It is just the start of the revolution but already we are seeing cryptocurrencies and blockchain technology having huge impacts on many different industries.
The football industry is already been influenced by crypto due to many sponsorship deals happening between gambling companies and clubs. This new tech will help to bring in even more revenue to clubs around the globe but that’s not the only thing that it will transform.
It is not just clubs that are going to make vast profits through cryptocurrencies as players also are going to be able to greatly benefit financially.
The first player to attempt to capitalize on the growth of the crypto sector is James Rodriguez who has launched his own brand of crypto. It could result in huge implications for the football industry and other star players will be following the Colombian player.
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Players releasing their own cryptos, is at the start of a brand new football economy which should offer unique possibilities for players to capitalize directly from fans. It also adds a completely new dimension as the price of a players crypto will rise and fall depending on how well they performed on the pitch. It gives players even more incentive to play well or otherwise they could end up losing a lot of money if their value drops.
It will also create a new football crypto marketplace where fans buy and trade player tokens making speculative calculations on if a player’s performance will increase or decrease as the season progresses. It would also attract new fans to the sector that would not normally follow football.
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Due to the decentralized nature of the blockchain and cryptos, it is the first time that fans can have a direct involvement in the amount that players can earn.
In the future, it is likely that when considering which clubs to join, players will also look at the earning potential via their own crypto so the club with the largest and richest fan-base will be the most attractive.
It is also likely that players contracts will be carried out by smart contracts running on the blockchain. With more revenue streams and the complexity of contracts having 100%, secure automated contracts are the next step.
Hopefully, they will enable players to have more control and eliminate the agents that are bad for the sport, clubs, and players themselves most of the time.
It will not just be players that issue their own cryptocurrency as clubs are not going to be too far behind.
Football clubs never miss the opportunity to make bucket loads of cash and by creating their own crypto it will create a brand new revenue stream that may eventually become the main income that they receive.
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It would also give fans more control over their clubs as if they wanted a manager or CEO to resign they could sell the club’s crypto. This move should enable fans to get their own way as they can directly influence the value.
