Fishing Competition First: Crypto Prize Worth $1m

Fishing aficionados, see here. Crypto’s march into the sporting world shows no sign of slowing down. Now, a sports fishing championship has announced that the $1m grand prize will be awarded in cryptocurrency.

The Sport Fishing Championship (SFC) has announced one of the largest first-place awards for saltwater anglers. It will be the equivalent of $1m in cryptocurrency. This haul will be awarded to the winner of the Billfish Division.

Billfish are large predatory fish with a “bill” which is used for slashing and stunning prey. The most common billfish are marlin, sailfish, spearfish, and swordfish.

There are also competitions in the championship where the winner will be crowned after catching the heaviest Mahi Mahi, Wahoo, or Yellowfin.

Fishing: The prize

The lucky winner who lands one of these sea monsters will be awarded their prize later in 2022. According to the SFC, this is the first North American sports championship to issue its grand prize in cryptocurrency. The prize is one of the largest in the world for saltwater anglers.

The Billfish Division event starts with the Louisiana Gulf Coast Billfish Classic in April 2022, and ends at the San Juan International Billfish Tournament in August.

Sport Fishing Championship commissioner Mark Neifeld said, “Our one million dollar cryptocurrency prize not only creates an exciting incentive for our competitors, but it also sets a new benchmark for the top award issued by a fishing championship and offers our winners the flexibility of receiving their prizes in digital currency.”

The SFC and CBS Sports Network are televising the competition, transmitting live from the boats competing in the events. Fans can also watch full tournament coverage here. The huge prize brings cryptocurrency into the mainstream, opening the door to greater adoption.

Sports and crypto adoption

Crypto has made massive leaps and bounds into the sporting world. In a recent chess tournament, prizes included cryptocurrency and an NFT trophy. This is just one example of how crypto companies are starting to sponsor huge sports events.

Other sponsorship collabs between cryptocurrency companies and sports have been making news recently. Crypto.com recently acquired the naming rights of the Lakers home stadium, the Los Angeles Arena. The deal will run for 20 years and is worth $700 million. Formula 1, owned by Liberty Media, also partnered with Crypto.com. This was a deal worth $100 million.

Blockchain fintech providers Chiliz, helped some of the largest football clubs produce fan tokens. Teams included Barcelona, AC Milan, Galatasaray, Paris Saint-Germain, AS Roma, Juventus, and Atletico Madrid. 

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