The rise of Bitcoin and other cryptocurrencies all over the world has had several effects, one of which has been the increasing awareness around blockchain networks.
Blockchain is the technology that supports cryptocurrencies, and while most of the buzz around crypto has been for its own uses, blockchain networks also have a lot of potentials to be used to change the way businesses operate.
One such area is sports, especially in developing countries. Nigeria serves as a great example for this. The African country is the world’s second-largest cryptocurrency market, second only to the United States of America, with millions of Nigerians already using Bitcoin and other cryptocurrencies for various purposes. There are multiple reasons for this.
The biggest factor has been the instability of the naira, the country’s fiat currency, with rising inflation, meaning that its value has been constantly eroded over the last few years.
Further, there have also been multiple restrictions placed on foreign currency transfers and the purchase of dollars due to a shortage of foreign currency reserves, while the falling price of crude oil has also not helped matters since crude oil is Nigeria’s largest export.
All of this has meant that more and more Nigerians have been pushed towards using crypto rather than the domestic currency.
The majority of the country’s population is young and extremely tech-savvy, with mobile and internet penetration rates growing as well, which is another reason for this.
Therefore, Nigeria remains primed to use blockchain across various industries as well, and there are several companies and startups which are aiming to do this in the country.
It is also important to note the impact that blockchain has had on other sectors globally to understand its potential.
One of the best examples of this comes from the online gambling industry. There are multiple online casinos that use blockchain to support their operations, resulting in faster, safer and more reliable games and transactions, with user data being better protected as well.
Casino website Winz.io has been pioneers in this space, with these operators also offering users the option to place bets via cryptocurrencies.
The online betting and gambling sector has been completely revolutionised as a result, and such websites have seen a huge amount of traffic and revenue over the past 12 months as a result.
This shows how blockchain can help develop other sectors as well, with football being the most popular sport in Nigeria.
It can help reduce costs by removing third parties, maintain data securely, and help improve the fan experience.
One of the biggest ways in which it can influence football in the country is in helping to raise funding. We have seen several clubs in Europe already begin to adopt blockchain for this by issuing virtual currencies and fan tokens which give owners exclusive rights and merchandise while also raising money for the club.
Some of these tokens also offer owners voting options on certain decisions of the club, such as the colour of an upcoming kit, and this helps fans feel more invested in their club and can therefore increase the strength of the fanbase as well.
Nigeria’s local football clubs could definitely use this as an aid to improve their financial standing, while the national football federation can also apply some of these benefits to growing and improving the game in the country.
Football is something that Nigerians are extremely passionate about, but now crypto is an equally popular venture, and so it makes sense to put the two together and help the game improve in the country.
