Smaller-scale esports organizations have started using blockchain tech for distributing prize pools, but the tech is yet to be adopted by the big tournament organizers. Small esports tournament organizers have started dabbling in blockchain tech to host tournaments and distribute prize pools. However, don’t expect to see it in the big leagues just yet, says…
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A string of organizations competing in various sports are pulling out of sponsorship deals with beleaguered cryptocurrency exchange FTX. The coin trading platform had pledged millions of dollars to building up brand recognition among sports fans before it went bankrupt. FTX Sign Being Dismantled as Miami Heat Seeks New Naming Rights Partner for Its Arena…
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A look at the many ways in which nonfungible tokens are being utilized to increase fan engagement in the sports sector. Nonfungible tokens (NFTs) have grown a lot in popularity since the release of CryptoKitties in 2017, with the sector expected to move over $800 billion in the next two years. Some of the most…
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The prolonged crypto winter razed off the inflated floor prices across the NFT ecosystem, inadvertently changing investor sentiment and forcing users to rethink their long-term investment strategies. The heavy involvement of the sports ecosystem is what expedited nonfungible tokens’ (NFT) mainstream adoption as the teams and players leveraged the technology for fan engagement. However, sports…
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Deloitte expects an eventual rise in blockchain-enabled innovations; as a result, “The use of NFTs, crypto, fan tokens, and ticket innovations will grow and evolve.” Bitcoin (BTC) has been attributed as the most prominent blockchain use case, showing the technology’s prowess in successfully delivering an immutable and truly decentralized ledger over the past 13 years.…
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The two new partnerships will see crypto and NFT integrations with major professional sports and esports organizations. Sports and esports fans will soon see more crypto ads during games as Terra has partnered up with the Washington Nationals MLB team and crypto exchange Bitstamp is now partnered with esports organization Immortals. Terra (LUNA) is the…
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Tezos blockchain has reportedly agreed to a training kit sponsorship with Manchester United in a deal that will see the latter receive over $27 million per year. This deal adds to Tezos’ growing list of sports teams it has sponsored since May 2021. Tezos’ Investment in Sports The most successful football club in the English…
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Cryptocurrency and smart contracts are redefining the future of online betting. Esports, meanwhile, represent a growing market for gambling. Cryptocurrency wallet Exodus has officially integrated with SportX, an online sports and crypto betting platform, giving users the ability to wager on esports games through smart contracts executed on the Polygon network. The partnership, which was…
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Sorare attained a $4.3 billion valuation with a Series B funding round led by the Tokyo-based holding company. Sorare, a marketplace for nonfungible token (NFT) trading cards, has raised $680 million in a Series B funding round led by Japanese fintech giant SoftBank, resulting in a revised valuation of $4.3 billion for the platform. According…
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Polyient Games co-founder Craig Russo referred to the partnership as “a major step towards bringing mainstream adoption” to the crypto industry. Non-fungible token-focused investment firm Polyient Games is launching a new online tournament to introduce mainstream gamers to the crypto space. In an announcement today, Polyient Games said it would be partnering with esports tournament…
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