Sports have always seemed like the way Cryptocurrencies can wiggle their way into the mainstream public's heart or at least consciousness. Now, some Cryptocurrency 2.0 projects, including NXT and Blackcoin, are making a serious move towards the sports world and it is far more than a simple sponsorship.
Previously, I wrote about how I thought blockchain technologies could change the way we watch and interact with sports. In my mind, it goes far beyond buying tickets and concessions with Bitcoin. But, the scenario I envisioned was far off in the future, after most companies are forced to develop a “bitcoin plan” much the same way most companies realized they had to come up with an “internet plan” in the mid to late 90s.
What I couldn't foresee was how to get there. Other than Bitcoin reaching mass adoption and forcing everyone to go along or get along, I could see point A and point Z, but not points B through Y. Jetcoin was recently announced, and it similarly seems to be jumping right in the deep end with a coin designed to be the currency for the entire sports world, starting with an Italian Football club sponsorship.
But the established 2.0 cryptocurrencies aren't going to simply cede the sports world to the seedcoin funded newcomer. NXT is leading the way in the charge, but it is bringing as many established coins along with it that are willing to come. First up is Blackcoin, which has partnered with NXT on the project.
So, what makes this plan different than Jetcoin's? First, NXT plans to attack the situation from the bottom up. They will first target local children teams, giving parents and local businesses a way to support the team.
Each team will be able to issue its own asset. The team can have an initial sale of the coin to raise money for uniforms, fees and other expenses. Businesses can show their support for the team by accepting the coin for their services. While businesses are unlikely to accept the currency for entire purchases, it could, for an example, be used to pay for 10 % of a purchase. The business could proudly display the fact that they offer discounts for the coin and reap the benefits of the good will generated.
Don't think businesses will miss out on that profit in order to take coins only backed by a non-professional team? Well, consider that businesses will often donate hard cash to little league clubs, simply for the right to hang a sponsorship plaque in their entry way. Discounts given to military and senior citizens also prove that companies can and will give significant deals if they think it will either build good will or bring in more customers.
Think about being a parent. The baseball season is over and your child's team just won the big game. You and the other parents are discussing where to take the little tykes to celebrate. Pizza Hut is the most obvious place, but you and other parents also have a bunch of the team's coin left over. The local pizza place, besides offering a far better product also lets you pay up to 15 % of your order using the team's coin. Plus, it feels good knowing that you are supporting a business that helps support the team. Suddenly, the 15 % discount on the coin brings in dozens of customers all at once.
The coin could even be used at concessions during the game, allowing parents to pay upfront (and thus help buy uniforms and the like) for all the food and drinks they are likely to buy for their kids.
Eventually, the plan is to move it up the line, from the little leagues to regional semi-pro teams all the way to the largest and most popular sport teams in the world. That brings up all sorts of possibilities, like the fan reward programs I talked about in my op-ed.
That future is still a way off. There could be some legal issues at that point, there is some question as to how governments around the world will react to NXT's Asset Exchange (and similar projects) if and when it grabs a large number of users.
Ideally, NXT developers see a future different cryptocurrencies support different teams and in some way, have the name represent the team as well as the currency. A cryptocurrency world cup may not simply be a lazy name for an altcoin comparative feature article, it could one day, be a real sporting event.
But, we have to take it one step at a time. The first step is the announcement of what the NXT community has set up, which I am told should be coming around the end of this month. Blackcoin is likely focused on its recently delayed BitHalo project, but seems to be more than happy to go along for the ride with NXT in their quest to merge the sports and crypto worlds.
Did you enjoy this article? You may also be interested in reading these ones:
- New Cryptocoin to Sponsor Serie A Football Team
- Op-Ed: How Bitcoin Could Change How We Interact With Sports
- Brazil World Cup 2014 gets unique Bitcoin Bookies
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