There’s no doubt that blockchain and cryptocurrencies are among the hottest trends around the world today. Although were’s still waiting for the final breakthrough, we’ve already noticed some potential use of crypto trading and transaction in almost every industry. According to research released by Smartoptions.io, the sports industry seems to be quite late to adapt to this technology. However, recent news has brought about some major changes.
Back on June 8, Kodak and WENN Digital Inc. went to announce to bring their blockchain-based platform, KODAKOne, to various OVG Arena Alliance venues along with two NHL teams and four NBA teams. As an image rights management platform, KODAKOne seeks to target a creative audience which they believe will be able to benefit from the platform’s functionality and act as early adopters.
The platform is basically created to allow users to upload and register their work online while being compensated in certain instances. Since there are millions of amazing live event images captured every year at the six OVG Arena Alliance venues, it’s only natural that they start from there. That said, how exactly can you benefit from cryptocurrency in sports?
Blockchain and Cryptocurrency in Horse Racing
In order to take advantage of cryptocurrency in sports, you need to know the different sports-related fields and their respective startups. They are as follows:
Bets in Horse Racing
With more and more online sportsbooks starting to accept the use of cryptocurrency for betting, you can now use your stashed Bitcoins or other cryptos for placing bets on your favorite sports. What makes cryptocurrencies advantageous over fiat currencies is that there are no issues with a frozen fund and even governmental seizure. They’re also hassle-free and far cheaper to process.
A good example of such a platform is BetOnChart which aims to combine in-play sports betting with live match dynamics. Another one is DreamTeam which is a platform and payment gateway designed for gaming and eSports, seeking to connect gamers, sponsors, teams, tournaments, and advertisers from all around the world.
Media and Fans
Of course, fans aren’t left behind in this crypto trend. Various startup platforms and communities where created to let fans follow their favorite athletes and even get an inside scoop of the latest Horse Racing news.
One good example is Fan360 which aims to provide a healthy and rewarding community for fans around the world. They even have their so-called FAN tokens which the community can earn from liking, sharing, or contributing content on the platform and exchange them for a variety of rewards. There’s also the StarGraph which lets you get an authentic StarGraph autograph by taking part in major Horse Racing events.
Activity and Performance
The activity and performance aspect in the sports-related blockchain technology isn’t just limited to athletes. In fact, most of the startups that belong in this category are designed to reward everyone by engaging in a healthy lifestyle.
One such example is Utify which prompts everyone to exercise more often. By working out more, you’ll be able to convert your efforts into Fitys (which will soon be converted into crypto) to purchase offers available.
The Bottom Line
Due to blockchain and crypto’s fairly new integration in Horse Racing, all these might only be seen as first tendencies. There are still lots of questions and uncertainties involved. On the other hand, we can’t deny the fact that the majority of the sports industry still remain untouched and there’s still plenty of opportunities left to discover. For now, it’d be wise to get in on Bitmex trading and other crypto trading opportunities to prepare for any upcoming trends and developments in the sports industry