The NFL’s First Team to Accept Crypto? The Tennessee Titans
The Tennessee Titans will be the first NFL team in the league to accept cryptocurrency payments, according to emerging reports. While details are limited, it is now known that the club will use a third-party payment provider to facilitate larger, recurring purchases via Bitcoin.
It is unknown who exactly that payment provider is, whether other crypto token payments will be supported now or in the future, and a timeline for such support (as well as possible timelines for broader support for simpler transactions such as single-game tickets). Nevertheless, it is still substantial news for a league that has been hesitant to allow crypto integration in the past.
The opening of the NFL?
In recent weeks, new reports have emerged that the NFL would ease his limitations around cryptocurrency deals for clubs, while still having some ports involved; while teams could now form cryptocurrency partners, there would still be restrictions around stadium signage and deal length (up to three years). Nevertheless, this still showed a signal that the competition was heating up for crypto-related deals. To date, the NFL has taken a stricter stance on crypto deals, compared to most other leagues, which have engaged through a variety of sponsorship channels — from league-wide deals to individual team jersey sponsorships.
For the Tennessee Titans, while Bitcoin-supported payments functionality will only be available for large and recurring payments, the team has expressed a desire to have payment support for everything from tickets to merchandise and in-game food and drinks. Nevertheless, the move still secures the Titans as the first team in the NFL to accept crypto payments in any capacity. In the short term, expect large payments for things like subscriptions, suites, etc. to be the main crypto-related revenue for the team.
Adoption news has left the BTC charts undisturbed. † Source: BTC-USD on TradingView.com
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Tennessee Titans Shortlisted
The Tennessee Titans join an exceptionally short list of professional teams in the “big four” of sports leagues (NFL, NBA, NHL and MLB) that accept crypto payments; the Oakland Athletics of the MLB and the Dallas Mavericks and Sacramento Kings of the NBA are the only major league clubs in the US making active progress in accepting crypto payments.
Expect this list to continue to grow, especially as wider industry partnerships come to life – like the recently announced Strike & Shopify deal. As crypto payments continue to see wider adoption, and as crypto exchanges and blockchain technology sponsorships continue to grow and evolve, there are an increasing number of clubs and even leagues that feel like there’s a piece of the pie they’re missing out on.
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Featured image from Pixabay, charts from TradingView.com The author of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.