• Thomas Witt

Roundnet, Professional Sports and Cryptocurrency

Updated: Apr 1

The 'cryptocurrency' spike is taking the world, and the sporting world, by storm. That excitement for cryptocurrency and investing, in general, is starting to branch out of the 'CNBC' crowd and into the more mainstream.

There has been a buzz around the professional sports world recently in terms of athletes requesting to be paid in cryptocurrency.

Can the competitive roundnet community 'cash in' and gain some much-needed media notoriety? As well as help players to make money, by issuing 'cryptocurrency' based tournament prizes?

What are 'crypto' and blockchain?

DISCLAIMER: Oh, and hey, this is not investing advice. You could lose all your $1000 third-place 2019 Spikeball Roundnet Association nationals prize!

VIDEO: What is roundnet?

Roundnet Tournament Prize Money

The 'roundnet world' talks often about prize money. There are some polarizing views in various roundnet chat forums online, in terms of prize money. Scroll to the bottom of the link for the proposed tournament prize pay layout for the 2020 Spikeball Roundnet Association (SRA) roundnet season. This prize pool would have been the highest yet for the young sport of competitive roundnet. Unfortunately, the 2020 roundnet season was canceled due to COVID-19.

Cryptocurrency 'Spike' and Professional Sports

Cryptocurrency and roundnet tournament payments ... Is it possible that in the future, roundnet tournament prizes may include cryptocurrency-based prizes?

There has been a buzz around the professional sports world recently in terms of athletes requesting to be paid in 'cryptocurrency'.

Many North American-based professional athletes are talking about being paid in cryptocurrency.

Spencer Dinwiddie, a National Basketball Association (NBA) player for the Brooklyn Nets, is very active in the 'crypto' and sports 'realm'.

From a recent article titled, "How the NFL and NBA are Adopting Blockchain and Crypto"

"A prominent advocate of cryptocurrency is Brooklyn Nets guard Spencer Dinwiddie who has been negotiating with the NBA to have his contract turned into a digital bond called an SD8 security token.
The goal is to engage with his fans by enabling them to participate and share in the potential upside and for him to get money upfront. It’s a way to decentralize personal loans through bonds backed by contracts as collateral."

Read more on Dinwiddie and his attempt to raise crowd-sourced funds. Dinwiddie even went as far as attempting to set up a GoFundMe for fans to donate to and have a 'choice' in his future. Once the donations hit a certain monetary goal, the fans would get to CHOOSE where he plays in the future. (The NBA shot it down ... for now.)

Fan Experience and Cryptocurrency

Many professional sports organizations are incorporating cryptocurrency into the 'fan experience'.

Another excerpt from the article titled, "How the NFL and NBA are Adopting Blockchain and Crypto",

"In 2014, The NBA’s Sacramento Kings became the first franchise to accept Bitcoin as a method of payment. At that time, the owners wanted to improve the customer experience by making it easier for them to purchase products and season tickets.
On January 15, 2020, the Kings launched the first-ever blockchain auction platform for authentic memorabilia with ConsenSys, a blockchain software development firm, for live bidding on in-game sports gear using Treum, a ConsenSys-backed supply chain product. Now, fans can securely purchase authentic game-worn merchandise with greater confidence than previously possible."

Cryptocurrency in the NFL

Russell Okung, offensive lineman on the Carolina Panthers of the National Football League (NFL) has made a recent splash in the news for 'getting paid in cryptocurrency.'

The December 29, 2020 article titled, "Panthers OL becomes first pro athlete to be paid in Bitcoin", goes over how Okung immediately converted half of his $13 million dollar salary into cryptocurrency.

Although the Panthers did not directly pay Okung in cryptocurrency, this type of action sets a precedent for other professional athletes to follow. Read more about the intricacies of Okung and his cryptocurrency payment.

How Roundnet Can Utilize the 'Cryptocurrency Spike'

I think that the sport of roundnet would benefit in multiple ways by adopting some form of 'cryptocurrency' payments, from fans or to competing athletes.

Though there would be many positives, the main positive in my opinion would be the creation of some 'buzz' in the media surrounding roundnet!

My Suggestions for Incorporating 'Cryptocurrency' into Roundnet

One method of getting cryptocurrency into the roundnet realm is through giving out tournament prize winnings in cryptocurrency.

This method might be tricky, right now. A tournament director, recognized roundnet organization, or outside donor could choose to offer up some of their personally owned cryptocurrency for tournament prize money. And then transfer that payment via a 'cryptocurrency wallet' app/program. Another method would be for 'top roundnet athletes' to convert their USD tournament winnings into one of the many forms of cryptocurrency. This could be done on different trading platforms.

One way for the conversion from USD to cryptocurrency method to possibly work even better is to pool the winnings of multiple top roundnet earners. Then convert/invest the USD into a form of cryptocurrency, and let their collective money work for them.

What do you think? Let us know! Let's start the conversation on Twitter @roundnetworld


-Tom Witt

UPDATED 2021 roundnet rules

DISCLAIMER: Oh, and hey, this is not investing advice. You could lose all your $1000 third place 2019 Spikeball Roundnet Association nationals prize!

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