Cryptocurrencies are getting more and more in demand among societies. As it seems, using crypto coins is becoming more convenient and maybe financially profitable for some of us. Even though the crypto industry had a quite tough period, called crypto winter, its popularity still is not damaged. Crypto winter is still not over but people start to use digital currencies out of trading. Yes, trading is still the main purpose of using them but people started using cryptos in some services instead of fiat money. This is because they see it as a financial investment and a better option to earn some profits during the period. This is how the late trend of crypto salaries can be explained.
Sponsorship from crypto platforms is increased. We can name many celebrities that publicly promote crypto coins to their fans. Some of them are famous people like Tom Bredy and Matt Damon. But the most active involvement we can see is from sports athletes. We are not only talking about sponsorships and participating in crypto promotion campaigns or owning crypto assets but also having a crypto salary. In this article, we will introduce some of such sports athletes too. So if you are one of those who are hesitating to get the salary in fiats or in crypto, check the details down below!
Cryptocurrencies and Sports Industry – How They are Connected
Cryptocurrencies are having a big impact on the sports industry. Crypto allows for faster and more secure transactions, as well as anonymity for players who want to keep their identity private while placing bets online or at physical venues.
Using crypto makes it easier to make deposits and withdrawals from international locations without worrying about exchange rates or fees associated with other forms of payments like credit cards or bank transfers. As a result, betting on sports with crypto is becoming increasingly popular among bettors all around the world because it offers them greater convenience and security when making wagers online or at physical bookmakers’ locations.
As it is very popular among sports bettors, more and more platforms started to allow betting on sports with different types of crypto coins. The most popular sports type for crypto betting is football and basketball, whereas the most commonly used coins are BTC and ETH. So, if you are also interested in crypto betting for your favorite sports, we recommend finding safe and user-friendly platforms such as Coinplay.com that offer crypto betting on all the possible sport events. Betting on such quality platforms will significantly help you make your crypto betting experience more exciting and profitable too.
Sports Athletes Who Prefer Crypto Salaries
There are some sports types where players more and more actively ask to be paid in crypto instead of physical money. This trend is popular in ordinary sports as well as in esports. The highest demand for crypto salaries is in esports, fantasy sports, and professional gaming. But this is not everything. Recent news shows that NBA players also started to get paid in crypto and we will talk about them later. Before that let’s discuss esports, fantasy gaming, and professional gaming.
These three industries have been at the forefront of utilizing digital currencies to pay their athletes because they can easily transfer funds without having to rely on traditional banking systems or financial institutions. Crypto payments also provide an extra layer of security since transactions cannot be reversed once they’ve been completed. So most of the esports companies started actively offering salary payments in crypto to attract more talented players who may be interested in taking part but hesitant due to traditional payment methods.
As we mentioned NBA players actively start requesting crypto salaries too. At first, two NBA teams have begun to pay their players in cryptocurrencies. The Sacramento Kings and the Dallas Mavericks are now offering salaries to their players in Bitcoin, Ethereum, and USDC stablecoin. This is a major step forward for the cryptocurrency industry as it shows that this form of payment is becoming more accepted by mainstream institutions.
Additionally, some individual NBA players have also started receiving payments from sponsors or other sources in crypto assets such as Spencer Dinwiddie of the Brooklyn Nets who have been paid through his own tokenized bond offering on the InvestX platform.
Why Do Players Want Salaries in Crypto?
Sports athletes are increasingly selecting to receive their wages and bonuses in cryptocurrency rather than fiat currencies. This trend is driven by several key factors, including the increased liquidity of crypto assets, greater security for financial transactions, and lower transaction fees compared to traditional payment methods.
Furthermore, cryptocurrencies offer a level of privacy that may be attractive to high-profile sports stars who want more control over how their earnings are shared or used. Additionally, digital currencies can also provide athletes with an opportunity for diversifying their income streams beyond just cash payments from sponsorships or endorsements.
Finally, blockchain technology has made it easier to track payments securely and accurately. This appeals to both players looking for transparency as well as teams wanting assurances they’re paying out the correct amounts on time each month.
