View | The role of cryptos in enhancing fan engagement in the sports industry

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What was absolutely unimaginable has suddenly become the buzziest trend of the modernistic sports ecosystem. Cryptocurrency, blockchain, and non-fungible tokens (NFTs) are taking the sports world by storm.

These technologies are distinctively monetising and enhancing fan engagement and sponsorships, which was just a figment of imagination until a few decades ago. Today, sports teams, clubs, leagues, individuals, and sports bodies are making the most of these innovative advancements to effectively survive in the present-day market while simultaneously upholding fans' expectations.As a result, fans are investing millions of dollars to buy authentic ownership of unique digital images, videos, and other content of their favorite sports star or team.

In fact, in 2021, BBC News Reports estimated that approximately $350 million had been invested in virtual assets in the form of football club crypto tokens, proving that digital assets are leading the world on the back of their unique value proposition.Also Read:How Indian retail investors perceive NFTs as a new asset classAnother research highlighted that 47 percent of sports fans are somewhat familiar with the rising role of cryptocurrencies in sports, such as Bitcoin and Ethereum, and at least 27 percent said that they own some. Due to this trend, cryptocurrency has witnessed an upward spiral in the last two to three years as the fastest-growing sponsorship category in sports.The sudden spike of crypto involvement in sportsThe onset of cryptocurrency involvement in sports had already begun a few years ago, but the pandemic brought restrictions that simply triggered its accelerated promotion.Extended lockdown restrictions, fans barred from going to stadiums, social distancing