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March 17, 2022 at 02:09 PM
Small-time sports fans could get a piece of big-time teams with the help of blockchain technology, according to baseball-player-turned-businessman Alex Rodriguez.
“With blockchain, I think millions of people around the world will have an opportunity to own a sports team, if not a small stake in one,” Rodriguez said at the Futures Industry Association conference in Boca Raton, Florida, Thursday.
“We don’t have that opportunity, but tomorrow I think we will,” said the former Major League Baseball star also known as “A-Rod.”
Sports teams have been embracing the digital asset craze, forming partnerships with crypto companies and issuing “fan tokens” that give holders a variety of perks, such as voting on their team’s jersey color and participating in raffles.
Samuel Bankman-Fried, chief executive officer of crypto exchange FTX, said one way for teams to sell ownership stakes using blockchain could be to issue governance tokens, which would give voting powers to holders that allow them to participate in business decisions.
“You can imagine on-chain votes that decide what actions a team takes,” Bankman-Fried said in an interview at the conference.
