San Jose Sharks is set to be the first NHL team to accept cryptocurrencies for large and recurring payments. The Sharks Sports and Entertainment company would be leveraging on Bitpay to receive payments for team commissions and items. The development, still regarded as an experiment, will commence from the 15th of June.
The Hockey club will now join other sports teams that have indicated solid desires to warm towards cryptocurrencies. Dallas Mavericks, Southampton F.C, Oakland Athletics, and Sacramento Kings are some of the sports teams that accept Bitcoin. The Sharks had earlier begun accepting PayPal payments which influenced their decision to include crypto.
The president of San Jose Sharks Jonathan Becher, said PayPal’s acceptance of cryptocurrencies made them warm up to the innovation. He stated that the sports team accepts payments through PayPal which indirectly means accepting cryptocurrencies, making them decide to go all-in. Cryptocurrencies will be used to pay for luxury box leases, season ticket purchases, and sponsorship deals.
More Blockchain Options for the Sharks?
Becher disclosed in a tweet that other options for the use of cryptocurrencies are being examined. He said: “Initially we’ll accept cryptocurrency for season tickets, suite leases, and partnerships. Other use cases – including single-game tickets, F&B, and merch – will be evaluated over time #SJsharks”.
A Twitter user quizzed him in response to the declaration asking if the team would accept NFTs. The fan wanted to know if the possibility of cryptocurrency collectibles is in sight. Becher responded that he believes blockchain technology will greatly impact sports and entertainment more than speculated.
A Sharks spokesperson revealed that the event price for a luxury box depends on the type and event. It costs a range of $195,000 to $375,000 to lease a suite for one year. The growing trend for sports teams involving crypto isn’t new. Mark Cuban’s Dallas Mavericks began accepting cryptocurrency payments in 2019 and has created his own NFT marketplace.