The cryptocurrency market has been on the rise over time.
In latest instances, the sports activities trade has additionally entered the fray.
Gamers throughout a number of sports activities resembling chess, basketball, and soccer, have been dealing within the digital asset, which is secured utilizing cryptographic keys.
Bitcoins are getting used as rewards for the competitions.
Listed here are the sports activities that are utilizing cryptocurrency.
World’s first bitcoin chess champion
In June, Magnus Carlsen turned the world’s first bitcoin chess champion.
He defeated Wesley So to win the FTX Crypto Cup last.
The Norwegian received a prize cash of $60,000 together with a bonus of 0.6 bitcoin supplied by the match sponsor FTX.
Notably, that is the largest-ever prize pot awarded in an elite on-line chess occasion.
A number of soccer leagues have entered the fray
In 2018, Turkish soccer aspect Harunustapor signed Omer Faruk Kiroglu utilizing bitcoin.
Earlier this 12 months, Premier League membership Southampton collaborated with Coingaming Group, a hub for bitcoin gaming manufacturers.
With this, they are going to be capable to obtain performance-related bonuses within the type of bitcoin.
Additionally, the signing of Argentine star Lionel Messi at PSG included among the cryptocurrency “fan tokens”.
Soccer golf equipment have additionally bought Fan Tokens
Fan Tokens are a kind of NFT (Non-fungible token). Followers should buy these tokens with real-world cash with the intention to achieve entry to unique content material. Arsenal, Aston Villa, Everton, Leeds, Manchester Metropolis, and PSG are some soccer golf equipment to have signed up for fan tokens.
First skilled sports activities staff to just accept bitcoin
NBA aspect Sacramento Kings is believed to be the primary skilled sports activities staff who accepted bitcoin for merchandise and tickets in 2014.
The staff has been paying part of the gamers’ wage in bitcoin ever since.
Lately, the staff proprietor Vivek Ranadive introduced that each one workers members on the staff, together with gamers, will obtain their salaries with this technique.
A comparatively new time period in cricket
Cryptocurrency is a comparatively new time period in cricket.
Earlier this 12 months, former Australian pacer Brett Lee donated one bitcoin to assist India battle the COVID-19 pandemic.
Lately, former Zimbabwe captain Heath Streak’s surprising admission enlightened the Worldwide Cricket Council (ICC) about using cryptocurrency in cricket.
The ICC’s judgement revealed that Streak acquired two bitcoins from a corruptor in 2018.