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Revolutionizing The Sports Industry: Exploring The Applications And Implications Of Cryptocurrencies

Revolutionizing The Sports Industry: Exploring The Applications And Implications Of Cryptocurrencies, Blockchains, And Non- Fungible Tokens




Karan Singh Grewal, LLB (Hons), O.P Jindal Global University

ABSTRACT

This research paper will explore the various aspects and intersections between Cryptocurrencies, Blockchains and Non-fungible tokens in the sports industry. It begins with defining Cryptocurrencies, Blockchains and NFT’s, and their potential applications as well as functions in the sports industry including sponsorship deals, fan engagement, and sports memorabilia. Additionally, the paper will determine various case studies of sports teams and organizations that have adopted and collaborated with these technologies, focusing on the financial and operational aspect of Cryptocurrencies, Blockchains and Non-fungible tokens in various countries. In addition, the paper will also shed light to the regulatory and legislative implications of Cryptocurrencies, Blockchains and Non-fungible tokens in the sports industry, which includes the issues like intellectual property rights and data privacy rights. The benefits and drawbacks of Cryptocurrencies, Blockchains and Non-fungible tokens in the sports industry. The paper concludes by providing an insight of what the future holds for this upcoming technology and the potential developments and opportunities for Cryptocurrencies, Blockchains and Non-fungible tokens in the sports industry. The research establishes the potential for Cryptocurrencies, Blockchains and Non-fungible tokens to revolutionize the way sports teams and organizations engage with the fans, monetize their assets, and improve operational efficiency.

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Indian Journal of Law and Legal Research

Abbreviation: IJLLR

ISSN: 2582-8878

Website: www.ijllr.com

Accessibility: Open Access

License: Creative Commons 4.0

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Licensing:

​All research articles published in The Indian Journal of Law and Legal Research are fully open access. i.e. immediately freely available to read, download and share. Articles are published under the terms of a Creative Commons license which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

Disclaimer:

The opinions expressed in this publication are those of the authors. They do not purport to reflect the opinions or views of the IJLLR or its members. The designations employed in this publication and the presentation of material therein do not imply the expression of any opinion whatsoever on the part of the IJLLR.

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