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How Crypto Impacts The March Madness Industry

By Emma C |

Photo by Todd Greene on Unsplash

March Madness is a popular nickname for the NCAA Division 1 Men’s Basketball Tournament. The tournament is held in March, and it is a hectic time for all parties involved, regardless of your position. However, it is an ideal time for fans dedicated to betting on March Madness.

Incidentally, the event was named after a statewide tournament that Illinois high schools held in 1908. The event gained fame and started selling out quickly, prompting an official to name the event “March Madness.” CBS broadcaster, Brent Musburger, claimed to coin it from car dealership commercials.

Read on to learn more about the positive impact of cryptocurrency in the March Madness Industry:

When Did March Madness Start?

March Madness is the yearly college basketball event held by the NCAA. The event spans mid-March and early April, marking the tournament complete. It comprised eight teams playing one another in 1939, and Oregon beat Ohio State to win the first tournament set.

As time passed and players played, what started as an eight-person team quickly progressed to 16 in 1975. Shortly after, the team doubled and increased to 32 and 64 in 1985. Now, 68 teams get into the tournament, with eight teams who participated in the play-ins available

NFT Cards are More Popular than Ever

Many say NFTs and crypto go hand-in-hand, as you’d often hear them mentioned in the same sentence. NFTs are a household name in a sphere like crypto, as they continue to dabble in the NCAA, social media, and online video games.

For NCAA college athletes, NFTs are a great way to receive payment or take any digital and decentralized transactions. The cards look very much like regular cards, but they feature the extra novelty of a cryptocurrency card.

Mckensie Milton was the first ever college athlete that owned an NFT, and it displayed his transition from UCF legend to FSU quarterback.

Fans Can Monetize their Content

In the NCAA, like other sports, fan engagement is an important factor that is well sought after. Leagues, events, players, and teams struggle for fans' attention because they can directly influence publicity. As crypto, blockchain, and NFT rise, fans take an interest in involved players’, their clubs, teams, and their activities.

Now, fans needn’t offer free content anymore. They can have an idea, create a game plan and create content accordingly, and they can sell their content. The developments will give rise to many new content platforms and attract traffic to existing services. Also, the content can open room for a more diverse audience that consumes customer-to-customer content.

Plus, fans’ content can reel in traffic to their sports, possibly creating a new niche and generating revenue for the teams, clubs, and players.

Players’ and Fans’ Tokenization Can Help the Underserved

Often, in sports, a good chunk of the money isn’t distributed equally. For instance, many retired athletes struggle to raise money for their everyday expenses. It could result from the athlete's country of origin, as the development may not be progressive enough to compensate athletes well.

Crypto and blockchain solutions offer these athletes a new way to monetize themselves again and earn an income. As they progress, they can attract more opportunities and rebuild the brand. Now, smaller investors have a shot at earning shares of athletes and teams. Fans and potential shareholders can now directly invest in young talents.

Betting

With the rise of crypto-using online casino games and betting, many fans prefer to stake crypto instead of cash betting. Using crypto allows bettors to make convenient bets without a governing entity hovering over the process. With crypto, bettors can save themselves the hassle and make seamless payments and withdrawals.

Crypto and the sports industry go hand-in-hand. People use it for entertainment and as a means of livelihood (gambling). March Madness’ gambling, user experience, and players’ tokenization can be enhanced when parties transact with cryptocurrency. For instance, it is a common US tradition to bet on cash and other sundry goods.

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