According to reports, the Tennessee Titans will become the first NFL league team to accept cryptocurrency payments. While details are limited, it’s now known that the club will utilize a third-party payments provider to allow for larger, recurring purchases via Bitcoin.
It’s unknown who exactly that payment provider is, if other crypto token payments will be supported now or in the future, and a timeline for such support (as well as potential timelines for broader support for more simple transactions like one-game tickets). Nonetheless, it’s still substantial news for a league that has historically been hesitant in allowing crypto integration.
The NFL’s Opening Up?
In recent weeks, new reports emerged that the NFL would lighten it’s restrictions around cryptocurrency deals for clubs, while still keeping some gates involved; while teams could now form cryptocurrency partners, there would still be restrictions around stadium signage and deal-length (capped at three years). However, it was still a sign that the league was open to crypto-related transactions. To date, the NFL has sought out a stiffer stance on crypto deals, relative to most other leagues, that have engaged through a variety of sponsorship channels – from league-wide deals to individual team jersey sponsorships.
While the Tennessee Titans won’t be able use Bitcoin-supported payments for large, ongoing payments, the team expressed its desire for payment support for tickets, merchandise, in-game food, and drink. The Titans remain the only NFL team to accept any crypto payment. Expect major payments in the short-term for suites and season tickets. This will be the main source of crypto-related income for the team.
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Tennessee Titans join The Short List
The Tennessee Titans join an exceptionally short list of professional teams in the ‘big four’ of sports leagues (NFL, NBA, NHL, and MLB) that accept crypto payments; the MLB’s Oakland Athletics and the NBA’s Dallas Mavericks and Sacramento Kings are the only major league clubs in the U.S. to make active strides in accepting crypto payments.
Expect this list to continue to grow, particularly as broader industry partnerships come to life – such as the recently announced Strike & Shopify deal. As crypto payments continue to see broader adoption, and as crypto exchange and blockchain technology sponsorship deals continue to grow and evolve, there be an increasing amount of clubs and even leagues that feel that there is a slice of the pie that they’re missing out on.
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