Cryptocurrency And Sports: History Of Partnerships And Future Adoption
Cryptocurrency And Sports
Recently eToro, one of the world’s leading currency exchange platforms signed a deal with a few English premier league clubs for advertising purposes.
The deal which was settled and paid for by eToro using bitcoins is so far, the biggest partnership between crypto firms and sporting companies.
This is not surprising seeing as many crypto firms are quickly jumping on board the sporting teams and events sponsorship train. For instance, Coindeal recently signed an advertising deal with Wolverhampton Wanderers, where the team agreed to include their brand logo on the team’s jersey’s sleeves.
Some other teams have taken a more innovative approach to the crypto-sports partnerships by choosing to get paid with bitcoins or opting to mine their preferred tokens. One of these is the Sacramento Kings that has an ethereum mining team in their complex.
While 2018 hasn’t been a great year for cryptos –what with the bearish trend and all- it’s nothing that we haven’t experienced in the past. In fact, when compared with the same bearish trend four years in 2014, one can easily see that 2018 is still a little better in terms of performance.
There’s also another observation: the worst bearish years often see a lot of cryptos advertising in sports to bring in more customers. These years are often followed by an amazing bullish trend that pushes the prices of cryptos to new highs.
To help track how well the advertising efforts of crypto projects in the sports industry have gone in previous years, let’s take a look at some previous partnerships and how they helped the individual cryptocurrency’s value and popularity.
Dogecoin And Jamaica’s Bobsleigh Team For Sochi
Just before the 2014 Winter Olympics in Sochi, the Jamaica’s Bobsleigh team didn’t have enough money to fund the trip. With the help of Dogecoin and fundraising activities, the team raised $30k in Dogecoin, and was able to get themselves to the Olympics and back.
While that may not have been a blatant advertising scheme, it did wonders for the reputation of the cryptocurrency. In fact, at the time, the crypto ended up appreciating in value.
In fact, this singular act lent some sorely needed legitimacy to the coin, effectively separating it from the many other questionable altcoins in the market. This partnership essentially revived the coin, making it viable and increasing its lifespan.
Dogecoin And Josh Wise’s NASCAR
After the successful raise of funds for Jamaica’s Bobsled team, Dogecoin developed a reputation for being the token that was associated with sporting events and sponsorships. As a result, the crypto was effective in another major sport event –the NASCAR.
More specifically, the token’s Reddit community was able to raise $55k in the coins, which the community then used in sponsoring a wrap around a favorite NASCAR driver’s car –Josh Wise’s car 98.
This was a huge deal because NASCAR supporters and fans are as concerned about the racers, as they are the sponsors of the event. You have major corporate brands like Budweiser and Jack Daniels sponsoring cars, which gives them huge publicity and brand awareness.
Having Dogecoin do the same sporting event as some of these big brands, completely exploded its popularity among both crypto enthusiasts and non-crypto folks.
Major news and media outlets as well as TV stations featured the car in their news items and media coverage. Naturally, the coin saw an increase in value –even if temporary- in the weeks leading up to the race, as well as shortly after.
While the increase in coin value effect didn’t last for so long, it did put the cryptocurrency token in the public consciousness, with the effects still being felt today.
St. Petersburg Bitcoin Bowl By Bitpay
As one of the leading cryptocurrency exchange platforms in the world, Bitpay got into the sporting event partnership game by sponsoring the renaming of the Beef O’ Brady Bowl as the St. Petersburg Bitcoin Bowl.
This partnership with ESPN saw the stadium and its surroundings, lined with bitcoin related accouterments like bitcoin ATMs, vendors accepting bitcoin and so on. Sadly the event which was initially slated to be a multi-year event ended up being a one-time event.
However, it did give the Bitpay exchange a huge publicity, with sign up numbers going up before the event. However, it’s possible the event didn’t really generate the prolonged result that they expected seeing as bitcoins and cryptocurrencies as a whole, hadn’t gained worldwide acceptance like it did in 2017.
What’s Happening In 2018?
Apart from the aforementioned events sponsored by both eToro and Coindeal, there hasn’t been much in the way of cryptocurrency partnerships with sporting events and companies.
It’s possible that some things can still happen –after all we’ve still got three more months to go. For now though, we’d have to look forward to 2019 for any major news of partnerships between sporting entities and cryptocurrency companies.