One-third of fans use cryptocurrencies and NFTs, while the rest are concerned about regulation and true value
Almost two-thirds of sports fans have not yet embraced the world of cryptocurrencies and NFTs. 63% of adopters in this genre feel that the federal government should regulate emerging markets. According to a recent study by Sports Business Journal and Chicago-based sports marketing agency rEvolution, half of fans still prefer physical ticket stubs over virtual ticket stubs.
Thirty-seven percent of fans of the survey, conducted April 8-13, said they knew cryptocurrencies, including more than 500 US-based adults. This is 9 percentage points higher than the non-sports fans in the survey. While 31% of sports fans are familiar with non-fungible tokens, 13% of non-sports fans had an even bigger gap in their perception of NFT.
“The fact that only 37% of sports fans are aware of cryptocurrencies shows that there will continue to be significant benefits to the growth of this category,” said REvolution’s Senior Vice President of Client Development, research. One of the authors, Dave Mullins, said. “Data from our research shows that once noticed, these sports fans are incredibly optimistic about the future of crypto. The crypto market in this area is through innovative sports partnerships. You should be a little at a loss to educate these enthusiastic fans. “
Brands in this genre have made some high-profile investments in sports over the past 14 months.
FTX, a cryptocurrency exchange, ignited the industry when it invested $ 135 million in a 19-year naming rights deal at the American Airlines Arena in the Miami Heat.
Another exchange, Crypto.com, has signed over $ 1 billion in sports deals. This was highlighted by a $ 700 million deal to name the former Staples Center and sponsored the title of the first F1 race in Miami this month.
Thirty percent of sports fans in the survey felt that the two naming rights contracts gave them “trust in the long-term viability of cryptocurrencies.”
However, digital currencies have experienced a great deal of turmoil in the past few weeks, highlighting the collapse of Lunacoin, which signed a five-year, $ 38 million deal with Washington Nationals in February.
At SBJ’s Sports Business Awards Ceremony earlier this month, Crypto.com’s North American sponsorship manager, Preston Peters, told SBJ’s sister publication, Sport Techie, that the brand is preparing for recent market volatility.
“Our leadership team has been planning this bear market for a long time,” he said. “I think we’ve really started to be selective over the last six months, especially when it comes to partnership reviews. If anything, it’s the right brand for us to track the process in more detail and partner with. Allows you to really make sure you are finding. “
Within NFTs, fans have become aware of their presence in sports, but still prefer real ticket stubs or autographs to virtual products. NBA’s Top Shot, the most popular NFT spot in sports, has generated 18.2 million transactions, just under $ 1 billion, since its launch in October 2020.
Sixty-nine percent of the sports fans surveyed didn’t jump into the NFT battle (more than a third are hesitant to do so: “real money for what I can’t do.” It doesn’t make sense to pay for it. Touch ”), the campaign shows potential strength and the NFT market continues to expand overall.
Beth Beiriger, Senior Vice President of Product Operations at DraftKings Marketplace, said: “We’re returning to our roots and incorporating new technology from Reignmakers as a blockchain-based fantasy football game featuring active NFL players.”