There is no denying that the world of sports took a massive hit during the pandemic. In some cases, teams are still facing the financial turmoil caused due to the pandemic. For those who don’t know, sports leagues and various national and international tournaments had to shut down until further notice. Because of this, people were not able to go to watch their favorite athletes play at the stadium. What made matters worse was that they couldn’t even watch them on television. Of course, this resulted in a massive financial hit.
With no ticket or television revenue, sports teams were struggling to find ways to make improvement to their team’s infrastructure. There were also several cases where players were not able to receive their salaries because of the lack of games. What made matters even worse is that sports team that had lucrative sponsorships stopped getting their money. This is because the brands and organizations sponsoring them also took a massive hit financially and there was no alternative to keep on providing the cash. Needless to say, people were quite worried about the state of sports and how it would return.
Fortunately, however, crypto proved to be the saving grace and ended up helping a large number of sports. If one were to ask if they thought crypto would have to do anything in the world of sports, people would have laughed the question off. However, things have taken a massive turn now and people are slowly but surely accepting the massive role crypto has been playing in the revival of sports.
Sports like football, boxing, mixed martial arts, e-sports, hockey, etc have received lucrative sponsorships from a variety of crypto coins and exchanges. Some people believe that these will only increase. Football and mixed martial arts, in particular, have been enjoying lucrative crypto endorsement that pay them millions of Dollars every month. It has been greatly helpful for different sports organizations to restructure, pay off previous loans and keep fans happy for the short and long run.
People believe that crypto is here to stay in the world of sports and its role ill only evolve as time passes. One of the most fascinating news about crypto’s involvement in the world of football is that of Lionel Messi’s signing to the French Club, Paris Saint Germain. The football players received the football club’s fan tokens as part of his signing fee, which is definitely something new.
Some people believe that there may come a time when organizations compensate athletes in the form of crypto. In some cases, it has already been happening, as football clubs are paying cash money along with digital currency.