The post Blockchain tech is the boxing industry’s game-changer appeared on BitcoinEthereumNews.com.

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. Boxing is the fourth most popular sport in the United States; yet, behind closed doors, it’s one of the most divided and inefficient sports industries. The growth of social media, extensive marketing campaigns by advertisers, and an influx of influencers stepping into the ring have helped with its recent growth. It is now estimated to have an estimated value of over $1 billion in the US alone and 300 million boxing fans globally. Nevertheless, the industry faces significant challenges today, particularly for young, underrepresented amateurs who don’t benefit from this growth. Thankfully, blockchain technology has the potential to transform this. Talent should be relative to career progression in any sport, but unfortunately, this isn’t always enough. The journey to becoming a professional boxer involves collaborating with several individuals across the globe, including sparring partners, agents, promoters, trainers, nutritionists, and masseurs, who use different platforms to connect and communicate. This fragmented landscape makes it hard for inexperienced boxers to find the right professionals, negotiate fair compensation, and establish mutually beneficial relationships. With 17 weight classes in men’s boxing alone and four different governing bodies handing out belts, the industry operates within siloed ecosystems with opaque decision-making processes that often lead to disputes over rankings, fight negotiations, and revenue. Access to substantial funding is essential for career growth, yet financial barriers often mean aspiring boxers miss opportunities. However, the top professionals can earn millions of dollars, like Floyd Mayweather who received $223 million from his fight with Manny Pacquiao in 2015; however, in 2018, the average professional boxer earned just $35,584 gross. The enormous costs associated with securing and paying for top-tier stakeholders, services, and equipment, traveling overseas for…

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Filed under: News - @ June 16, 2024 11:04 am