If you’re a big sports fan, you’ve probably noticed a new type of advertisement on courtside screens and athletes’ social media accounts in the last few months.

According to a recent Bloomberg report, cryptocurrency companies are flooding the sports world with sponsorship funds.

“In the last 18 months, cryptocurrency companies have committed more than $2.4 billion to sports marketing,” Bloomberg reported.

According to the article, the sponsorship bonanza has benefited a wide range of leagues, teams, and individual players.

The Dallas Cowboys, Golden State Warriors, and New York Yankees, as well as Kevin Durant and Cristiano Ronaldo, all have cryptocurrency deals.

This year’s Formula One Grand Prix in Miami was sponsored in part by Crypto.com.

These sponsorships and advertisements seek to get more people involved in cryptocurrency markets, which, as it stands, draw in a small share of U.S. adults.

A September 2021 Pew Research Center survey showed that although nearly 9 in 10 Americans had heard of cryptocurrencies, just 16% had “invested in, traded or used” one themselves.

“Men ages 18 to 29 are particularly likely to say they have used cryptocurrencies,” Pew found.

The recent decline in the cryptocurrency market is unlikely to change these figures. According to Bloomberg, cryptocurrency companies lost around $2 trillion in value during the spring and early summer due to market shifts.

It’s unclear what the future of crypto advertising will look like in the absence of a significant rebound, according to the article.

“This year’s severe slump in the crypto market will test these companies’ willingness and ability to continue throwing money at leagues, teams and athletes. But for now the deals keep coming, leading franchise owners and executives to view crypto as sports’ next great benefactor,” Bloomberg said.

sports fans love Chiliz

Chiliz is a cryptocurrency that drives fan engagement.

To accomplish this, it collaborates with top sports teams from around the world. Fans can have a say in the decisions of their favourite sports teams or gain access to special VIP events by purchasing fan tokens on the Socios.com fan engagement platform.

Sports fans are understandably obsessed with Chiliz right now!

The one reason Chiliz is unique is that it has pioneered the use of fan tokens. Each fan token enables the holder to gain access, benefits, or perks.

For example, you might gain access to a private VIP event or the right to vote on a team-related issue.

In one case, fans were able to vote on the mural to be painted in a team’s locker room, and then one lucky winner had the opportunity to meet the team there.

If you’re a sports fan, Chiliz has real-world utility. And it gives holders these opportunities in a way that is seamlessly integrated with the websites and apps of sports teams via its Socios.com platform.