The 2018 FIFA World Cup has unexpected cryptocurrency-related repercussions. Colombian football star James Rodriguez issued his own digital token called JR10. This may trigger a cascade of other football-related cryptocurrencies eventually coming to market.
James Rodriguez and Cryptocurrency
The creation of JR10 took a lot of people by surprise. This new cryptocurrency is the “personal coin” of football star James Rodriguez. Owners of this currency can purchase football souvenirs with it, attend club meetings, and receive other perks. During the launch of this coin, $500,000 was raised in a mere twelve seconds. It is an excellent example of the hype surrounding crowdsale tokens, regardless of their purpose.
Footballers minting their own cryptocurrency is an interesting concept. For James Rodriguez, it is a way of setting a new trend. When everything is said and done, he may even be considered to be a pioneer. Creating such a currency can help broaden the sport’s appeal. A financial “incentive” associated with football is something the world hasn’t seen before outside of gambling.
If James Rodriguez does well, his associated cryptocurrency will become more important. It gives investors the idea they are actively part of a player’s evolution and growth. If every footballer created his own coin, a game within the game is created. Whether or not any other athlete will pursue this option, is a different matter altogether.
Replacing Trading Cards and Stickers?
For decades, sports have been associated with trading cards. In Europe, stickers pertaining to football and basketball have been incredibly popular. Panini has made a lot of money from betting big on the aspect of collectible stickers. Cryptocurrencies can shake up this business model as well. It digitizes the idea of sports-related collectibles while offering irrefutable ownership.
One has to acknowledge not all sports currencies will be equal. Individuals’ currencies will always fare better compared to entire teams. That is also part of the opportunities which lie ahead. Not just the players, but entire teams can digitize their relationship with the fans. Especially those fans who do not – or cannot – attend live games on a regular basis.
Correlations will be drawn between these currencies and gambling. That is only normal, as any financial incentive associated with teams or athletes is a form of gambling. Even so, investors could have a small say in their favorite player’s future. The opportunity is certainly worth exploring. However, the concerns and risks should not be overlooked either. James Rodriguez has embarked on an interesting path.
What do you think about players creating their own cryptocurrencies? Let us know in the comments below.
Images courtesy of Shutterstock.