The Use and Role of Cryptoassets in Sport

The recent boom in cryptoassets has targeted the professional sports industry in recent years, notably the NBA, Formula 1 and soccer, both in North America and Europe. Various channels have been developed by digital crypto exchange platforms, such as traditional sponsorship and naming contracts, the issuance of fungible and non-fungible tokens (NFT), and even the payment of athletes' salaries and bonuses in crypto currencies.

Indeed, sport is emerging as a global showcase for crypto players, who are collaborating with North American sports organizations, clubs and franchises to target a young, crypto-receptive customer base.

However, such a boom, which benefited from the crypto market euphoria of 2020-2021, has given rise to a number of dangers, which appeared in 2022, dubbed “the crypto winter”. The bankruptcy of the FTX crypto platform on November 10, 2022, marked a turning point and led to the withdrawal of many crypto platforms from sports.