Wednesday, April 17, 2024

Arif Efendi explains how crypto is used in the football industry

Cryptocurrency and football used to be two completely unrelated realms, but this has changed recently. Arif Efendi, a businessman who is passionate about crypto and a huge football fan, has witnessed the merge of the two fields with great interest.

Football clubs are embracing the use of cryptocurrencies as a means of payment either in the transfer or building engagements.

Fans also are not left behind as they welcome the unleashed fan tokens in the broad trajectory of the football industry.

With its vast potential and functionality, crypto use is predicted to cross all verticals due to the continued rise in the integration of Artificial Intelligence (AI) and blockchain technologies.

Arif Efendi is watching closely the emerging issues fundamental to shaping the digital currency world. In this article, Efendi lays out how cryptocurrency is being used in the football industry as a means of payment.

He claims that using crypto should be embraced because the football industry is a vast sector with numerous marketing possibilities for footballers and fans.

The first football club to be bought using cryptocurrency. A historical landmark, according to Arif Efendi

In 2018, the Serie C Italian football club Rimini FC  became the first soccer team in history to be bought in digital currency-cryptocurrency. Currently, 25% of the club stake is owned by Heritage Sports Holdings, and it was paid through Quantocoin.

According to Forbes reports, the purchase of Rimini represents a deal of investment made by Heritage sports holdings.

The use of blockchain technology in line with cryptocurrency is poised to be an integral part of fighting corruption in football and offer unmatched efficiencies. That will streamline the administrative processes and procedures of running professional sports teams.

As a result, UEFA wants to increase transparency and alleviate inconsistencies within the professional football industry.

In addition, UEFA made an atrial by using a blockchain method to allocate stadium seats to fans in a match between Atletico Madrid and Real Madrid in a super cup final. This was a trial method to gauge its suitability and promote efficiencies in crypto transactions.

The first football player paid in cryptocurrency

In 2021 the former Real Madrid super striker David Barral was the first footballer transferred by Bitcoin as a payment means. The bid was seen in his transfer deal to Segunda B DUX International de Madrid, with it being fully funded through cryptocurrency.

The club didn’t explain why they chose this way of payment. But it was a historical landmark, and it is expected to be the first of many, says Arif Efendi.

The move cached the attention of the international media. It is an indicator of how digital currencies have become a reality in every industry.

FIFA to launch NFT platform for soccer Fans, the most recent release that cached Arif Efendi’s attention

The International Football governing body (FIFA) did announce recently the upcoming launch of the NFT platform, which is ideal for offering digital collectibles. The NFTs will perpetuate the greatest game moments for the FIFAs world cup.

The NFT platform developed has been partnered with blockchain firm Algorand to ease collections of tokens and unleash comprehensive details that are exclusive alongside the limited edition.

With digital collectibles, football matches can be represented through iconic arts and imagery for FIFA Women’s World Cup and the FIFA World Cup.

The announcement avails collectibles to all football fans to democratize the ability of the FIFA world cup. Fantom keeps upgrading, and football fans engage in existing and new games just like stickers and sports memorabilia to heighten smooth accessibility to opportunities.

FIFA+ Collect will entirely be available on the FIFA+ federation virtual platform to offer access to live football games globally. Also, interactive games, tournament information, news, and relevant content will be available even with all digital collectibles launched in French, English, and Spanish.

The further commitment here is to bridge fans’ seamless engagement with the web3 enabled Algorand.

Crypto companies sponsoring football clubs

Numerous crypto companies have struck deals with football clubs. The companies partner with the clubs to make financial markets easily accessible to reinforce extensive actions for extending investment opportunities. In this respect, eToro has partnered with European soccer teams, given heightening sponsorship deals, explains Arif Efendi.

The worldwide investment platform has launched twelve new sponsorships for Germany and UK teams to expand their investment activities. The English Premier League clubs eToro has aimed to sponsor within its partnership deals are Leicester City, Everton, Southampton, and crystal palace.

As well, eToro has announced it will partner with German Bundesliga teams of FC Cologne, Union Berlin, Vfl Wolfsburg, and FC Augsburg. Moreover, the partnerships will extend to Danish Champions FC Midtjylland.

The deals will grant eToro worldwide exposure to achieve numerous extensive marketing opportunities like digital rights, tickets, and match day display LED boards. With these opportunities, individuals will get an enabling platform for investing in digital collectibles, either as crypto assets or stocks.

The companies sponsor football clubs with football attires, mainly jerseys, boots, and balls, to enhance their brand reputation and availability in the market.

Furthermore, top Forex brokers are splashing sponsorship deals to premier league clubs as a way of strengthening the use of crypto. The crypto companies are helping the clubs complete kits that meet international standards, thereby hyping their deals.

Also, Clubs like Manchester United and Manchester City are possibly moving to engage their sponsorships deals with crypto companies. The step can be seen through sleeve sponsorships anticipated to replace mobile companies and heighten the use of cryptocurrencies.

The football fan tokens are the newest source of income for the clubs

Fan tokens are a category of cryptocurrency developed to offer membership benefits to the fans of a football team, says Arif Efendi. Holders of fan tokens do get membership perks. Such benefits can include exclusive fan events, limited edit merch, access to games, and voting rights. The voting rights may be used, for example, for making team decisions like bus designs, the team’s official motto, and kit designs.

Fan tokens are paid only once, limiting the need for regular subscriptions.

The fan tokens constitute a new source of income for football clubs and a new way for fans to interact with their favorite team.

The new trends and technology are causing football and sports, in general, to embrace new methodologies and opportunities.  The use of cryptocurrencies worldwide is on the rise and the football market is not an exception. Arif Efendi believes that crypto will grow exponentially in every market. He predicts that we will see many more examples in the football industry soon.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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