In a move to increase crypto awareness and adoption, the Litecoin Foundation will sponsor a UFC mixed martial arts event. The foundation said in their statement that they are now the “Official Cryptocurrency Partner” of the UFC light heavyweight title between Jon Jones and Alexander Gustafsson.
There is no argument that the global sports market is one of the largest in the world, currently valued at around $557 billion and raising funds through sponsorships is common practice in it. As sponsors attract new ones it only makes sense that there is ground for cryptocurrency-related institutions to start taking steps in that direction.
A fan token was launched in December from Athletico Mineiro (Galocoin) to allow fans to purchase tickets or team’s official merchandise. In September Paris Saint-Germain also partnered with Socios.com to provide a token to fans so that they can acquire club tokens that even come with voting rights among other rewards for their holders. Digital sports are also getting the blockchain treatment with Binance investing in esports voting platform chiliZ and tokens created as rewards for gaming or for specific e-sports like Poker being in development for past years.
Seems like Crypto and sports will go hand in hand for a long time to come.