Blockchain and cryptocurrency have collaborated with several other mainstream industries in a bid to gain more acceptance and exposure to the larger audience. These have included Industries such as finance, fashion, communication and so on but one of the most recent of these are collaborations between the blockchain and crypto industry as well as the sports industry. This is because sports is a global phenomenon that is closely watched by millions of people and putting blockchain and crypto at the forefront of the sports world does it a lot of good.
There have been instances in the past such as Litecoin sponsoring several UFC matches as well as basketball games but now it seems that cryptocurrency is finding acceptance and adoption even within the sports industry as it was announced on August 13, 2019, that the Dallas Mavericks are now the second NBA team that will accept bitcoin as a means of payment for both their tickets and the official merchandise.
Crypto Comes to the Court
The news was confirmed by BitPay via a tweet and apparently, this adoption has been in the works since early 2018 when Mark Cuban, a tech investor and owner of the Dallas Mavericks, stated that fans will be able to buy tickets to team games using bitcoin. At the time, the news caused a lot of excitement within the crypto industry and a year-and-a-half later, these plans seem to have materialized as the Dallas Mavericks have become the second NBA team besides the Sacramento Kings that allow cryptocurrency to be used for payment.
Interestingly enough, the Sacramento Kings first allowed bitcoin to be used for promotional products and ticket since 2014 but it has taken five years for another NBA team to follow in their footsteps. Just like the Sacramento Kings, the Dallas Mavericks will have their payments processed with BitPay’s services and hopefully, this will spark a trend among other NBA teams as time goes on.
Mark Cuban has also invested significantly within the crypto space as he has invested in both a digital currency hedge fund, an ICO as well as the Mercury Protocol which was launched in August 2017 and is based on the ethereum blockchain. Despite his interest in cryptocurrency, he has shown skepticism towards the Libra token which is being launched by Facebook and stated earlier this year that he believes it should not be launched but seems favorable towards bitcoin.