We know how teams and sporting entities have been losing out on revenue ever since the pandemic began. The sudden suspension of the IPL 2021 meant that the key stakeholders had to face a major business and monetary impact. With no matches, cash from TV rights and support deals has contracted considerably. In the meanwhile, the people also got to witness a new revolution around them, crypto-investment. Its not really something that was invented yesterday. But for the layman around, it was only mid-2021, when the question popped up.
Is crypto the way forward?
IPL teams go crypto
IPL franchises Kolkata Knight Riders, Royal Challengers Bangalore & Punjab Kings came up with a relatively unique way (obviously crypto) to boost their revenues post the temporary suspension of the Indian Premier League in May 2021. They joined Socios, a platform that empowers fan engagement through cryptocurrency and blockchain technology, to boost revenue.
“We were keen to look at new ways of enhancing and optimizing how we engage with our fans, and Socios.com seemed like the right fit. Socios.com has already proven what a powerful tool it can be for fan engagement with some of the biggest sporting organisations in the world,” Kolkata Knight Riders CEO Venky Mysore told Inc24.
Socios, Chilis and the rest of the game
Socios is backed by cryptocurrency giant Chiliz.
Now Chiliz is a giant in sports engagement with European giants such as FC Barcelona, Atletico Madrid, Juventus and PSG amongst its members. Fans on the platform must buy Chiliz tokens through a cryptocurrency exchange to take part in exclusive activities. On Socios, the franchises can host such fan token offerings, a digital asset. After purchasing the Chiliz tokens, fans can engage with their favourite teams in exclusive promotions, AR-enable games, chat forums, competitions, polls, VIP rewards amongst others.
Engagement through purchasing fan tokens is expanding rapidly and becoming popular amongst sports enthusiasts. In 2021 alone, $120 million has been spent on such tokens as per Nairametrics.
This is not the first time that a cryptocurrency platform has been associated with IPL 2021. Disney+ Hotstar, IPL 2021’s streaming partner had ads from the two most popular cryptocurrency platforms in India in WazirX and Coinbase.
With no vital supply so as to get revenue, teams’ house owners are searching for completely different alternatives. Royal Challengers Bangalore, Kolkata Knight Riders, and Punjab Kings established ties with Socios.
Cryptocurrency may or may not enter everyone’s lives as rapidly as digital payment modes like PayTM and Google Pay did. But in the investment arena, it’s already making gigantic strides. A lot of people are making money, a lot of people are losing it, some people are playing it long term, some just want to do it for their Instagram. However, the trend of investing in cryptocurrency is well on the rise, and the craze has entered India.