NHL Team, San Jose Sharks, to Accept BTC, ETH, DOGE, And Alts Next Season
Cryptocurrencies are gaining more adoption in the US despite growing calls for the regulation of the nascent industry. In a recent report, top sports franchise Sharks Sports & Entertainment is looking to wade into Bitcoin.
Bitcoin, Dogecoin Feature Prominently
In a Sports Business Journal report, National Hockey League (NHL) top seed San Jose’s Sharks would start accepting cryptocurrencies starting from next season.
Confirming the news, club president Jonathan Becher said that the team would be accepting cryptocurrencies majorly for large purchases like season tickets, corporate sponsorships, and suite leases of its home-ground, the SAP Arena.
However, Becher noted that the team would eventually add smaller purchases like merchandise and one-game tickets to its crypto payment option as time goes on.
Popular blockchain company BitPay has been tapped as the partner, and for now, the Sharks will accept Bitcoin, Ethereum, Bitcoin Cash, Wrapped Bitcoin, and Dogecoin alongside five top stablecoins, including GUSD, BUSD, DAI, PAX, and USDC. Tether's USDT was notably absent from the list.
The Sharks join a growing number of sports franchises who have looked at cryptocurrencies to enable more financial inclusion for its fan base.
Foremost in the space has been Mark Cuban-owned Dallas Mavericks, who have become one of the nascent industry's prominent supporters. Fellow National Basketball Association (NBA) team Sacramento Kings has also started accepting cryptocurrencies for team merchandise. Also, the Kings are currently exploring the idea of paying players with Bitcoin, according to a Forbes report.
The NBA has not been left on the crypto sidelines and has been the face of the emerging world of non-fungible tokens (NFTs). With its partnership with blockchain company Top Shot, the NBA Top Shot online marketplace which sells in-game short clips has raked in over $700 million in NFT sales.
Major League Baseball team the Oakland A’s have also started accepting BTC and DOGE as payment for its full-season suites and game tickets.
Crypto Gaining Wave In The World Of Sports
Aside from cryptocurrencies being adopted by top sports franchises, business deals with industry players in the crypto space have also been welcomed.
Crypto-friendly US state Miami has been a vocal supporter of virtual currencies.
The Miami Heat recently signed a 19-year deal worth $135 million with crypto exchange FTX as a sponsor. This deal would see the home arena of the Heats changed to the FTX Arena.
It hasn't stopped here, though, as more professional players are already warming to the idea of receiving their salary in Bitcoin. Kansas City Chiefs tight end Sean Culkin said in a tweet that he would be converting his $920,000 salary into BTC.
Football teams are also working with blockchain company Chiliz to stay connected to their fans during the pandemic with the Socios Fan App. Notable names are Premier League Champions, Manchester City, FC Barcelona, Real Madrid, and a host of others.