- Crypto and blockchain ads have been almost impossible to miss when it comes to the world of sports.
- Cryptocurrency companies have already spent $2.4 billion on sports marketing alone.
- Almost all of the valuable athletic franchises have some kind of partnership with crypto.
Over the last few months, crypto and blockchain ads have been almost impossible to miss when it comes to the world of sports. These companies are making it a priority to spend billions on marketing in an effort to lure users to the Web 3 world.
The name of crypto and blockchain companies has made it onto team jerseys, stadiums, and halftime commercials where previous sponsors like beer brands and carmakers once were.
According to data from Bloomberg, cryptocurrency companies have already spent $2.4 billion on sports marketing over the last 18 months alone.
Binance Holdings Ltd, which is based in the Cayman Islands, has signed contracts with the soccer icon Cristiano Ronaldo and the African Cup of Nations tournament. FTX, which is based in the Bahamas, has arrangements with Major League Baseball and franchises ranging from the NBA’s Miami Heat to e-sports team TSM.
Coinbase is also in action as it has signed agreements with the National Basketball Association (NBA) and one of its top stars Kevin Durant.
Even less prominent sports like the Drone Racing League are getting crypto sponsorships.
What makes crypto sponsorships so appealing is the fact that the teams do not have to push aside any already existing sponsors. The team’s official crypt provider can very easily coexist with its official beer, official credit card, and official outfitter.
Today, almost all of the valuable athletic franchises have some kind of partnership with crypto, including the Dallas Cowboys, Manchester United, and the New York Yankees. Unfortunately, the timing of these marketing tactics might be slightly off considering there has been a huge slump in crypto over the last year. This could seriously test these companies’ abilities to throw money at sports events and teams.
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