Very many people around the globe participate in the games and sports industry. If utilized very well, this industry can be a big market for Blockchain products such as cryptocurrency.
As per the report by IBISWorld, a market research group, the sports franchises sector collects about $39 billion in revenue in the US.
In 2020, the sports medicine practitioners sector alone collected over $26 bln in revenue from more than 108,930 businesses.
Blockchain technology has proved to be an effective tool that can be used in the fight against the Covid-19 pandemic.
Countries such as South Korea and the United Kingdom have so far used Blockchain in the struggle to bring the pandemic to an end. The tourism destination in South Korea called Jeju Island is using distributed ledger technology (DLT) to trace Covid-19 contacts.
Some healthcare facilities in the United Kingdom are using DLT to store and deliver Covid-19 vaccines to places where mass immunization is carried out.
Blockchain can be used to track or store the medicine meant for the sports industry. Having seen that Blockchain can be used in medicine and healthcare industry and that the sports industry has a massive number of businesses, these businesses can integrate this new technology into their systems, to increase its adoption and use - in the same sense DLT businesses will generate more revenue.
A lot of people use sports cards to make payments or for other purposes. The market price for sports cards and memorabilia is worth $5.4 bln, and it is estimated that each person spends on average $3,600 on sports memorabilia. So if these cardholders replace it with cryptocurrencies, the Blockchain market will boom.
Some of the clubs have actually started on it. Fans and supporters of some big football clubs such as Juventus, Trabzonspor, AS Roma, Tottenham, Galatasaray, Arsenal, FC Barcelona, Liverpool, Atlético de Madrid, PSG, CA Independiente, etc., can now use cryptocurrencies to participate or associate with the ongoing activities of the club such as voting, rewards, payments and others.
Cryptocurrency video gaming platforms such as PayFuel, are also doing great to increase the adoption of Blockchain products. These sports and gaming platforms can help unite the cryptocurrency, blockchain businesses and gaming together.