In the heart of Las Vegas, on Tuesday evening, the much-anticipated annual golf exhibition, now rebranded as "The Showdown," is all set to take center stage. This event will witness a thrilling head-to-head clash between a PGA Tour team comprising Rory McIlroy and Scottie Scheffler and the LIV Golf team led by Bryson DeChambeau and Brooks Koepka. With a whopping $10 million in prize money on the line, as reported by Front Office Sports last month, and distributed in the form of cryptocurrency, it promises to be a spectacle like no other. Title sponsor Crypto.com has declared that this will be "the first ever major golf tournament with a multimillion dollar purse to be paid in CRO cryptocurrency." (CRO stands for Cronos, the primary cryptocurrency of Crypto.com, a Singapore-based crypto exchange.)

Unprecedented Golf Showdown with Crypto Prizes

History and Background

The "Showdown" is not the cryptocurrency industry's first foray into the world of sports. In 2019, NFL lineman Russell Okung made a significant statement by posting "Pay me in bitcoin" on X (formerly Twitter). About 18 months later, he converted half of his $13 million base salary for the 2020 NFL season into bitcoin using a crypto product from Zap called "Strike." His investment in this volatile digital currency has paid off immensely, as the value of a single bitcoin has soared from around $27,000 in 2020 to more than $100,000 as of Monday. Okung expressed his joy, stating, "I'm enjoying the victory lap. It's been an incredible timing and an incredible story."

Details of "The Showdown"

Date: Tuesday eveningTime: Specific time yet to be announcedHow to watch: Keep an eye on Sling for the live coverage.The participating golfers will be competing for a multimillion-dollar prize pot, with details yet to be fully disclosed by Crypto.com. DeChambeau, representing the Saudi-funded LIV Golf league, is excited about the opportunity to compete for "a true first with a cryptocurrency based prize purse."

Other Athletes and Crypto

New York Jets quarterback Aaron Rodgers, recently-waived NFL wide receiver Odell Beckham Jr., and Dallas Mavericks guard Klay Thompson are among the athletes who have publicly expressed their intention to convert part of their salaries to cryptocurrency over the past few years. In some cases, it was as part of a sponsorship agreement. Jacksonville Jaguars quarterback Trevor Lawrence was thought to have invested his rookie signing bonus into crypto as part of an endorsement deal with cryptocurrency exchange FTX, but he has since rejected that claim as FTX has gone bankrupt. Some of these athletes have taken to social media to celebrate the surging values of their crypto investments in recent weeks.

What's in it for Crypto Companies?

Crypto.com's sponsorship of "The Showdown" is just one of its many ventures within the sports world. In 2021, it purchased the naming rights for the basketball and hockey arena in downtown Los Angeles, formerly known as the Staples Center. It has also struck sponsorship arrangements with Formula 1 and the UEFA Champions League. Professor David Carter of USC, founder of the Sports Business Group, describes these sponsorship investments as a "branding land grab" aimed at building recognition, especially among the younger generation. With "The Showdown," Crypto.com is taking a two-pronged marketing approach by sponsoring both the event and the prize. Carter believes this is a proven concept, similar to major auto manufacturers sponsoring events and giving away cars. Whenever a company can have multiple and credible touchpoints with fans, it benefits them, especially in the hope of converting them into loyal, long-time customers.