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’s now known that the club will utilize a third-party payments provider to allow for larger, recurring purchases via Bitcoin.
It’s unknown who exactly that payment provider is, if other crypto token payments will be supported now or in the future, and a timeline for such support (as well as potential timelines for broader support for more simple transactions like one-game tickets). Nonetheless, it’s still substantial news for a league that has historically been hesitant in allowing crypto integration.
The NFL’s Opening Up?
In recent weeks, new reports emerged that the NFL would lighten it’s restrictions around cryptocurrency deals for clubs, while still keeping some gates involved; while teams could now form cryptocurrency partners, there would still be restrictions around stadium signage and deal-length (capped at three years). Nonetheless, this still showed a signal that the league was warming up to crypto-related deals. To date, the NFL has sought out a stiffer stance on crypto deals, relative to most other leagues, that have engaged through a variety of sponsorship channels – from league-wide deals to individual team jersey sponsorships.
For the Tennessee Titans, while the functionality of Bitcoin-supported payments 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 beverage. Nonetheless, the move still secures the Titans as the first team in the NFL to accept crypto payments in any capacity. In the near-term, expect major payments for things like season tickets, suites, etc. to be the major crypto-related revenue for the team.
Adoption news has left BTC charts unbothered. | Source: BTC-USD on TradingView.com
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Tennessee Titans Joining The Short List
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 MLB’s Oakland Athletics and the NBA’s Dallas Mavericks and Sacramento Kings are the only major league clubs in the U.S. to make active strides in accepting crypto payments.
Expect this list to continue to grow, particularly as broader industry partnerships come to life – such as the recently announced Strike & Shopify deal. As crypto payments continue to see broader adoption, and as crypto exchange and blockchain technology sponsorship deals continue to grow and evolve, there be an increasing amount of clubs and even leagues that feel that there is a slice of the pie that they’re missing out on.
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Featured image from Pixabay, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.