Since it was initially launched in the late 1990s, sports betting has evolved into various forms, with different creative elements added to enhance the fans’ experience. Sports betting is likely the fans’ most joyful experience at any sporting event.
It has allowed more bookmakers to sprout up and accommodate more sports enthusiasts who want to watch any sporting event, providing them the chance to watch and wager live on the spot, whether traditional horse racing betting, football, basketball, etc.
Thanks to the ongoing development of sports betting, which has spread to almost every sport, anyone can now wager on the number of corners taken in a football game or the number of tries attempted in a rugby match. This increases the flexibility of betting and gambling and enhances the fan experience.
Most rugby supporters have likely already heard of cryptocurrencies. A cryptocurrency, which has no physical form and is instead a virtual type of coin not governed by any banking system, is essentially a digital currency that can be used to buy and sell goods and services over the internet. A cryptocurrency is only developed by a group of people who jointly work on developing their codes.
One of the first cryptocurrencies ever discovered, bitcoin has seen its value soar over the years, so it is now worth tens of thousands of times more than it was ten years ago. Another popular cryptocurrency that is considered the closest rival to bitcoin is Ethereum.
Because of their adaptability, cryptocurrencies—particularly bitcoin and Ethereum, along with a select few other cryptocurrencies—have enabled bookies to offer wagers on various sporting events.
Other sports are attempting to follow, such as basketball and rugby, which have taken severe steps to consider rugby union betting with bitcoin to pursue other sports in the revolutionary shift in sports betting and to provide a distinctive experience to their fans. Such a betting option has already been introduced in football.
A rugby fan from Chile who wants to bet on the upcoming RLWC21 is faced with a chain of exchange rates and commission fees to process bets from his local currency to other currencies used on the betting websites. In contrast, cryptocurrency is a unified currency that can be used worldwide. It removes the barriers of exchange rates, which can prevent fans across the globe from accessing high-end sports betting.
NFT and the Rugby League in Partnership
The rugby league world cup, one of the most eagerly anticipated events for sports enthusiasts and rugby fans, was set to take place in England in October 2021 and include more than 600 players from 21 different nations. For the first time, wheelchair athletes and female competitors compete in the same venues during this tournament.
Rugby League is collaborating with NuArca to launch the first NFT marketplace during the Rugby League World Cup 2022, which will be hosted in England in October 2022 after being delayed due to Covid-19 restrictions, as part of the evolution of cryptocurrencies with sports.
A non-fungible token, or NFT, is a work of digitally designed art that can be purchased and sold online while the owner retains ownership and reproduction rights. It functions similarly to a cryptocurrency but uses a created work of art rather than digital money.
This innovative initiative aims to unite rugby supporters worldwide, allowing them to express their love for their preferred players and teams by gathering and trading tokens online.
SPORTS FUTURE FOR THE NFT
To make up for the financial losses they suffered over the last two years due to the Covid-19 lockdowns and suspension of athletic events worldwide, more sports teams and associations are exploring NFTs releases.
Teams like Manchester City were among the first in the Premier League to introduce their line of NFTs; “The Football Laboratory,” one of their sets, sold for $19,000. While other teams like Arsenal, Aston Villa, and Leeds, as well as other football associations like the Brazilian national team, are all thinking of releasing their line of NFTs to provide a distinctive experience for their fans and to open up a new revenue stream.