Introduction
Popular crypto exchange platform Kraken recently announced that they have partnered with Spanish football club Atlético de Madrid. This announcement came in time ahead of the kick off of a new football season for 2024. With Euro 2024 just wrapped up yesterday
(14th July 2024), This partnership will see the best of two big organizations in crypto and sports come together.
Sports and crypto has a lot in common! Both share the same users and fans. Kraken hopes to use its position in the industry to onboard Atlético de Madrid football fans to crypto. For fans that are already crypto users, the partnership would open up a new way for them to buy, sell and store their digital assets. Kraken is the clubs new web3 partner going into the new football season.
A marketing representative from Kraken Mayur Gupta was elated as he describes the potential for growth and expansion which the new partnership would bring. Here is what he has to say about it:
We’re proud to partner with such a distinguished football club, which equally recognizes that success requires a meticulous focus on its own processes. We’ve put in nearly 13 years to become one of the most trusted crypto platforms and we look forward to collaborating with Atlético de Madrid to educate more people about the true potential and value of crypto source
Two big giants win
Kraken is already a world-renowned crypto exchange and they are doing well already. However, every business would do with more customers. So partnering with Atlético de Madrid is an enormous opportunity for Kraken to expand its markets and attract new users. With the global scope of a huge football club like Atlético de Madrid, Kraken is potentially tapping into a massive database of users that span across countries and continents. The amount of business that this partnership would bring is probably massive for Kraken.
For the giant football club Atlético de Madrid, partnering Kraken will add to its global appeal. Blockchain technology is already the next big thing. Many organizations and enterprises are already adopting one blockchain feature or another. A football club with the stature of Atlético de Madrid should not be left behind when it comes to technological advancements. So this project would enhance its credibility as a football club that is strongly built for supporting and adopting emerging technology.
For the massive global fans of Atlético de Madrid, the partnership would also bring many personal benefits. A good number of the fanbase are probably not into crypto. So Kraken will deliver a platform to onboard these fans to crypto starting from giving them a crypto wallet to store digital assets.
Kraken promises to deliver crypto instructional programs and engaging projects to the Atlético de Madrid fans. The aim is to kickoff or advance their crypto journey and experience as they support their favorite football club. Kraken already promised a rich program for the fans in this statement below:
Similar to the fan and client experiences we already deliver with Williams Racing Formula 1, Atlético de Madrid’s global fan base will see engaging initiatives such as Web3 projects, live activations and community outreach programs. source
So for both Kraken, Atlético de Madrid and fans, this partnership promises to be all wins for them as the new 2024 Spanish football season kicks off in no time.
Web3 brings value to sports
Cryptocurrencies and blockchain technology has been touted as a big addition to sports. Although the rate of adoption is relatively small now, it is already seen that web3 would bring a lot of improvement in various aspects of sports management and business. Consider the following three:
- Match ticketing:Today, there are sporting matches and events that require fans to purchase tickets. Many sporting organizations sometimes handle or outsource ticketing to a third party. Mostly tickets are sold for fiat whether in person or online. Here is where web3 could be put to better use. Fans can actually buy match tickets and pay in crypto. There are lots of gain in accepting crypto payments for tickets.
Fraud is one thing that selling tickets in crypto would fight. There are many fraudulent activities that go on in sports ticketing. For one thing, sometimes third-party sell tickets at much higher prices than approved. As a result, fans are forced to pay higher than normal for tickets. In addition, there are instances of fake tickets in sporting. When sports purchase fake tickets, they loose money and also are prevented from attending sporting matches and events.
Think about the convenience that crypto payments would bring to sports fans. There would be no need to spend hours waiting at ticket stands in sports venues to buy a ticket. Right from the comfort of their homes, they can buy sports tickets and save stress and time. This would even make it possible to sell tickets to a global audience. Think for example about a sports fan from Lagos that wants to a match of their favorite team abroad. They could buy the ticket right from their home without the need for a ticket agent or other huddles.
- Premium experience: Sports organizations could create tokens that give holders exclusive access to premium content. For example, fans that hold the tokens could be allowed to get involved in decision-making. They could vote proposals for changes in their favorite team such as the design of Jerseys, the official colors of team branding and other things.
Besides allowing fans to participate in club decisions, token holders could be invited to attend special events held by their favorite team. That could include invitation to attend team training sessions, access to exclusive areas of the team grounds, trophy parade events and annual programs. This way, the tokens created by sports teams could take on lots of utility that would bring the sports team closer to its loyal supporters.
Finally
Crypto and sports can go far together. The partnership between Madrid and Kraken is a shining example. Other sporting organizations could learn from this and come together in business partnerships with crypto organizations. The potential for growth and expansion is limitless.
Note: Thumbnail is mine