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Sponsorship of high profile sports and teams can be key to legitimizing the crypto industry to the general public, according to Luke Ryan, head of content at Australian crypto exchange CoinJar.

In May 2021, the exchange became the first crypto firm in Australia to sponsor an Australian Football League (AFL) club by partnering with the Melbourne Demons.

Speaking to Cointelegraph at the Australian Crypto Convention on September 18, Ryan remarked that the AFL partnership has changed the discussion about cryptocurrency in the country and “it gives cryptocurrency a bigger feeling of permanence”.

“Maybe before this real punch in the mainstream of sports, it was very easy for a lot of people to think ‘oh, this cryptocurrency stuff, it will fadeor it has already disappeared,” he said.

“There’s a real statement of intent from the industry, not necessarily about ‘we sponsor this team, then we have X number of new users’, it’s more about sponsoring this team because we want to show the world that we are companies with consequences, with long-term plans and visions, and one way to show this is to align with a truly established presence.

Ryan believes sports partnerships also give crypto companies the opportunity to innovate in terms of user base and adoption.

He noted that part of what drove CoinJar to partner with an AFL team was the idea of ​​promoting crypto and the exchange “apart from established true believers who already have their favorite platforms.” .

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

“It’s a real ongoing question for cryptocurrency as a whole, how do you get from this 5-10% that we’re talking about now, to the 20-50%, and we’ve started to think a little bit more about that. might seem to start getting more actively involved in sponsorship.

The partnership between CoinJar and the Melbourne Demons has also meant that other teams and the AFL itself have learned more about crypto, which Ryan says has made the asset more normalized for the organization.

“That means they’ve had the space to ask questions and lean into it a bit more and be like ‘ah, that’s quite interesting, we could really use that to build a relationship with the fans better. . “”

“I think that’s leading to a much more open attitude towards things like non-fungible tokens (NFTs) and how they can be mined, it’s all still paramount in the AFL sphere, but I certainly know there are discussions very active that the AFL has Go.”

Related: 3 Obstacles Preventing Mass Adoption of Web3 — Trust Wallet CEO

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

The first 3,800 AFL strong NFT collection in August sold out in less than 12 hours raise approximately $130,000 or more USD Coin (USDC). The AFL has already announced plans to extend its crypto offering to matchday events, tickets and the ability to meet players in the metaverse.



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