Many may not think that cryptocurrencies and sports are related but there is definitely a growing trend in every single sport. However, there are many aspects where cryptocurrencies have sneaked into the world of sports with so many sponsorships for different things for a club. Could we see the end between the two or will it continue?
How have cryptocurrencies been involved in sports?
Like many things, sport can spot a trend. First, he could have bet like www.newbettingsites.uk so they may have been fast food companies or they may have been tech companies. So it’s no wonder clubs and franchises noticed that cryptocurrencies were the next emerging trend people were talking about.
So now you will see almost every cryptocurrency company involved in the sport and they will do their best to get sponsorship on anything that the franchise or club will allow them to sponsor. It could be stadium rights, shirt sponsors, sleeve sponsors, and many other ways of sponsorship.
FTX was the first company to make itself known in the world of sports partnerships. 2021 was the year that cryptocurrencies really entered the mainstream media and people were talking about the cryptocurrency trend.
So FTX was really able to get their hands on the sports business with sponsorships and partnerships everywhere. FTX was able to sign a staggering 19-year contract with the Miami Heat for the rights to the stadium name. The court is now called the FTX arena and was a $ 135 million deal.
FTX Not only did he stop with the Miami Heat, but he also managed to secure a deal with MLB (Major League Baseball) that made them the official sponsor of the cryptocurrency exchange MLB. The company was also able to secure deals with two of the biggest sports stars in America, basketball player Steph Curry and football player Tom Brady.
FTX wasn’t the only company involved in the cryptocurrency boom. Formula 1 managed to secure a deal with Cyrpto.com and they were the official sponsors of motorsport. The Staples Center where the Lakers, Clippers, Kings and Sparks besides being one of the most famous for entertainment, also sold the naming rights to Crypto.Com.
Coinbase, just like Cyrpto.com with F1, has become the official cryptocurrency exchange site for the NBA, WNBA and NBA G League (the minor league of the NBA).
Will the trend continue?
In 2021, as stated, there was a massive trend with cryptocurrencies. There was essentially a huge boom with cryptocurrency and companies were able to negotiate deals with each other at the height of the boom.
It is unlikely that there will be a trend like 2021 with the collapse of the market, however, if the market is stabilizing, it means that in the next couple of years it could recover.
Cryptocurrencies are here to stay but will sports teams jump on the hype as much as last year? Maybe not before 2024 according to many forecasts.
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