Cryptocurrency and blockchain technology may seem entirely new, but pro sports saw the tech advancements’ apparent benefits to offer the sports industry. The NFL has not been left out as it seems to be adopting crypto.
Crypto Adoption in The NFL
Many sports clubs are already taking payments for in-stadium services by accepting decentralized currencies like Bitcoin and Ethereum. Now franchises can pay both their players and coaching staff in crypto.
A week ago, Pro football player Russell Okung tweeted that he had been paid in crypto.
He claimed to be the first footballer to receive a salary in bitcoin. He is now reportedly receiving half of his multi-million-dollar contract salary in currency devised by the mysterious Satoshi Nakamoto. Okung has been a devoted bitcoin advocate for years, and he has been asking to be paid in bitcoin since May 2019.
Okung is not receiving bitcoin directly from the Panthers. The Panthers will reportedly pay part of Okung’s $13 million to Strike, which will then pay Okung in bitcoin. Strike, an application developed by Zap Solutions Inc., which helps people convert any percentage of their paychecks into bitcoin.
Even though Okung set the ball rolling regarding the integration of cryptocurrency into the NFL, he is not close to the first US sports star to be reimbursed in cryptocurrency. Players who feature in vital money lines every week, like Spencer Dinwiddie, including some New York Yankees squad members, have become some of the first athletes to risk with crypto transactions.
Sports fans and betting punters should now hope the backing teams are ready to reimburse recruits with cryptocurrencies, which is viewed as the future financial sector. The NFL followers should read expert football pundits or select NFL betting odds that take such economic issues into account to get real-time updates.
Cryptocurrency markets are volatile beasts, with prices fluctuating wildly, and only a select number of experts can explain why.
The recent bull run in some cryptos has undoubtedly caught the eyes of pro sports people who want their salaries converted into thriving crypto immediately not miss out on the substantial financial advantage.
A Safe Bet
Players have gained more confidence regarding crypto investments because they are now seen as an increasingly safe bet. More established financial institutions have legitimized cryptocurrencies by trading in them.
While Okung and his friends at Zap may be reporting that they are somehow leading a crypto revolution, they are more likely pushing for a currency conversion platform. Still, such transactions between club and player may take place in the future.