Tuesday, August 9, 2022

Tokenization of Football Players – What Could Go Wrong?

tokenization of football players

The creation of Bitcoin in 2009 and the development of the subsequent cryptocurrencies has turned the whole world upside down. Blockchain technology has taken over everything, from digital services to football even. Almost every day, something innovative associated with cryptocurrency pops up in the news feed, and sometimes we wonder if there is anything left out of reach of blockchain.

The recent period is marked with innovations in football, in particular, suggestions about the tokenization of football players which is a very unique proposal. This article will explore what tokenizing means, as well as, potential advantages and disadvantages.


Football Players Jumping on the Blockchain Train

A lot of prominent football players have recently decided to join the blockchain train. For example, this year famous English footballer Michael Owen has launched his crypto, and Barcelona superstar Lionel Messi has endorsed a blockchain smartphone. Sounds unusual right? But what would happen if players were actually on the blockchain? Some believe it would revolutionize the football market we know today, which is not beyond logic.

Football is not the only field affected by cryptocurrency. The gambling industry, which is very popular in the world uses cryptocurrency for different types of casino games. It is particularly widespread in Australia. The secure and fast nature of cryptocurrency transactions is very attractive for people involved in gambling, so it is not surprising why new Australian casino game providers have a wide choice of cryptocurrency – it is safe and more convenient.

Tokenizing football players is a way to avoid any kind of money laundering and reduce the risks of a corruption scheme, through the decentralized system. The technology is aimed to eliminate the possibilities of bureaucracy by cutting out the need of brokers and intermediaries – while at the same time making transactions faster, cheaper and more transparent.

In the recent period, there have been several announcements about tokenization; for example, Juventus has announced a partnership with Socios.com with plans to issue tokens. Semi-professional club in Gibraltar, Gibraltar United has taken a straightforward approach to pay its footballer salary in cryptocurrency.

Tokenization in Fantasy Football 

tokenization in fantasy football

We can apply the same advantages to Fantasy Football, where you can purchase a player for a particular amount of tokens. Of course, they vary depending on the strength of the player, but it is a comfortable way to conduct a transaction securely and rapidly. 

But the one danger we can talk about is cyber-attacks. Yes, we have mentioned that the system is very protected from intrusion. Still, hackers and cybercriminals are looking for more sophisticated methods to gain entry in the person’s digital wallet, so the individual’s digital token may be at risk of a cyberattack, resulting in losing it eventually. 

But in general, it is a fantastic idea to tokenize football players. Yes, there is a risk associated with hacking. Still, as a whole, it is an initiative that deserves more attention, which will further enhance the gaming experience associated with Fantasy Football.

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