Cryptocurrency exploded onto the financial scene in recent years, and it’s clear that it isn’t going anywhere anytime soon. A lot of sectors are starting to make the move towards investing in digital currency, and more are following suit every day.
One of the latest to join the crypto craze is the US sports industry, and more specifically the National Basketball Association (NBA). If you’re interested in finding out more about why many teams are making the move over to cryptocurrency, and how you can use yours to support your favorite team, then keep reading.
The Benefits of Using Crypto in Sports
For sports teams, there are lots of perks to making use of crypto. Firstly, by allowing currencies like Bitcoin or Dogecoin to be used for merchandising or ticketing payments, the teams are opening themselves up to gaining more revenue and widening the number of people who are openly supporting them.
We are also starting to see NBA players receive part of their payments in crypto, which is a new and exciting progression in the world of digital currency. The value of certain cryptocurrencies can fluctuate, meaning that these players may earn much more than the original monetary value of their salary.
As well as sports teams accepting payments in crypto, there are many sportsbooks that allow the use of Bitcoin and other crypto. This means that you can bet on the NBA and many other major sports leagues, and earn Bitcoin through these bets, as well as through welcome bonuses and rewards schemes.
Lots of sports enthusiasts across the states are looking into using digital assets to place their bets, because of the benefits that using crypto brings. Not only can you guarantee that any gambling comes with safe and secure transactions, but often players can take advantage of lower fees and much faster payouts, making it a lucrative and attractive option.
The Rise of Digital Currencies
Since we started hearing about Bitcoin in the mainstream back in 2009, new and exciting cryptocurrencies have been popping up all over the world. There are a couple which seem to be favored the most by US-based sports leagues, and these are Bitcoin, Dogecoin, and Ethereum.
Bitcoin is by far the most valuable and well-known digital currency. It was invented in 2009 by Satoshi Nakamoto, whose real identity has never been revealed, so it is unclear whether this is a single person or a group of individuals working together.
Dogecoin was created by Billy Markus and Jackson Palmer, two software engineers who perhaps did not expect the currency to become as successful and sought after as it is. It was brought onto the market in 2013, and has since amassed a huge online community, even reaching peak market capitalization of $85 billion in May 2021.
Ethereum is the second most valuable cryptocurrency on the market, after Bitcoin. It was invented in 2013 by programmer Vitalik Buterin, but was not available for people to trade until 2015. As well as allowing users to buy and sell, Ethereum facilitates the creating and exchanging of NFTs, or non-fungible tokens, which further increases the appeal of the currency.
The NBA Teams Incorporating Crypto
We took a closer look at which NBA teams are currently accepting cryptocurrency, and how exactly it all works. More teams are following suit by the day, however, so keep your eyes peeled if you don’t already see your favorite team on the list!
The Sacramento Kings
One of the pioneers in the move to crypto, the Sacramento Kings announced that everybody in their organization could be paid in Bitcoin, in collaboration with payment processor BitPay, back in 2014. Fans were able to pay for tickets and merchandise in cryptocurrency, and players and other employees of the Kings could have as much of their salary as they’d like paid in Bitcoin.
The Golden State Warriors
The Golden State Warriors, home to some of the highest paid NBA stars, have announced that two of their players will receive part of their salary in Bitcoin. Klay Thompson and Andre Iguodala collaborated with CashApp to show support for digital currencies, and they’re not the first to do so! Many professional athletes, both in basketball and other sports, have opted for a portion of their salary to be paid in Bitcoin or other crypto, citing that it is the future of currency.
Dallas Mavericks
Another popular NBA team that has started accepting cryptocurrency is the Dallas Mavericks. They originally began by using Bitcoin for certain payments such as ticketing, suites, and merchandise, but recently moved forwards with Dogecoin.
Other Sports Teams Using Cryptocurrency
Although the NBA is one of the leagues that has been most willing to take up cryptocurrency, there are lots of other sports teams that are also beginning to see the benefits. As we see more and more people using digital currencies like Bitcoin or Dogecoin to place sports bets, pay for merchandise, tickets, and private suites, we will see teams decide to cash in on this and begin to accept crypto.
NHL
The National Hockey League has seen teams begin to accept crypto in a variety of ways. For example, the San Jose Sharks now accept Dogecoin, Bitcoin, and Ethereum to sell partnerships and tickets in suit leases. They are also looking to accept these currencies for tickets to their games, merchandise, and concessions.
NFL
Trailblazers in their sport, the Tennessee Titans became one of the first teams in the National Football League to accept digital currency in April 2021. They now use crypto for tickets, season tickets and personal seat licenses, sponsorships, and suites.
The Houston Texans are another example of a team making the most out of crypto. They partnered with BitWallet to allow fans to purchase single game suites through Bitcoin. Any digital currency earnt through the sales of suites is then converted into fiat for the team by BitWallet.
MLB
Another team who have started to use digital assets to sell tickets to their games is Oakland Athletics. In 2021, the team even sold a full-season suite for 1 Bitcoin, and all booking was undertaken by crypto — no traditional banking in sight! The booking went smoothly and Oakland Athletics and the client (a crypto platform called Voyager Digital) were all thrilled with the experience and what it could mean for the future of crypto in sports.