Many may not think that crypto and sport have a relationship but there is certainly a trend growing in every single sport. However, there are many aspects where crypto has snuck into the sporting world with so many sponsorships for several different things for a club. Could we see the end between the two, or will it continue?
How Did Crypto Get Involved in Sports?
Like many things, sport is able to spot a trend. First, it might have been betting like www.newbettingsites.uk then it might have been fast food companies or it might have been technology companies. So it is no wonder clubs and franchises noticed that crypto was the next emerging trend that people were talking about.
So now you will see nearly every crypto company involved with sports and they will be trying their best to gain sponsorships on anything that the franchise or club will allow them to sponsor. That could be stadium rights, shirt sponsors, sleeve sponsors and many more ways of sponsorship.
FTX were the first company to divulge into the world of sports partnerships. 2021 was the year that crypto really made it into the mainstream media and people were talking about the trend of cryptocurrency.
So FTX were really able to get their hands on the sports business with sponsorships and collaborations all over the place. FTX has been able to sign a staggering 19-year-long contract with the Miami Heat for the naming rights of the stadium. The court is now called the FTX arena and was a deal worth $135 million.
FTX did not just stop with the Miami Heat but also managed to secure a deal with the MLB (Major League Baseball) that made them the official MLB crypto exchange sponsor. The company were also able to secure deals with two of the biggest sports stars in America, basketballer Steph Curry and football player Tom Brady.
FTX were not the only company to get involved with the crypto boom. Formula One were able to secure a deal with Cyrpto.com and they were the official sponsors of the motorsport. The Staples Center where the Lakers, Clippers, Kings and Sparks as well as being one of the most famous for entertainment, sold the naming rights to Crypto.Com as well.
Coinbase, much like Cyrpto.com with the F1, became the official crypto exchange site of the NBA, WNBA and NBA G League (the NBA’s minor league).
Will the Trend Continue?
In 2021, as stated, there was a massive trend with crypto. There was essentially a massive boom with cryptocurrency and companies were able to broker deals with each other at the peak of the boom.
It is unlikely that there will be a trend like 2021 with the crash in the market, however, if the market is stabilising that means over the next two years it could jump back up again.
Crypto is here to stay but will sports teams be jumping on the hype as much as last year? Maybe not until 2024 by many predictions.
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