The Ways That Crypto Is Changing Wrestling and the Entertainment Scene – Cryptocurrencies have been around since Bitcoin was launched in 2009, and in that time they have changed the way we think about money in many different ways. Wrestling is no exception, so how have cryptos affected it and other parts of the entertainment industry?
The Crypto Wrestling Inu Token ($CWI)
Investors are constantly looking for new crypto opportunities on coins that could grow in value to provide them with profits, with some of them also offering useful services for their token-holders. One of the so-called altcoins gaining a lot of interest in recent times is called Crypto Wrestling Inu, which is listed on exchanges under the $CWI code.
Currently valued at a fraction of a cent, it has perhaps attracted investors looking to make money before it potentially rises in value. Based on the Ethereum network, it’s a memecoin, which is a name given to highly speculative currencies that are typically strongly supported by a community and that can have huge price swings.
In this case, Crypto Wrestling Inu is used to support wrestlers on a global basis. It was launched in 2022 and has gained some value since then, although this look at the potential profits suggests that it shouldn’t be considered an investment because it’s mainly designed to help wrestlers rather than make money.
This works by giving donations to wrestlers who need it for medical treatment or for other reasons, with this money coming from the transaction fees paid every time a user buys or sells tokens. Among the wrestlers who have benefited from this so far, we can find names such as Bull James, Angelina Love, and René Duprée.
In the future, this could prove to be an excellent way for fans to look after injured wrestlers, like Robert Roode right now, or encourage the stars of the future by paying part of their training costs. For the moment, it’s best considered as a fairly risky investment or else as a way of trying out a relatively new way of helping the wrestling community.
Wrestling Organization Online (WOO)
This is part of the play-to-earn industry, where players can create their own wrestling organizations, travel to events, and improve their venues before competing against other players. They can earn non-fungible tokens (NFTs) that can be bought and sold. The game’s token is named $WOO and earning them can be a way of investing in the crypto market, in the hope that their value rises over time as the game becomes more popular.
WOO is also a way of helping the wrestling community, as a percentage of sales are passed onto the wrestlers that they partner with. Fans can also get hold of NFTs that feature different past and present wrestlers, which will give the wrestlers 100% of the fee.
What Else Can Crypto Be Used For?
Cryptocurrencies have also entered the entertainment industry in other ways, such as giving us a way of paying for different services online. More ambitious projects include platforms where the tokens can be used to support musicians, artists, sports clubs, and more.
Crypto also forms part of the gambling scene. For instance, crypto gambling enables casinos to accept Bitcoin, Litecoin, and other popular digital currencies for deposits. The process for this is simple, as the user just needs to open a casino account and transfer funds across from their crypto wallet to gamble with. By the same token, cryptocurrencies are increasingly used in the music industry, with OneRepublic the first major American band to get paid for a concert in this way in 2021. Platforms such as BitSong and Musicoin are designed to let fans support their favorite acts directly by buying coins and then using them to purchase songs or products and services.
In terms of sports, several major sports teams accept cryptos, while crypto fan token platforms such as Socios are making waves by giving fans a chance to feel a part of their chosen club. It’s currently more popular in Europe than in the US, but it is slowly moving into American sports through sponsorship deals and could be interesting if used in the wrestling world.
A Look Ahead
The way that cryptocurrencies have changed the entertainment industry is only the start, with all the signs pointing towards this trend growing in the future. Expect to see more opportunities for using cryptos to appear in areas such as sports, music, and art.
The wrestling industry has recently become part of this movement and this is something that we should see starting to increase in popularity, particularly if the projects we’ve looked at show good results.
However, it’s worth bearing in mind that these digital currencies can be highly volatile and you may feel that new ventures need to prove their worth before being considered safe to invest in. If you love wrestling and have an interest in the latest technology, this is definitely an area to keep an eye on in the next couple of years.
The Ways That Crypto Is Changing Wrestling and the Entertainment Scene