Photo by Executium on Unsplash

With the world shifting more and more towards online currency, cryptocurrency has made its way into more and more sports arenas.

The first time cryptocurrency ever became part of sport was in 2014, where a deal was signed between sports broadcasting giant ESPN and BitPay which saw the college post-season tournament promoting the use of BitCoin.

Since this, many franchises, such as English Premier League sides Arsenal, Tottenham, Crystal Palace and Brighton, have begun promoting the CashBet coin.

However, there had not been any sort of deal made with an Australian sports club or association until now.

This deal came in the form of the NBL, with South East Melbourne Phoenix signing off a deal to allow fans to pay in cryptocurrency for memberships, sponsorships and corporate packages.

"It made sense to introduce cryptocurrency as option for our fans to pay for their night out," Phoenix owner Romie Chaudhari said.

Chaudhari also mentioned that he believes using cryptocurrency will showcase to fans across Australia that crypto will take a lead role in regard to the future of money and treasuries.

This move also has massive support from Phoenix CEO Tommy Greer who believes such an innovative step will allow the club to take advantage of the growth of cryptocurrency as a means of setting the Phoenix up for success well into the future.

As sporting teams, organisations and players around Australia and the world continue to take on the idea with open arms, many have asked for special arrangements to either pay or be paid in crypto.

Embed from Getty Images

A prime example of this is NFL Wide Receiver Odell Beckham Jnr, who has asked to be paid specifically in crypto.

Keeping to the NFL, Tom Brady recently gave a fan one bitcoin - valued at over $83,000 - as a result of the fan handing the ball back to Brady after the game.

All in all, it is quite obvious that the method of online currency is the way of the future for sports competitions around the world. This deal most certainly will not be the last.