Famous American football team Miami Dolphins generated quite a buzz when it announced Litecoin, the sixth-largest digital asset in the world, as its official cryptocurrency earlier this year; however, it appears that the collaboration is running out of luck.
Litecoin creator and managing director of Litecoin Foundation was excited to partner with two time Super Bowl champion Miami Dolphins and gave Litecoin the kind of exposure it had been longing for. Unfortunately, though, the association is yet to see some significant action. As of October, the association saw a somewhat dismaying number with only forty-seven transactions using the asset.
Litecoin – Miami Dolphins fails to generate numbers
And while there could be many reasons why the partnership did not receive the desired response, one primary cause is the limited number of offerings. Although the introduction of Litecoin to its payment systems has increased the sale of 50/50 raffles ticket by twenty percent (20%), half of which are donated to Miami Dolphins Foundation, it isn’t something customers prefer to buy with Litecoin when traditional payment methods are so prevalent and easily accessible.
Besides, the team’s management went all out to ensure that Litecoin gets substantial publicity and is a significant part of the team’s branding and advertising strategies at the stadium. Even then, it seems like it hasn’t been able to catch the attention of many fans as the overall interest in this strategic alliance looks disappointing.
Thus, it is becoming quite apparent that even though cryptocurrencies continue to penetrate the sports industry with strategic alliances, any asset, besides Bitcoin, is bound to face a hard time in making its way to the mainstream.
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