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Source: Сointеlеgrаph

According to Luke Ryan, Head of Content at Australian crypto exchange CoinJar, sponsoring well-known sports and teams could be the key to legitimizing the crypto industry for the masses.

In May 2021, the exchange became the first cryptocurrency company in Australia to sponsor an Australian Football League (AFL) club in partnership with the Melbourne Demons.

Speaking to at the Australian Crypto Convention on September 18, Ryan noted that the partnership with the AFL has changed the discussion about crypto in the country and that “it gives crypto a greater sense of permanence.”

“Perhaps before this real breakthrough into the sports mainstream, it was very easy for many people to think, “Oh, this cryptocurrency, it will disappear or has already disappeared,” he said.

“There is a real declaration of intent from the industry, not necessarily that “we sponsor this team and then we got X new users”, we are more about sponsoring this team because we want to show the world that we are companies with consequences, with plans and long-term plans, and the way to show this is to join a really established presence.”

Ryan believes that the sports partnership also provides an opportunity for crypto companies to break new ground in terms of their user base and adoption.

He noted that part of what attracted CoinJar to partner with the AFL team was the idea of ​​promoting cryptocurrency and exchange “beyond the established true believers who already have their favorite platforms.”

“At some point, you all just hack the same market,” he added.

“It’s a real ongoing question for crypto in general: how do we go from that 5-10% we’re talking about right now to 20-50% and we started to think a little more about what that could be? It looks like we’re starting to get more involved in sponsorship.”

The partnership between CoinJar and the Melbourne Demons also meant other teams and the AFL itself learned more about crypto, which Ryan believes made the asset more familiar to the organization.

“It meant they had a place to ask questions, look into it a bit more and say, ‘Ah, that’s pretty interesting, we could really use that to improve our relationship with the fans.’

“I think this is leading to a much more open attitude about things like non-fungible tokens (NFTs) and how they can be used. going.”

Related: 3 Barriers to Web3 Mainstream Adoption – Trust Wallet CEO

Ryan says that the speculative nature of crypto has “certainly attracted a lot of people to it,” but not what will make it sustainable in the future. He added that “at some point there has to be a transition to real products that people want to use.”

AFL’s first collection of 3,800 strong NFTs sold out in less than 12 hours in August, raising roughly $130,000 or more in United States Dollar (USDC) coins. The AFL has already announced plans to expand its crypto offering with game days, tickets, and the opportunity to meet players in the Metaverse.

Source: Сointеlеgrаph

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