Blockchain in Boxing: Can the Industry Benefit from Crypto?

Blockchain technology and cryptocurrency have disrupted various sectors, and the boxing world is no exception.

These innovations are changing how people make transactions, store information, interact with communities, and more—all of which are taking boxing to the next level. By introducing transparency, efficiency, and new revenue streams, crypto can address some of the longstanding challenges in the sport and enhance fan engagement.

Even the biggest names in the industry have been attracted to its potential; boxing legend Mike Tyson has ventured into the blockchain and crypto sphere, becoming the face of blockchain boxing communities and expanding into non-fungible tokens (NFTs).

With digital transformation becoming a more inevitable part of the boxing world, crypto may prove more important to the sport than ever. Here’s how the industry can benefit from crypto:

Transparency and efficiency

Blockchain’s claim to fame is its transparency and immutability. When contracts, transactions, partnership details, and more are stored in a blockchain ledger, they’re easily accessible and foster trust between a boxer, their team, fans, and other sponsors and stakeholders.

Blockchain also ensures that the information is tamper-proof and transparent, which can play a role in fair matchmaking. Once information is stored in the blockchain, it can’t be edited or manipulated by anyone. Any signs of bias or corruption can also be exposed through financial records, reducing the chances that a match is fixed. The use of crypto also enhances financial transparency. Records of revenue generation and distribution can easily be accessed and verified, ensuring that the involved parties have paid or received the right amount of money.

Crypto in boxing betting

Boxing is a very popular sport to bet on, whether by betting on the potential winner, which round the fights will end, or how the fight will be won. During the early days of betting all bets were taken as physical, cash wagers, however with the rise of internet betting platforms, bettors found it easier with cash transactions.

However with crypto, betting has become more streamlined than ever before. Crypto boxing betting allows people to place bets securely and anonymously due to crypto not being regulated by any organizations or agencies.

A crypto wallet is the only thing that is needed to start betting; there’s no need to input any personal information. Blockchain technology also offers a secure and transparent way to track in-game transactions by recording them in an immutable ledger. Crypto transactions have cheaper fees and are almost immediate since they don’t go through payment processing channels or banks. Bettors can also take advantage of popular boxing betting markets and events. On renowned betting portal Thunderpick, they can find the best betting odds and lines for both pre-fight and live in-play betting markets and enjoy hassle-free transactions using cryptocurrencies.

Elevating boxing careers

Many boxers just beginning their career often find it difficult to make partnerships with the right professionals or manage their finances, which can stifle their growth as budding athletes. Crypto can help make a huge difference by addressing this challenging landscape by bridging the gap between boxers and other professionals, generating revenue, boosting fan engagement, and much more.

The blockchain-based boxing social media community Ready To Fight has made it a goal to help fighters advance their careers through crypto and blockchain, empowering them to make better deals and partnerships. The platform aims to tokenize athletes, encouraging them to monetize their services and communities. They can also purchase other boxing-related services like training partners or coaches with the platform’s tokens. Crypto also transcends geographical borders, meaning that it can be easily used in transactions without converting currency. This provides more opportunities for global connections and partnerships. Additionally, fans on the platform can access boxing tickets, content, and the latest boxing news. Boxers can leverage the platform to boost exposure and build their brand, amassing more fans who can offer support in their career through engagement and financial help with crypto.

In the boxing world, digital transformation is becoming more widely discussed. Organizations like the International Boxing Association (IBA) have made it a point to ponder its role in boxing’s future and how it can adapt to a high-tech sports environment.

Blockchain and crypto are proving to be helpful technologies for integrating digital solutions in boxing, allowing boxers, professionals and fans to be more engaged and empowered in the space. There’s much room for the growth of crypto and blockchain and its relationship to boxing, but its benefits show lots of potential for greater adoption.