Understanding Crypto’s Role at Paris 2024

Are you enjoying a spectacular summer of sport? Fans worldwide watch their favorite sports, competitions, teams, and athletes from the stadium, live on television, or through the best live-streaming apps. There’s plenty to keep you entertained, with some huge events already in the books and plenty more still to come. Sports fans have already enjoyed Oleksandr Usyk’s historic win over Tyson Fury in Saudi Arabia and the Boston Celtic’s cakewalk in the NBA Finals as the famous team waltzed to a 4-1 series win. The Super Bowl and Grand National were another two events that lived up to the hype.

If soccer is more your thing, you’ll be engrossed in the play by Germany and the UEFA European Championship. Euro 2024 sees Europe’s biggest names battle it out to become European champion on German soil. England missed out on Euro 2020 when they lost in the final to Italy, and Gareth Southgate’s men aim to go one better in July. France is another expected to challenge while traders are working at the top California betting sites like Portugal and Italy. Study the stats, check the form, and predict your Euro 2024 champion.

When the dust settles in Germany, attention turns to France for the Summer Olympic Games. Paris provides the backdrop for the first Olympics since the COVID-19 pandemic and resulting restrictions. All involved wish to show the games are back and stronger than ever. We’ll see several new additions to Paris 2024, including the use of the world’s top cryptocurrencies. What can crypto followers expect to see at the Olympic Games? Keep reading as we investigate what part crypto will play in Paris in 2024.

We already know we’re living in exciting times for the cryptocurrency market, and this summer will give Bitcoin and the like another opportunity to flex its muscles. Our content team wanted to demonstrate how crypto is using a major sporting event to build favor with users and how it will impact those in France during July and August.

Tickets and merchandise

One of the most straightforward applications of cryptocurrency at the Paris 2024 Olympics will likely be in the area of payments. As cryptocurrency gains wider acceptance, it is expected that spectators will be able to purchase tickets, merchandise, and food using digital currencies such as Bitcoin, Ethereum, and others. This move would not only cater to the tech-savvy audience but also provide a seamless and secure transaction method for international visitors, avoiding the hassles of currency exchange.

The use of crypto for payments can streamline financial transactions, reduce transaction fees, and expedite processing times. For international visitors, this means avoiding the often high fees associated with currency exchange and credit card transactions. Moreover, the transparency and security offered by blockchain technology ensure that these transactions are secure and verifiable.

Security

Blockchain technology, which underpins cryptocurrencies, offers enhanced security features that can be leveraged to prevent counterfeiting and fraud. At the Paris 2024 Olympics, blockchain can be used to secure ticketing systems. Each ticket can be issued as a unique, non-fungible token (NFT) on the blockchain, which can be easily verified for authenticity. It would prevent the production and sale of counterfeit tickets, a common issue at large events.

Additionally, blockchain can be used to track and authenticate merchandise, ensuring that fans are purchasing genuine products. By logging each item on the blockchain, from production to sale, organizers can provide a verifiable history of the item, reducing the risk of counterfeit goods.

Sponsorships

Cryptocurrency and blockchain technology are increasingly being used for sponsorship deals in the sports world. By the time the Paris 2024 Olympics take place, cryptocurrency companies will likely sponsor more athletes and teams. These sponsorships can take various forms, including direct payments in cryptocurrency, the creation of athlete-specific NFTs, or fan tokens that allow supporters to engage with their favorite athletes and teams in new ways.

Fan tokens, in particular, have become a popular way for sports teams to engage with their supporters. These tokens can be used to provide exclusive content, voting rights on certain team decisions, and other fan engagement opportunities. At the Paris 2024 Olympics, fan tokens could allow supporters to participate in unique experiences, such as virtual meet-and-greets with athletes or exclusive behind-the-scenes content.

Secure voting

The International Olympic Committee (IOC) and other governing bodies involved in the Paris 2024 Olympics can use blockchain technology to enhance the transparency and security of voting processes. It could include voting for host cities, decision-making processes during the Games, and ensuring fair play in competitions. 

Blockchain’s immutable ledger ensures that once a vote is cast, it cannot be altered, providing a transparent and secure method for decision-making.

Fundraising

Cryptocurrency can also be used for fundraising and charity initiatives associated with the Paris 2024 Olympics. The Olympic Games often involve various philanthropic activities, and accepting donations in cryptocurrency can open up new avenues for fundraising. 

Blockchain’s transparency ensures that donors can see exactly how their contributions are being used, building trust and encouraging more donations.

Fan engagement

Non-fungible tokens (NFTs) have taken the digital world by storm, and their application in sports is growing rapidly. At the Paris 2024 Olympics, NFTs can be used to create unique digital collectibles, such as highlights of memorable moments, digital art of athletes, or even virtual tickets that fans can keep as souvenirs. These NFTs can be sold or auctioned to fans, providing a new revenue stream for organizers and a unique way for fans to engage with the Games.

For instance, an iconic moment from the Games, such as a world record-breaking performance, can be minted as an NFT and sold to fans. It provides a new way for fans to own a piece of Olympic history and creates a direct connection between the event and its supporters.

As you can see from our article, crypto will play an important role in the lives of athletes, coaches, sports teams, and fans. You can use your favorite token in Paris or from the comfort of your home.