In the sports industry, the most obvious way cryptocurrency gets used is through sportsbooks listing digital currencies as payment options so bettors who own cryptocurrencies like Bitcoin and Ethereum can fund their accounts.
Like the technology that makes it possible for smartphones to provide users with valuable information like the most recent boxing predictions, cryptocurrencies have other functions in leading sports like the boxing industry.
In this article, we’ll look at where the boxing industry uses cryptocurrency.
Boxing And Cryptocurrency
Charity Boxing Matches: Serving a Cause
Cryptocurrency is known always to be associated with anything that has to do with profit, but nowadays, crypto owners are using sports to serve different non-profitable causes. Recently, prominent crypto Twitter entrepreneurs took to playing in a friendly boxing match with Rookie XBT to win the WBC Crypto Champion title.
Dubai’s World Blockchain Summit chose to host an exhibition boxing match between influencers and top crypto traders. Each fight was supported by a charity event, and this included the auction of memorabilia like Non-Fungible Tokens (NFTs) and digital currency assets. According to reports, the boxing game got the attention of many crypto enthusiasts across the globe who were also keen on participating in the event and donating to the Amir Khan Foundation.
Over the years, there’s been an ongoing effort to showcase Dubai as the future blockchain hub, and recently, regulators in the United Arab Emirates’ financial industry gave traders the green light to trade cryptocurrencies in Dubai.
By establishing events like these, more and more traders can look into using sports like boxing to serve communities. In turn, it also helps digital currency gain more acceptance in countries that have still banned it.
Connecting With Younger Audiences
Cryptocurrency is currently the fastest-growing sponsorship in sports advertising, and this includes sponsoring in the boxing industry. Thanks to its involvement, cryptos help add value to boxing athletes, leagues, and franchises. In turn, these boxing leagues, professional athletes, and franchises will find creative ways to connect with young audiences like millennials and GenZers.
Such efforts are important to pursue because these young audiences fall part of a critical and elusive demographic for the boxing industry, helping establish a win-win for the boxing industry and the crypto market.
Boxing Video Games
CryptoBoxers was the first boxing video game to have a cryptocurrency ecosystem. This happened in late 2019, and when the pandemic hit the world in 2020, cryptocurrency emerged to become a mainstream force. Since then, a new CryptoBoxers NFT apparel line has launched, and this has led the video game to enter the ring of fashion.
As boxing gamers wait in anticipation of the game’s release date that will come with newly developed features, the game’s developers are still busy partnering, planning, and plotting with certain professional boxing players to customize NFT packages. These will be launched as the first in a series of rounds said to include NFT apparel from legendary, female, current, and contending boxing champions.
With the launch of other boxing video games like CryptoBoxers, the industry will be exposed to diversifying elements that will work well to transform and shape the gaming and boxing markets. With time, both markets will eventually expand and evolve beyond boxing to also include other combat sports that fans and supporters may enjoy.
The success of CryptoBoxers has helped propel the video game to become a leading platform that will uplift the community of sports athletes who aspire to be a part of combat sports. This ultimately empowers disenfranchised groups and people of color.
Through the use of advanced technology, innovative business models coupled with more equitable and engaging experiences will help the boxing video game’s championship belt disrupt the status quo and generate exceptional market potential.
Sports Betting
One obvious way cryptocurrency collaborates with the boxing industry is through sports betting. Here, bettors who are fans and supporters of boxing will fund their sportsbook accounts with cryptocurrencies listed as payment options.
Each sportsbook will differ in which cryptocurrencies it will offer and the number of cryptocurrencies it will provide bettors, but most sites list a number of these as options. Not only is this a bonus for bettors who already own cryptocurrencies, but the use of digital currency in sports betting also comes with numerous advantages worth exploring.