Inevitable and almost predictable, the current and future state of cryptocurrencies integrating within the world of sports is not just an alternate reality anymore. It’s quite the opposite as cryptos have been merged within major sports leagues and have now become major financial support for some individual players, official international teams, and even entire sports leagues throughout the world.
One of the main questions that have arisen from this recent wave of cryptocurrency popularity is what’s in it for all sides. In simple terms, there are major benefits for all related parties. From players taking advantage of alternative payment methods, to teams being sponsored by major cryptocurrency suppliers and even leading sportsbooks such as BetUs, promoting the placement of wagers on NFL lines and other bets in crypto, the pros are evident.
The world is favoring new forms of currency that simplify transactions, as well as highlight security and safety. There is no doubt that cryptos have become part of a parallel and unified joint industry with sports, and its effects are just barely starting to show.
Evident Resistance By NFL Authorities
Even though most parties have joined the industry and supported the implementation of cryptos, the U.S. has remained off the main grid when it comes to allowing seamless integration of major digital currency suppliers within sports leagues in the country.
In 2014, cryptocurrency payment processing provider BitPay signed a major contract deal to sponsor ESPN’s official events. In 2018, the British Premier League soccer squad Arsenal Football Club signed a sponsorship deal with CashBet. That same year, the Turkish soccer league evidenced the first purchase of an official player by a national-league soccer team with the implementation of Bitcoin as the only transacted currency. The list of international examples continues as the U.S. has kept a low profile.
As of now, NFL authorities have prohibited all 32 teams from engaging in commercial activities involving the exchange and, therefore, the payment of any business interests generated among teams and cryptocurrency providers, as well as sportsbooks. Major use and implementation of cryptocurrencies within any transactions are not allowed. Teams, however, are allowed to engage in commercial activities with crypto providers, as well as promoters of crypto betting and wagering as long as all exchanges are done in official country currency and involve commercial sponsorship within any form of marketing dynamics.
NFL Players And Teams Pushing For Cryptos
The New England Patriots announced this November that they were signing a major sponsorship deal with Socios.com; a multi-benefit fan-based crypto-linked company that has dominated the crypto market in the last few years. In addition to the Patriots, Los Angeles Rams’ new star Odell Beckham, Jr. revealed that he had reached an agreement with the team to receive his salary in Bitcoin. If accurate, Beckham is not the first player in the NFL to join the cryptocurrency exchange.
Players such as Green Bay Packers QB Aaron Rodgers and New York Giants RB Saquon Barkley have also joined the cryptocurrency hype. Both players disclosed that they were receiving a proportion of their salary in the form of Bitcoin.
These recent moves have highlighted what is inevitable. According to the Rams’ Beckham, taking part in a deal to be paid in any form of cryptos is just part of the new reality that players, teams, and obviously leagues need to start opening up to.
NFL Reps Preventive Work Anticipating Further Crypto Adoption
Amid the imminent evolution of cryptos and all the efforts being brought on to affect players, teams, and ultimately the league, NFL reps are quickly moving to set the rules straight. With additional players such as Tom Brady and number one draft pick Trevor Lawrence favoring crypto businesses, NFTs, and even accepting bonuses in the form of alternate cryptos, the league has made it clear that it is not allowing for any flexibility in any of its previous reforms.
The league has followed the Pats’ case. It has also set its eyes on the New York Giants’ new crypto-sponsorship deal to once again reconfirm to all related NFL parties that no cryptocurrency exchange is to take place in any way or form under commercial scopes. The league has gone as far as to set the new rules on NFTs and has prohibited teams from engaging in the promotion of such to receive crypto-related payments.
Even in the eye of the storm, some light is being shed on potential modifications. According to some predictions made by undisclosed organization reps, the league’s position is solid but not irreversible, especially over time. Most agree that a thorough framework to regulate crypto-related commercial activities will need to be established prior to opening the league to this new trend. Although this last stage might take a while, changes might force the league to expedite its acceptance to the new world of digital currencies.
