How to use crypto for sports gear in the future
Posted On July 2, 2021
The U.S. and the United Kingdom are in the midst of a historic sporting gear and sporting goods boom, as manufacturers are looking to make a splash with the latest products.
A recent article in the Economist magazine highlights how sports gear manufacturers are now looking to the blockchain for potential revenue streams.
According to the article, the blockchain could become the new platform for bringing sporting goods to market, with many companies looking to create blockchain-based partnerships.
“The digital sports industry has exploded over the last two years, with the number of products launched on the blockchain growing by leaps and bounds,” the article said.
“However, the number and scale of products being launched on a blockchain has remained relatively small, and only recently has there been a significant shift in the way we see sports.”
“With the advent of blockchain-enabled sports, there are a number of key factors that will determine the success of blockchain solutions.
The blockchain can provide a trusted, decentralized platform to allow sports equipment manufacturers to secure, validate, and approve their goods for sale.”
The article also explained that blockchain is not just about sports gear, but also the industry in general.
“Blockchain technology is a key element for enabling distributed ledger technology to enable faster and cheaper access to data and information, while reducing costs,” it said.
“In addition, blockchain technology allows companies to create their own smart contracts that can be executed at any point in time and at any cost.
The possibilities are endless.”
In addition to sports, blockchain also is being used to create new types of products.
One example is the blockchain-powered virtual reality headset, the Verge reported.
The article explained that virtual reality headsets are a key component of a “sports-centric” future for the industry.
“While the technology behind virtual reality is relatively new, it is already in use by professional sports leagues around the world,” it noted.
“It’s no surprise that virtual sports is a major focus for many athletes and sports fans around the globe.”
“The technology behind this new form of virtual reality will allow athletes to experience a virtual version of real life in an unprecedented way, creating a new level of immersion in a sports arena that will become even more immersive in the years ahead.”
In a related article, CNBC reported that blockchain technology could be used to pay for virtual reality games.
“Bitcoin is a very attractive alternative to the traditional payment methods for virtual goods like virtual reality, but many of its competitors have struggled to keep up with the rapid growth of bitcoin,” CNBC wrote.
“One of the biggest challenges for virtual currency companies is to keep pace with the growth of the cryptocurrency, and bitcoin is not exactly the most fintech-savvy of companies.”
“Blockchains and bitcoin have much in common.
They both promise to make transactions faster and less expensive, but they’re both built on blockchain technology that allows users to securely transfer value to each other without any intermediary,” CNBC noted.
Bitcoin is not the only cryptocurrency that could be a factor in the industry, however.
“The blockchain could be the first digital currency to emerge as a real winner in the virtual sports market, said Michael S. Boor, CEO of the blockchain startup Digital Sport.”
We see it as a game changer in the sports betting space, a virtual currency that could have a huge impact on the global sports betting industry,” he said.
In addition:In addition the Economist article, a recent Bloomberg article highlighted how the U.K. government is looking to use blockchain technology for a new “sports” tax, as the government is considering taxing players for every “game” they win or lose.
The government is expected to begin taking a “game-based” approach to taxes in 2021, as “sports,” “lots of other” and “a whole bunch of other things” are considered to be “the essence of our economy,” Bloomberg said.