Revolutionizing The Sports Industry: Exploring The Applications And Implications Of Cryptocurrencies, Blockchains, And Non- Fungible Tokens
Karan Singh Grewal, LLB (Hons), O.P Jindal Global University
ABSTRACT
This research paper will explore the various aspects and intersections between Cryptocurrencies, Blockchains and Non-fungible tokens in the sports industry. It begins with defining Cryptocurrencies, Blockchains and NFT’s, and their potential applications as well as functions in the sports industry including sponsorship deals, fan engagement, and sports memorabilia. Additionally, the paper will determine various case studies of sports teams and organizations that have adopted and collaborated with these technologies, focusing on the financial and operational aspect of Cryptocurrencies, Blockchains and Non-fungible tokens in various countries. In addition, the paper will also shed light to the regulatory and legislative implications of Cryptocurrencies, Blockchains and Non-fungible tokens in the sports industry, which includes the issues like intellectual property rights and data privacy rights. The benefits and drawbacks of Cryptocurrencies, Blockchains and Non-fungible tokens in the sports industry. The paper concludes by providing an insight of what the future holds for this upcoming technology and the potential developments and opportunities for Cryptocurrencies, Blockchains and Non-fungible tokens in the sports industry. The research establishes the potential for Cryptocurrencies, Blockchains and Non-fungible tokens to revolutionize the way sports teams and organizations engage with the fans, monetize their assets, and improve operational efficiency.
