At first glance, wrestling and crypto may seem completely unrelated. Wrestling is an art form most often described as sports entertainment, while cryptocurrencies are a digital or virtual form of money secured by cryptography that can be used as a medium of exchange or a store of value. Nowadays, people can buy Bitcoin online and add it to their portfolio or purchase goods and services with it from various retailers. So, crypto and wrestling belong to two completely different worlds. However, there’s a link between the two that many don’t know about and that we’re going to explore in this article.
A new solution to longstanding problems
Professional wrestling has captured the imagination of people from all across the world for decades, with its combination of colorful characters, drama and mock combat, turning into a global phenomenon in the ‘90s. After entering a phase of decline in the early 2000s, this highly entertaining sport is once again soaring in popularity, with the World Wrestling Entertainment (WWE) reporting record revenue figures of $1.095 billion for 2021. So, it’s safe to say that wrestling is back in the ring.
Unfortunately, despite these impressive figures, the world of wrestling continues to pose many challenges to those who want to break into the field as well as those who have already carved their path in this sport. Professional wrestlers are classified as independent contractors by the WWE, which means they don’t have the same benefits as full-time employees.
For example, WWE wrestlers don’t get health insurance and have to pay for their medical expenses out of pocket, even if they get injured on the job. In a field where work-related injuries such as concussions, scrapes, bruises, or ACL tears are a common occurrence, this can leave a huge dent in their budget. What’s more, the vast majority of wrestlers also have to cover their ground travel, food and accommodation themselves, with airfares being the only expense covered by the company. Needless to say, this puts wrestlers in a very difficult situation, with many struggling to continue their activity and make ends meet.
These issues have inspired the creation of Crypto Wrestling Inu ($CWI), a crypto project operating on the Ethereum blockchain as a direct fork of another meme token called Marshal Rogan Inu. Crypto Wrestling Inu’s goal is to provide support for professional wrestlers and wrestling companies going through a rough patch and encourage talented athletes to advance their wrestling careers via direct crypto sponsorships. Furthermore, the platform also facilitates access to seminars, training sessions and other helpful resources for aspiring wrestlers.
Endorsement from wrestling champions
Unlike other cryptos out there that base their entire value on media hype and market sentiment, Crypto Wrestling Inu provides real-world use cases. As a result, the project has garnered much attention from the wrestling community and crypto enthusiasts, reaching a market cap of over one million dollars since its inception.
The project has also caught the eye of big names in the wrestling industry like Mick Foley and Kurt Angle who have expressed their support for the crypto. Mike Foley, one of the most decorated performers in professional wrestling history, winning a total of 17 WWE championship titles, has spoken about the impact that frequent injuries can take on wrestlers’ life and career.
As a professional wrestler, Foley has experienced these challenges first-hand, being unable to work for months because of one severe injury. The former athlete also talked about the CWI donations, explaining that the funds are collected from the fees incurred when buying or selling the token, with 5% of all purchases and 8% of all sales going into the marketing wallet. From here, the donations go to different causes, including wrestlers who are dealing with medical problems and require treatment, training programs and sponsorships that allow professional athletes to develop their skills and perform at events, financial support for independent wrestlers, as well as creating awareness campaigns that aim to draw attention to the numerous obstacles that pro wrestlers need to overcome to activate in the field.
CWI project manager, Kevin Jones has also spoken about the challenges of being a professional wrestler, stating that many people are not aware of the things that go on behind the scene and the risks that athletes have to deal with. Jones mentioned the Covid pandemic as an extremely difficult period for the wrestling industry. The health crisis led to events being cancelled, and a lack of resources for schools and training which took a toll on many professionals and the sector as a whole.
CWI’s contribution to the world of wrestling is more than welcome. However, Jones also acknowledges the need to address the root cause of the problems which according to him have to do with how the industry is structured. Jones believes that providing independent contractors with healthcare insurance and worker’s compensation coverage would solve many of the issues that wrestlers are dealing with at the moment.
Until the industry decides to take these requests into consideration and change its ways, amateur and professional wrestlers can resort to CWI for support and assistance. Gaining access to financial aid is especially important for up-and-coming athletes who have a much harder time finding sponsorships that can help them cover expenses for training, equipment and, in the worst-case scenario, medical bills. It takes a lot of effort and money to get to the top, and not every athlete is lucky enough to have the necessary funds.
So far, Crypto Wrestling Inu has raised more than $5K in charity donations and helped numerous wrestlers further their careers. As the platform continues to grow, we can expect more professionals to benefit from its sponsorships.
Wrestling is without a doubt an extremely challenging and competitive industry, making it difficult for pro wrestlers to build a successful career in the field. Luckily, the advent of crypto platforms and the emergence of innovative projects like Crypto Wrestling Inu can make the path towards the top smoother for many aspiring athletes.