NFL players lead the crypto march as more superstars opt for new wave of digital currency
It is a rapidly developing space within the online world, and the NFL has been one of the fields that has been quickest to act and get involved in the realm of crypto currency.
This is mainly down to players who are taking a huge interest in how they can boost their own fiscal portfolio by embracing cryptocurrencies.
With sponsorship deals beginning to be paid for in crypto, as well as some players requesting their actual playing salaries be deposited in a similar manner, the connection between digital currency and the NFL is growing by the day.
Which players are involved in the NFL crypto currency march?
In a study produced and published by Coinjournal.net, there is a clear analysis on which sports are most impacted by the digital currency sphere.
While European football is leading due to vast opportunities for sponsorship, the NFL is not too far behind, and that is due to players taking ownership of their own contracts.
The study has produced a table of sports stars who are currently being paid either in full or in part with digital currency.
NFL players are one of the most active groups of athletes in this space, with a number of high-profile players leading the charge.
Odell Beckham Jr - $750,000 of his salary paid in Bitcoin
The Los Angeles Rams are yet to re-sign the wide receiver, who is recovering from an ACL injury at the moment. Yet, in his short spell with the Super Bowl champions, he requested $750,000 of his salary to be paid in Bitcoin.
Saquon Barkley - $10 million of his salary paid in Bitcoin
Saquon Barkley has also struggled with injuries of late, yet the New York Giants still believe that he will be the franchise's running back for years to come.
Such is their faith in him, that the franchise agreed to pay his entire $10 million salary in Bitcoin for the 2021 season, and this will continue into 2022.
Trevor Lawrence - $24 million signing bonus paid in various cryptocurrencies
The Jacksonville Jaguars won the lottery when they lost the most games in 2020, allowing them the privilege of selecting Trevor Lawrence as the first overall selection in the 2021 NFL Draft.
Lawrence elected to have his entire $24 million signing bonus paid in Bitcoin, Ethereum, Solana, and other digital assets, providing him with a broad digital finance portfolio.
Alongside the aforementioned names, Aaron Rodgers, Russell Okung, Sean Culkin, Tom Brady, and Aaron Jones, all received some of their payments in crypto currency.
Interestingly, Jones was the only individual who earned it through being an ambassador for the particular digital currency itself without any of his salary being impacted.
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Importance of cryptocurrency in the NFL is growing
There is little doubt that the entire digital currency space is growing exponentially, and the links with professional sports are merely serving to help that.
Coinjournal.net assessed that from 2018 through 2021, the number of cryptocurrency sponsorship deals within professional sports has grown from 0 to just under 80.
This is hugely profitable for NFL teams who are looking for ways to maximise their revenue. With the value of these deals having the potential to rise in value against the dollar, these deals would be helpful.
Ahead of the 2022 NFL season, we’re going to see the links between the NFL and digital currencies explode further, not least with the arrival of Kayvon Thibodeaux.
Thibodeaux is one of the most high-profile players to enter the NFL in 2022, and his talent as a pass rusher was recognised when the New York Giants selected him fifth overall.
While some were concerned about his focus being slightly away from football, he became the first player in the league to actually have their own cryptocurrency.
Whilst studying at the University of Oregon, Thibodeaux launched $JREAM in September 2021. This was a fan token created out of Thibodeaux’s desire to make a difference in the world and support young people from underprivileged backgrounds.
Investors in the currency would be directly supporting the JREAM foundation. So, the main aspect here isn’t to earn a profit for Thibodeaux, but to allow people to invest in his charity by earning the right to spend time with him, or even chat to him.
This is a model that has been popularised by other sporting franchises, most notably European football clubs who offer fans the chance to vote on club decisions after they’ve purchased a fan token.
Is the NFL ready for more cryptocurrency?
After initial scepticism which saw the league ban NFT sponsorship as well as all cryptocurrency deals, these measures have now been reversed. So, the league is free to explore the digital currency space.
Whilst NFL players have championed the move, as we’ve detailed above, there is still a sense that the teams themselves are uneasy.
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Being allowed to seek blockchain sponsorship deals as of March 2022 has opened the eyes of teams to the space. But there is yet to be a mainstream explosion of such deals announced by the front offices.
It’s clear that the cryptocurrency phenomenon is going nowhere. The league needs to take the mantle from their younger, more outgoing players and try and embrace this newfound revenue stream, before it dries up.