As the cryptocurrency and blockchain sector grows, companies across the globe have been eager towards trying out the new technology. In a recent revelation, AS Roma, a top Italian soccer club, has now started accepting payments in DigitalBits (XDB).
The DigitalBits (XDB) is a protocol layer blockchain and is self-described as a “blockchain for brands”. The platform was created to support the fast and affordable transfer of consumer digital assets such as branded currencies, non-fungible tokens (NFTs), stablecoins, and more.
Reportedly, the payments will be taken across five of the club’s flagship retail stores, including Via del Corso, Piazza Colonna, Ottaviano, Porta di Roma, and Fan zone at Stadio Olimpico.
According to a press release shared by AS Roma, customers will be able to use DigitalBits to purchase the brand’s merchandise. The payments can be made through the AstraX mobile wallet by scanning a QR code.
Sources reveal that the payments can be processed within a few seconds, and customers will be given cash back through XDB. They will be processed by the DigitalBits blockchain, and Coinbar pay processing provides additional support.
Daniele Mensi, Managing Director at DigitalBits Foundation counts this as a big step towards blockchain and crypto. He said:
This is a big step for the DigitalBits community as we look to drive the adoption of crypto and Web3. As one of the premier football clubs in the world with millions of fans worldwide, it is the perfect next step in this product-focused partnership to provide a consumer-friendly onboarding experience to the next generation of Web3 users.
AS Roma’s partnership makes it the first professional football organization to adopt blockchain technology. The brand said that this is their next step to expand on what it means for fans to connect to their teams and merge blockchain technology into the mainstream.
In November 2021, the Australian baseball club Perth Heat integrated a complete Bitcoin standard, accepting payments and converting much of its balance sheet into Bitcoin. In the context of blockchain, after terminating their collaboration with EA Sports, FIFA announced their plans to continue producing the games independently and the new plans unveil their strategy to introduce Web 3.0 and blockchain-based games.
These football teams have been looking up to digital assets to have a better engagement with their fans. In December, Manchester United released its first set of non-fungible tokens on the proof-of-stake Tezos blockchain. Midway through November, United revealed the NFT project, calling it a gift to the supporters.
Italy has been renowned for its art and culture but a study in December suggested that the country’s NFT market is anticipated to increase by 47.6% by the end of 2022. The Italian NFT market would then be valued at roughly $671 million. Additionally, a consistent upward compounded annual growth rate of 34.6% is predicted for the NFT sector in Italy over the subsequent five years. By 2028, it is expected that Italians will spend a total of $3.6 billion on NFTs.
Several businesses and brands are trying to make crypto payments mainstream and foster the assets’ adoption. These brands see cryptocurrencies beyond speculation and count on them to bring multiple benefits. Several economic experts and even central banks have often criticized Bitcoin and other cryptocurrencies for being unable to function as a means of exchange due to their high price volatility.