thecoinrepublic.com
Pirelli has lost the sponsorship of the Milan Football club to Socios, a cryptocurrency company. With sports clubs being popular among the fans, many clubs are looking forward to introducing their branded digital tokens, merchandise and organise events online to make themselves popular.
The Italian Tyre company, Pirelli, has lost the sponsorship of Inter Milan Football club’s famous Nerazzurri (black and blue) kit. The company has been sponsoring the club for 26 years, which it had lost recently.
The new sponsor of the club is Socios, a cryptocurrency company. Socios has paid nearly two times the amount Pirelli gives to the club.
Now, Inter Milan will quickly release its very own virtual currency $Inter. The holders of $Inter coins will be mainly Inter Milan fans who will be able to use the tokens to buy specific products and virtual content, and additionally to take part in votes performed via way of means of the club.
These polls can also additionally consist of as an instance deciding on the access tune to stroll at the pitch, which message must a captain put on on his armband, or even guiding group selection.
Bitcoin high-intensity energy consumption
However, are there no damaging footprints on the cryptocurrencies built on the blockchain? The annual energy consumption to implement bitcoin is equivalent to that of Sweden’s energy consumption (135TWH). A single bitcoin transaction uses the same amount of energy as any typical household in the US consumes over 57 days. It is the complexity of the algorithm that consumption of energy is so high. It established trust across an open federation of computers used to mine the cryptocurrency whose owner can be anyone, anywhere.
Some blockchain developers, however, agree that renewable strength manufacturing will solve the issue. Nevertheless, the architects of the ethereum cryptocurrency promise to drastically reduce energy consumption by changing from verification of work done by the miners to verification of the stake of the coin to holders. This transition with the reduced energy consumption is expected within a few months.
The rage of branded digital tokens
The branded token like $Inter will use an approach that will reduce the energy consumption with the underlying blockchain. Other clubs are likely to launch their branded digital tokens in partnership with Socios. These clubs are Arsenal, Atletico Madrid, Juventus, Manchester City and Paris Saint Germain. Formula 1 team Aston Martin and Alfa Romeo Racing are also looking forward to bringing out branded digital tokens.
In the United States, NBA teams, the Philadelphia 76ers and the Boston Celtics have signed up at the side of the NHL group the New Jersey Devils.
Popularity among token collectors
The pandemic has made lives miserable. But in this loss also, digital is the way forward. There has been an impact on live sports observed after the closed stadiums and venues. So, the enthusiasts have developed another route to make sports popular. The top tier brands are seeking to innovate. Digital coinage seems very impressive. Through this, a club can easily identify who are its top fans currently, who are the most loyal fans, by the amount and duration of its branded coins held by individuals.
Hence, interaction with those fans will be possible. That can be done with meet and greet events, sales of collectables and online competitions. Branded coins are given as rewards and prizes.
These branded coins can become more popular, if these branded coins will be allowed to change fiat currency, such as Euro and Dollars. They can share the popularity of the club beyond just the merchandising and events organised by the club.