It’s hard to go anywhere these days without hearing about cryptocurrency, blockchain, or NFTs. These words once sounded like gobbledegook, but now they’re creeping into the everyday lexicon. There’s a good reason for this, as many people believe that these advanced technologies are going to shake up the financial industry.
It seems that some English football clubs agree that the crypto revolution is on the way, and the technology is creeping into the sport in a variety of ways.
Cryptocurrency Payments are Getting Hard to Ignore
Cryptocurrencies like Bitcoin were once touted as a solution to online transactions, as they would negate the need for people from different countries using their own fiat currencies when making exchanges online. This hasn’t quite come to pass, but cryptocurrencies are giving people options and allowing internet users to store wealth in a new way.
However, it has recently come to light that people like diversity in their payments, something that is highlighted by the gaming industry. Players who subscribe to a PlayStation Now subscription, for instance, can pay for it using Visa, MasterCard, PayPal, Paysafecard, and many more. Similarly, when online casino players claim bonuses when making a deposit, they can select between innumerable services including Apple Pay, MuchBetter, and Neteller. Many are expecting crypto to play a larger role in the future in the world of payment methods.
There won’t be one universal payment method in the future, but there will be an abundance of choices that allure themselves to different people. Cryptocurrency is still likely to play a huge part in the technology industry moving forward, however.
Cryptocurrencies Being Used for Transfers
An interesting development in recent times is the fact that cryptocurrencies are now being used for transactions in industries that exist offline. Football clubs are now jumping on the trend and choosing to use these modern payment solutions when buying players.
In 2021, Southampton signed a deal with their sponsor to earn bonuses in Bitcoin. They also plan to use the cryptocurrency in several fan-led initiatives. According to the Mirror, most player transactions in the Premier League will soon be done with Bitcoin.
Several clubs in the top flight penned lucrative deals with the trading platform eToro in 2018, and it is expected that many others will follow suit. Services like these could smooth the transfer process, and it would make a lot of sense for international deals to occur in a common currency.
Some Premier League Clubs Getting into NFTs
Non-fungible tokens are the next big craze in the cryptocurrency world, and it appears that these are coming into mainstream usage among football clubs. NFTs are units of data that are stored on a blockchain, and users can buy and sell them using Ethereum.
Every club in the top flight is now looking into the prospect of selling NFTs to fans. These will come in the form of unique player cards, shirts, and ways to unlock rewards at clubs. its early days, but this is something that fans should keep an eye out for in the years ahead.
Cryptocurrencies seem to be gradually making their way into football, almost imperceptibly. Soon, they could be used for everything from tickets to tracking people in stadiums. They will be heavily involved in transfers.