In recent years, the intersection of cryptocurrency and the realms of sports and entertainment has sparked a significant transformation, presenting new opportunities for fan engagement and innovative transactional methods.
Major brands are increasingly exploring how digital currencies can enrich the experiences of their audiences, allowing fans not just to consume content but to actively participate in their favourite teams and entertainers’ journeys.
In this article, we delve into the ways that prominent organisations, like SL Benfica in football, Twitch in live streaming and AMC in cinema, are integrating cryptocurrencies into their operations.
Taking the ticket
In 2022, SL Benfica announced it would become Portugal’s first football club to launch a Fan Token on the popular sports engagement and rewards app Socios.com. These utility tokens are digital assets created on the Chiliz Chain, a leading blockchain provider in the sports and entertainment sector. Fans worldwide can purchase these tokens using CHZ, Chiliz’s native cryptocurrency, to show support for their team. CHZ boasts a market capitalisation of $719m.
At the time of the announcement, Domingos Soares de Oliveira, CEO of SL Benfica, said: “We have been paying very close attention to digital assets, a market which has been influential in our industry of late. We are delighted to be partnering with Socios.com, the ideal partner for developing our tokens and for bringing the worldwide Benfica family closer together.”
Fans can benefit from exclusive sporting opportunities, such as meet-and-greets with sports personalities, memorabilia giveaways, and access to friendly matches and practice sessions. They can also receive merchandise, match-worn jerseys and unique digital rewards, including non-fungible tokens.
Other rewards include access to exclusive discounts linked to club sponsors, the opportunity to influence upcoming football kit designs, selecting celebration songs, voting on stadium or stand names, and receiving other special offers and incentives linked to major brands. Fans can also see a return on their investment if the value of their tokens increases over time.
Adding his thoughts, Alexandre Dreyfus, CEO of Chiliz and Socios.com, said: “We’re delighted to welcome SL Benfica, the most successful club in Portuguese football history, to Socios.com.
“Having built a truly world-class network of partners, our focus is now on adding more features and engagement opportunities for Fan Token holders. We look forward to creating new experiences for Benfica and their passionate fans all around the world.”
Over 150 sporting organisations offer their fans the opportunity to use Socios.com. Football teams include Paris Saint-Germain, FC Barcelona, Manchester City, and Arsenal. UEFA, over fifty major US sports franchises from the NBA, NHL, and NFL, and several Formula One teams also participate.
Digital watch
Elsewhere, live gaming streaming platform Twitch has also begun accepting a range of crypto. Bitcoin, Ether, USD Coin and Bitcoin Cash can all be used to buy Twitch Bits, a virtual currency that users can donate to their favourite streamers to show their support. Twitch’s innovative approach allows streamers to collect cross-border donations, avoiding third-party intermediaries and steep currency conversions.
Meanwhile, movie fans received a digital upgrade to their ticket purchase experience in 2021. American cinema chain AMC announced that film buffs could pay for their cinema tickets using crypto. CEO Adam Aron posted on X: “As promised, many new ways NOW to pay online at AMC. We proudly now accept: drumroll, please… Bitcoin, Ethereum, Bitcoin Cash, Litecoin.
“Also Apple Pay, Google Pay, PayPal. Incredibly, they already account for 14% of our total online transactions! Dogecoin next.”
The movie theatre has also considered creating its own cryptocurrency.
Big win
The integration of cryptocurrencies into the sports and entertainment industries is revolutionising how fans engage with their favourite teams and entertainers. By offering unique rewards, streamlining transactions and fostering community engagement, brands like SL Benfica, Twitch and AMC are at the forefront of this digital transformation.
Overchain provides a cryptocurrency payment solution designed for efficiency, security, and reliability across multiple sectors. It allows the processing of high-value transactions quickly and securely, avoiding the delays associated with traditional banking. Additionally, it supports withdrawals, payments and settlements in both crypto and fiat currencies, and offers payment links, widgets and a customisable API.
As these industries evolve, adopting digital currencies will likely become even more widespread, providing fans with innovative ways to participate and interact with the content they love.
