MLB’s recent discussions of cryptocurrency in their organization have some people questioning if their league will embrace the future of money. Two teams in particular have been taking the lead on that discussion: the New York Yankees and Oakland Athletics.
Major League Baseball, the richest sports league in the world, is strongly considering investing in cryptocurrency as a means of making fan engagement with the sport more fun and effective. The league is currently examining how crypto can benefit fans. The New York Yankees and Oakland A’s are leading the charge, spearheading discussions about the prospect of the MLB using tokens for fan engagement.
MLB’s best teams have been a hotbed for cryptocurrency discussion since the beginning of the year, thanks to the Oakland A’s introduction of “crypto-tokens” (think: digital coupons for fan loyalty) and the New York Yankees ‘ blockchain-based ticketing initiative. Although neither team is actively using cryptocurrencies themselves, they are getting ahead of the curve on cryptocurrency acceptance.With the hype surrounding cryptocurrencies, it was only a matter of time before the sports world would pay attention to them. As the NBA paves the way for NFTs (non-fungible tokens) to be used in cryptocurrencies for digital media, other leagues want their share of success. Today, MLB and NHL are finding ways to integrate cryptocurrencies into their operations, and this is just the beginning. Many players get an edge by receiving cryptocurrencies as part of their salary.
Attractiveness of crypto-currencies in sports
– Presumptive first choice Trevor Lawrence just signed an endorsement deal with crypto-currency investment app Blockfolio and received his crypto-currency signing bonus.
– Sean Culkin announced today that he is transferring his entire NFL salary to Bitcoin pic.twitter.com/ogqlmJf3hc
– Morning Brew ☕️ (@MorningBrew) April 26, 2021
First of all. A basic introduction to crypto-currencies: Powerful computers digitally mine bitcoin, ethereum and other cryptocurrencies and store them in a blockchain, the public record of all transactions. In addition to the potential for greater profits in a volatile market, the appeal of blockchain lies in its increased security and the assumption that it is the currency of the future.
Many sports stars are already taking steps to get a piece of the pie. Trevor Lawrence has signed a deal with cryptocurrency investment platform Blockfolio. His sign-up bonus was paid out in cryptocurrency. Other players are following suit and including clauses in contracts to receive cryptocurrencies as part of payments.
Patrick Mahomes has taken the plunge into the NFT world by opening a digital art gallery and selling work to benefit his foundation. In an era where technology exists to allow players to expand their brand and wealth, many see digital currency as a way to achieve financial success.
How MLB launches thecrypto-currency
Yankees manager Aaron Boone in the dugout Adam Hunger/Getty Images
While MLB didn’t initially accept cryptocurrencies as a means of payment, that’s starting to change. Players, managers and owners are looking for ways to incorporate it into their lives. New York Yankees manager Aaron Boone told Fox Business that players and managers constantly discuss Bitcoin and other cryptocurrencies at the club. He says many of his employees have invested and he himself has participated a bit in the market.
He also participates in Athlete Direct, a platform where athletes can sell their sports memorabilia directly to fans. The site includes an NFT option, which is a small step in getting players and fans used to the digital currency.
But one of the most amazing moves was made by the Oakland A’s team. In an unprecedented move, the baseball team became the first MLB team to sell a luxury box for one bitcoin. The buyer was Voyager Digital. According to CoinDesk, his bitcoin purchases were worth about $59,240 at the time of A’s announcement. The price of the apartments was $64,800.
Don’t count on the NHL
It’s no secret that cryptocurrencies are making inroads into gyms. The crypto-currency will appear in @NHL before a shot at @SanJoseSharks. The Sharks are testing cryptocurrencies in buying season tickets, renting luxury homes and in sponsorship deals. https://t.co/VzyyIdSCBj
– Angela Ruggiero (@AngelaRuggiero) 15 June 2021
After NBA, MLB and NFL players ventured into cryptocurrencies, the NHL also decided to take a chance. The San Jose Sharks will begin accepting payments in cryptocurrency for valuable items next season. According to NBC Sports, that includes things like season tickets and apartment rentals. Team president Jonathan Becher said other purchases, such as single tickets and paraphernalia, will be evaluated and reviewed in the future.
Since the organization accepts Paypal payments and also accepts cryptocurrencies, this helped the team make their decision. Becher explained his reasoning. We accept PayPal, so by definition we accept crypto-currencies. Why not take it and make it more visible instead of doing it through a third party?
As more and more sports teams find ways to include cryptocurrency in their rotation, expect this to become a standard process in the future.
COMPARED TO: Rob Gronkowski’s new online hobby put $1.8 million into his bank account in one weekendOk, so the Yankees and A’s are currently discussing the possibility of MLB becoming the first major sports league to accept bitcoin and other cryptocurrencies as payment for tickets and merchandise. But unlike other teams, the Yankees and A’s are not just considering a cryptocurrency adoption for sake of the game. The two teams are also trying to gather support from fans to help legitimize crypto payments (because they will need to actually convince other teams to adopt the cryptocurrency system).. Read more about xrp federal reserve 2021 and let us know what you think.
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