As per the latest reports, the Oakland Athletics is reportedly allowing the fans to purchase tickets through cryptocurrencies. Oakland Athletics is one of the most prominent baseball teams from Major League Baseball (MLB). By selling tickets through cryptocurrencies, Oakland Athletics has now become the first MLB team that is adopted cryptocurrencies for ticket sales.
It has been revealed that Voyager Digital, which is a major cryptocurrency platform has picked up a six-person suit for the entire season.
It has been reported that in the previous year (2020), the league ended up finding itself facing a loss. The loss to the revenues and profits came to the league as a result of the pandemic that resulted in strict lockdowns. Due to the pandemic, the sports stadiums were closed entirely in order to adhere to the COVID-19 adherence SOPs.
Unfortunately, the entire year turned out to be full of losses for the league as its revenue experienced a significant drop compared to the past year (2019). According to stats, the league’s revenue for the year 2020 was $4 billion but for the year 2019, it was $6.5 billion. That is a straight drop of $2.5 billion in revenue and the main factor is indeed the pandemic.
However, the cryptocurrency industry has managed to gain a lot of recognition and adoption in the same year 2020. The cryptocurrency industry’s adoption has increase from around 34 million to all the way up to 106 million in a matter of a year.
As the adoption level in the cryptocurrency industry has increased a lot, this is the reason why the league has decided to adopt cryptocurrencies. According to the league officials, the cryptocurrencies will provide the league with enough financial stimulus that it needs to recover from its losses from 2020.
The announcement of the enablement of cryptocurrency payments for the purchase of the tickets was made by Oakland Athletics last month. Since then, fans and sports enthusiasts have been allowed to spend their cryptocurrency assets in order to purchase tickets for the games.
On top of that, the baseball club had also set the price of the full-season suite for six persons for one Bitcoin (BTC). At the time of writing, the price of Bitcoin (BTC) is hovering around $58,941 per BTC. According to the reports, Bitcoin (BTC) has managed to gain 1.6% in a matter of 24 hours.
Dave Kaval, the president of Oakland Athletics stated that the cryptocurrency industry has been gaining a lot of success and adoption. They are hoping that the cryptocurrency industry would become the key for their league to recover from the losses they have incurred in the year the previous year.