the way to go for them.
NFL fans and their love for collectibles
NFL fans love to collect anything and everything related to their favorite teams and players. And now, with the rise of crypto and blockchain technology, they have access to a whole new world of collectibles in the form of NFTs. Crypto exchanges are giving fans the opportunity to get their hands on exclusive NFTs of their favorite players, and crypto sponsorships are letting them get even more engaged with the teams they love. It's a win-win for everyone involved, and it's just another way that crypto is changing the game, as we know it.
Is it all perfect?
The grass is not always green. Just like anything else in life, there are advantages and disadvantages to everything. The same goes for crypto exchanges. While they may seem like a good idea and offer NFL players, teams, and fans a way to get their hands on virtual currency, there are some risks involved.
The volatility of cryptocurrency means that NFL players who choose to have their salaries paid in Bitcoin may see a decrease in their earnings. This is due to the fact that the value of Bitcoin can fluctuate wildly, and has been known to drop suddenly and without warning. That can also be applied for fans whose assets might not always pay off.
Too much business-related
Cryptocurrencies may just be the thing that changes the way fans see the NFL. Rather than being simply fans, they could become people who benefit from the league in a whole new way. This could be a game-changer for the NFL and the way it operates. But the dark side is that the game should no longer be a priority, but the value that it can generate. It can practically kill the sport as it is.
The crypto world is becoming part of American football and we will witness more and more clubs, players, and fans embrace this new reality. However, there should be something that should be decided on the pitch, rather than online, if we're to witness our favorite game advance.