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How is the Professional Sports Industry Embracing Cyber Tech?

How is the Professional Sports Industry Embracing Cyber Tech?
New cyber tech like Bitcoin is taking over

As we move further into the 21st Century, the world of sport has become one of the biggest businesses in the world. The entire industry, according to research done by Torrens University in Australia, was thought to be worth over $500 billion last year, and it shows no sign of slowing down in the coming years.

That figure includes both participatory sport, such as golf clubs and gyms, and spectator sport, which is made up of professional sports clubs that people pay to watch. When you separate the two, it’s estimated that just under half is down to spectator sport, which amounts to around $250 billion per year. That means a whole lot of people around the world are engaging with professional sport.

The biggest contributor to this mammoth sum, is football, with a whopping forty-three percent of the total. This is down to leagues such as the Premier League here in the UK, La Liga in Spain, and Serie A in Italy. The next biggest contributor only captures thirteen percent, and that’s American football, which has the NFL and the Super Bowl, and then just behind it on twelve percent is baseball, with the MLB, and its increasing popularity in places such as Cuba and Japan.

Staying on Trend

With so much money swirling round, and the constant need to stay engaged with their supporters, it’s no wonder that the professional sporting industry is always looking for methods to help them make that connection in new and interesting ways. One of the biggest contemporary means of doing that is through the use of cyber technology. Professional sports teams have normally been relatively quick to make use of this technology when it has been available to them.

When the internet first became mainstream in the late 1990s and early 2000s, most teams realised that by having a website it would allow fans to easily read up on the latest news and information. Learning from that, it seems more and more teams are happy to use cyber tech as it evolves, for monetary gains and also interaction with their fans. Some pundits have even argued that the internet has changed sports such as football forever.

Cryptocurrency

For a technology that has only been around since 2009, and only became established in the past five or so years, cryptocurrencies have now become interwoven into the internet experience. It used to be that they were only the playthings of a select few tech experts, who exchanged them for goods on the dark web.

However, now popular cryptocurrencies, such as Bitcoin and Ethereum, are everywhere online, and being used in many different ways. You can now utilize them to purchase cars, buy aeroplane tickets, and use them on websites like Vegas Slots Online to gamble. Their site is set up to deliver the opportunity to find the best online Bitcoin casino for you. The listed casinos offer deposits and withdrawals in bitcoins, whilst providing a fantastic gaming experience to all UK players. They also include some truly tantalising sign-up offers, that get you off to a winning start.

Some of those in the professional sports industry have obviously not wanted to be left behind on the use of cryptocurrencies, and have chosen to partake in the new technology. There are a whole host of teams, for instance, that have managed to strike up sponsorship with crypto companies. Some of the most prominent are the cryptocurrency exchange website Crypto.com sponsoring French giants PSG, and the NBA team, the Portland Trail Blazers, having their jerseys sponsored by the crypto platform StormX. All of these partnerships further shine a light on this futuristic tech and allow it to become more deeply ingrained in society.

NFTs

Another area of cyber tech that the sports industry is gladly getting involved with is NFTs. Non-fungible tokens (NFTs) are the latest blockchain technology, and are suddenly becoming incredibly sought after in the world of entertainment. Non-fungible basically means that each one that is created is unique, so whilst a bitcoin is fungible, and will always be worth the same value as another bitcoin, NFTs are worth whatever someone is willing to pay for each specific one. So, because each one is either one of a kind or extremely limited in number, they become collectors’ items. They can be anything digital, so some will have drawings or images on them, others will have videos or music, and you can even just have tweets on them.

Sports teams have seen them as an opportunity to give their fans a piece of collectible history. The NBA for example, have partnered with the blockchain company Dapper Labs to set up NBA Top Shot. This is a website that allows basketball fans to buy sought after NFTs that contain highlight reels of players’ and teams’ greatest moments. The website already has over 800,000 members, who can all interact with each other and even trade their NFTs to try to get the best collection.  This has made other sporting leagues notice what the NBA are doing, and will eventually lead to them following suit. The Premier League considered selling highlights as NFTs back in May, and experts believe that it won’t be long until it is the new normal across all sports.

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