Bitcoin is currently more popular than ever before. This is reflected in the price of the cryptocurrency, which is still rising and will continue to do so. As many people as never before own shares in cryptocurrencies and hope for a price increase like that of Bitcoin. But the new currency is not only used as an investment object.
Meanwhile, there are very many online stores and also real stores that accept Bitcoin as a means of payment. Even in online casinos you can now pay with Bitcoins and gamble online. If you would like to know which casinos have particularly good offers, read the MBit Casino Review.
The fact that soccer clubs have now also entered the crypto market is therefore not really surprising but still new. Two clubs that recently entered the crypto market were Juventus and FC Barcelona.
Cryptocurrencies have been on an upward trend for a long time
Stock market prices have plummeted due to the pandemic and are slowly recovering from this shock. Stock prices are even rising at the moment, so the market has more than recovered.
Cryptocurrencies, on the other hand, only experienced increases during the pandemic. They seem to be more stable compared to traditional currencies and not affected by global events. Currently, Bitcoin ranks above US $50.000 and there is no further sign of a break in the rise.
Now soccer clubs have also discovered this possibility of investment and are pushing into the crypto market. In doing so, the clubs proceed in such a way that they bring coins to the market, which are called fan tokens and can be bought like Bitcoins. This is a virtual currency that is one of the cryptocurrencies.
These tokens should then offer fans opportunities to have a say in club politics, but it is not yet clear how exactly this will work. Another new aspect is that not only online stores accept cryptocurrencies, but soccer clubs also use them.
This shows that there is still a lot of potential behind cryptos that has not yet been tapped. The possible applications seem unlimited and the high level of security make them particularly attractive.
The cryptocurrencies of soccer clubs
In return for buying fan tokens, fans are given certain opportunities to influence the clubs and thus make decisions. So far, however, these are relatively trivial things, such as Juventus.
There, fans can vote on which song should resound through the stadium when the home team scores a goal. At FC Barcelona, the fans were allowed to have a say in which picture is hung in the dressing rooms of the professionals.
This right to vote for a fan token, which costs a whopping $40, is the only thing fans can do with the virtual money. Soccer clubs are always looking for ways to make more money, and this type of marketing is the latest outgrowth of that greed.
Participation is at the heart of it, as it gives fans the feeling that they have a say in their favorite club. Whether this kind of participation will catch on remains to be seen.
The blockchain in the soccer business
The financial aspect of cryptocurrencies attracted soccer clubs to the current hype. So far, the soccer clubs have made good money with their newly invented currencies and of course hope to have generated an additional source of income in the future.
However, there are other profiteers besides the clubs. For example, cryptocurrency exchanges on the Internet are happy about the clubs because they can use them to generate even more revenue on their platforms. FC Barcelona, for example, was able to earn over one million euros in the first 60 minutes that the fan token was sold. So, it is a profitable business and the clubs can be sure that fans will buy everything they offer.
The basis of cryptocurrencies and especially Bitcoin is the so-called blockchain. This blockchain stores all transactions made with a token. In addition, all parties involved in a transfer are recorded on the blockchain. This principle makes Bitcoin and all other cryptocurrencies very transparent.
This transparency in turn ensures a very high level of security, which conventional currencies cannot achieve in this way. In addition, all parties involved in a transaction must agree to a deal, so this increases security once again. Soccer clubs can use their new cryptocurrencies to conduct voting.
This will allow fans to buy parts of the club, similar to a corporation, and then have a say. It will be exciting to see whether there will be really important topics in the future where the fans can have a say or whether it will remain a gimmick.
The future of soccer marketing
The discussions about the planned Super League have made it clear that the soccer business is not as rigid as people think. Previous structures no longer seem as secure as they used to be. Clubs are looking for new sources of revenue as they have more and more expenses. With the new cryptocurrencies issued by the clubs, they have found a new interesting source of revenue.
The fans also get a great opportunity to have a say in club politics. It is thankful for the future that devotional items or even tickets to the stadium can also be paid for with the club's own cryptocurrency. Then the fans would also have a tangible reason to buy these new currencies. Likewise, it is possible that there will be club-owned platforms on which the cryptos will then be traded.
In the meantime, Germany's largest soccer club, FC Bayern Munich, has also entered the crypto business and it won't be long before almost all clubs have their own currencies. At FC Bayern, fans can buy virtual trading cards with the tokens and use this in a so-called Fantasy Football Manager game. Further, it is planned that merchandise items can also be purchased with the new tokens.
In addition, national sports federations are also hoping for an additional source of revenue with their own cryptocurrencies. They hope to be able to sell virtual trading cards with the European Championship and World Cup tournaments. These trading cards will then be the pedant to the fan tokens and can also be purchased on virtual platforms.
What is certain is that the technology is still in its infancy and further developments will come. These will give clubs even more opportunities to let fans participate. This will then lead to an even closer connection between clubs and fans.