How can crypto be used to change who pays for college? Digital currency is being used by a number of businesses in the field. FTX, eToro, and Penn are some of these. No matter what you think, this technology is the future of college sports, no matter what you believe. Learn more by reading on. If you don't know much about crypto, here is a quick introduction to how it is changing college sponsorships.
FTX
FTX is changing college sponsorships with the help of a well-known basketball team. The University of Kentucky Wildcats is one of the best-known college basketball teams. The Kentucky Wildcats have been to the Final Four 17 times and won eight NCAA championships. The partnership fits with FTX's goals and aims to reach new people. The FTX athletes will also become spokespeople for the company.
Cal's friendship with FTX is not a complete coincidence. Sina Nader is the Chief Operating Officer of the company. He went to Cal and walked on to the football team. Sina Nader said in a press release that the partnership between the two groups shows how much the company cares about Cal Athletics. The partnership will also help FTX build a program to get people involved in their communities. The Cameron Institute runs programs like the FTX Football Community Engagement program, which pairs athletes with causes they want to help. The program works with the Cal Veterans Group as well.
eToro
In an interesting new way, eToro is working with a Dutch football club. The company risks its profits on the stock market as part of the new sponsorship model, which is based on a variable fee. Because of this, how much money the team makes depends on how well CopyTrader Investors does on the stock market. This arrangement breaks the usual way college sponsorships work.
The team will also put on special events for people who play in the Powerleague, reach out to local communities, and give 5-a-side football fans educational content. The company is listed on AIM and makes money from sponsorship deals and fees for pitches. These things help the business keep growing, and the new partnership between the two companies will be a great way to get the word out about their new platform. Visit the eToro website to find out more.
Sports at Cal
Crypto companies are making a big splash in sports. Their recent Super Bowl ad was seen by 101.1 million people in the U.S. Even though a lot of Americans have heard of cryptocurrency, only 16% have traded it. A recent Pew Research Center study, on the other hand, found that almost 40% of men between the ages of 18 and 29 have at least briefly used digital tokens. Now that this money is coming in, college sponsorships are changing.
First, only cryptocurrencies like Bitcoin and Litecoin should be accepted by athletes. Bitcoin is the most popular and stable cryptocurrency, so you should be careful about what you sign up for. Second, athletes should learn the basics of crypto and get help from people they can trust. So, they will be able to use these chances in the NIL to their fullest. The Future Sports Technology newsletter is free and should be signed up for by athletes.
Penn
Students and alumni can now load cryptocurrency onto their campus debit cards, which was not possible in the past. The University of Cumbria in London and King's College in New York are just two of the universities that came after. The University of Pennsylvania will be the first Ivy League school to accept cryptocurrency. This will happen in 2021. Coinbase, a platform for exchanging cryptocurrencies, has helped the university process payments. Coinbase has dropped its usual 1 percent processing fee to help the University of Pennsylvania.
Since the cryptocurrency market started to grow quickly, many people have jumped at the chance to work with college sports teams. A major cryptocurrency exchange called FTX has made deals with the FSU women's basketball team and the Kentucky men's basketball team. Players and schools can now get paid in cryptocurrency, which makes the whole thing even more profitable for both sides. Even though there is still a lot of uncertainty in the crypto world, it has already changed the game of sponsorship.
Wharton
The Wharton business school at the University of Pennsylvania is now taking cryptocurrency as payment for tuition. It got $5 million in Bitcoin in May, which is the most cryptocurrency that has ever been given to a college. Musk is the CEO of Tesla, and he is a fan of cryptocurrencies. He is worth $292 billion. A recent announcement from the university said that the school is starting an executive education program on the Economics of Blockchain and Digital Assets. The program will be open to people who work in business but not to the general public.
Together with the Prysm Group, the university is making a course about the metaverse economy. This six-week course will take place entirely online and will focus on discussion and immersion. The program will take eight to ten hours of time from each student. It is the first time a course like this has been taught at an Ivy League school. Students will be able to pay their tuition in cryptocurrencies if they get crypto donations.