It is universally acknowledged that in recent years, cryptocurrencies and digital tokens have become powerful tools in many industries and the sports industry. With the continuous progress of blockchain technology, many sports groups have also begun to launch their cryptocurrencies and digital tokens, most of which aim to have more convenient communication and interaction with fans. This transition in the development of cryptocurrency has begun to take shape in the field of sports.
Take the football industry as an example. Fans have great enthusiasm for the players and teams they support. From tickets to souvenirs to collectibles and news, fans are constantly pursuing everything they are interested in. At this time, many organizations began to explore how to use digital tokens, and various crypto exchanges have been involved. Undoubtedly BigONE is one of them. What makes the DeFi sports competition become this popular? Today we’d like to have an in-depth analysis of the reasons behind this.
By and large, football is one of the most popular sports so far. According to audience statistics conducted by FIFA after the 2018 World Cup in Russia, more than 3.5 billion people around the world watched the final. This figure also shows that half of the world’s population is focused on football, which means that any product or advertiser revolving around football brands can make a huge profit from the high exposure of football.
Fans also showed great concern and enthusiasm for souvenirs, including jerseys, star-signed clothes, and other football-themed products. Teams have a huge fan base worldwide, and they want to provide a more immersive experience for teams that support them. At present, many renowned teams in Europe are adopting blockchain-backed solutions, hoping to provide fans with various token-driven utilities to help them better interact with the team. Juventus, Paris Saint-Germain, West Ham, and Roma have established partnerships with blockchain-based fan participation platform Socios.
Technically, the platform helps teams launch their own fan tokens for fans to use on the platform. With these tokens, fans can vote-for example, choosing their favorite jerseys for the next match season in exchange for exclusive gifts and souvenirs. Social provides two voting mechanisms: binding voting and non-binding voting. The binding vote has a coercive force, which means that the club must implement the vote results accordingly. Hence, if fans vote to change the color of jerseys, the club must make good on its promise to change new jerseys. Since the voting is conducted entirely on the blockchain platform, the results cannot be tampered with or deleted.
Compelling as blockchain technology be, the top-tier clubs have not only actively joined in but brought support and confidence to the blockchain industry. Socios is a blockchain-based fan interaction and reward platform for the sports and entertainment industries supported by Chiliz. Chiliz Chain is a Proof-of-Authority side chain based on Ethereum, and the tokens of each team are functional tokens based on Chiliz Chain.
In addition, Benfica, the Portuguese football club, began to accept the payment method for goods and tickets by using crypto through the cryptocurrency platform Utrust in June 2019. The move is mainly to meet the needs of more than 7 million fans on social media. Supporters can now use Bitcoin, ETH, and Utrust token to make payments.
In addition to the above-mentioned cases, several famous football stars, including Ronaldinho and Lionel Messi, have also planned to launch their own cryptos and blockchain projects.
Where is it gonna lead us? What strategic plans does BigONE have in mind?
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.