How is cryptocurrency entering the world of sports?

With more and more frequent partnerships between leagues or clubs, cryptocurrency seems to interfere more and more in the world of sport. With the primary desire for crypto players, to target an audience fan of sports and more receptive to digital currencies.

Lionel Messi’s signing bonus paid in part in cryptocurrencies, the emergence and record fundraising of a platform like Sorare, partnerships between platforms and organizations, clubs or players, examples of synergies between sport and digital currencies are no longer lacking. Week after week, they even tend to increase. Let’s see how little by little, the world of sport is getting up to speed with cryptocurrencies. Between the search for visibility and the desire to adapt to a younger audience.

Sport and cryptocurrency: The same audience?

Sport and cryptocurrency: The same audience?

Basketball is one of the sports crypto players want to work on their image!

It is difficult to establish a perfect, fair and realistic robot portrait of the sports consumer without being essentializing. With profiles that are often very different from one sport to another. The typical profile of the consumer of cycling races is quite different from the consumer of soccer or combat sports.

The Formula 1 public, for its part, is experiencing a profound renewal of its audience. A revival partly carried by the success of the Netflix series “Formula 1: Drivers of their destiny” and which makes it possible to conquer a new audience: younger. And inevitably more cryptophile. A new audience that has probably played an essential role for the platform which has just forged a partnership with Formula 1 and its new “sprint” racing format. A partnership strategy with sports teams which is now well anchored in the DNA of the platform. With in particular other partnerships concluded with the UFC, with the F1 team Aston Martin or more recently with the football club of Paris Saint Germain.

In terms of bringing crypto and sport closer together, Formula 1 would almost be a pioneer. With from 2019, a partnership between the Red Bull team and the crypto Futurocoin, now forgotten. Either way, it seems that cryptocurrency players want to enter the world of sports or partner with sports clubs followed by the younger generation.

Football: the rise of token fans

For the football fan, token fans are now a new way of asserting their attachment to a club. By having in particular a right of inspection on symbolic axes: color of the captain’s armband, design of a jersey, choice of entry music for players, etc. Choices that clubs can work on as they wish in order to increase the number of players. engagement of supporters. For clubs, these token fans were especially designed for diversify their income. Income largely weakened during the health crisis of covid-19. A fortiori for clubs whose business model was largely based on ticketing.

Token fans even today allow to see the payment of some crypto bounties. This was particularly the case during the signing of Lionel Messi’s contract at Paris Saint Germain. With a clause which specified that the signing bonus would be paid in part in token fans of Paris Saint Germain. The announcement of the signing of the Argentine prodigy had then exploded the price of the token which had soared by more than 50% in a few hours.

Other clubs like Juventus Turin, AC Milan, AS Roma, Atlético Madrid, FC Barcelona and Manchester City have also succumbed to the token fan fashion. The solution, developed by the platform also offers token fans in leagues such as the UFC or the PFL (Professional Fighters League). The group is also looking to expand into other sports. In particular on the North American leagues of the NFL (American football) or the NBA (basketball). The market potential therefore seems to be immense and still very largely under-exploited. A potential that could still grow with the rise of NFTs.

The Sorare case: A raise of 580 million euros

The Sorare case: A raise of 580 million eurosRecently, the Sorare case made the headlines. With a fundraising of more than half a billion euros, the French platform of digital collectable cards largely confirms its status as a unicorn. For a valuation estimated at more than $ 4 billion.

Sorare is a fantasy game which allows users around the world to compete against each other with digital maps. Cards that can be bought, traded or resold on a market integrated into the platform. A protocol which surfs on NFTs and which makes it possible to obtain unique digital objects (maps). For many observers, this successful fundraising is due to the simplicity of the Sorare protocol. And in its “nostalgic” aspect for some accustomed to Panini albums.

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