Cryptocurrency2 hours ago (May 21, 2022 07:40AM ET)
Blockchain, crypto set to take sports industry beyond NFT collectibles
(BTC) has been attributed as the most prominent blockchain use case, showing the technology’s prowess in successfully delivering an immutable and truly decentralized ledger over the past 13 years. Adding to the years of innovations since then— that saw the introduction of altcoins, non-fungible tokens (NFT), decentralized finance (DeFi) and more, a study conducted by fintech giant Deloitte highlighted the untapped potential of the crypto ecosystem to open up newer markets for the sports industry.
Fan tokens and NFTs were first introduced to the sports industry to increase fan engagement via collectibles and voting mechanisms. However, Deloitte, one of the Big 4 accounting firms, envisions the industry further embracing crypto and blockchain technology over the coming years:
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