Numerous crypto advertisements on TV and online reaped rewards for many exchanges worldwide including in India.
The word about cryptocurrency and higher returns on investment spread so quickly that India was number one in terms of crypto adoption in October of last year.
These exchanges were being used by an increasing number of people to purchase cryptocurrency.
Though cricketers and athletes avoided crypto endorsements, sporting events helped increase the awareness of these crypto firms, and they’re still operating off the revenues they made during the cryptocurrency golden period of 2020-21.
The sports+crypto recipe appeared to have worked brilliantly for companies, therefore I believe this friendship will endure a long time.
However, one must learn to accept the brickbats alongside the bouquets.
Multiple studies have revealed that cryptocurrency has been used for illegal acts such as money laundering, sponsoring terrorism, and so on, which hasn’t helped crypto’s reputation.
It has also been stated that crypto is actively involved in match-fixing, a problem that has plagued the world of sports for decades.
Some of these difficulties are symptomatic of a wider issue with crypto, and if it is to play an active role in the world of sports, multiple stakeholders will need to collaborate to ensure that they are weeded out.
Hang on, it’s just not crypto that’s keeping close ties with sports.
In an interview Ankit Wadhwa, who is the co-founder and CEO of NFT platform Rario, had some insightful tips to share about how NFTs would also play a pivotal role in fan engagement in sports.
“30-50 percent of the revenue of top global sports comes from fan engagement, outside of broadcast/sponsorship/marketing spends. This includes merchandise, memorabilia and other licensed products.
“While cricket has grown to become the 2nd largest sport in the world, in both viewership and broadcast revenue, enhanced fan engagement continues to be a big opportunity.” Said Ankit Wadhwa, Co-Founder & CEO, Rario.
Engaging fans through NFTs is a great way to increase the adoption of future technologies, and Ankit believes that platforms like Rario also provide access to a world of privileges ranging from rewarding online games playable with NFT cards to IRL (In-real life) experiences such as meeting your favourite cricketers, watching live matches, getting behind the scenes access to a match, and so on.
Similarly, sports businesses are turning to the metaverse to promote their products, which will undoubtedly become the norm in the future years.
As these future technologies become more widely used, sporting events will look to such platforms for engagement, and brands will flock to these areas to improve their brand visibility.