Crypto companies are the second largest sponsors of the NBA, after tech companies.
- USD $ 100 to 150 million paid crypto companies to sponsor NBA
- More than $170 million invested by tech companies in the league
- Coinbase had one of the biggest basketball deals in the world.
Much has been said about the fall in the price of cryptocurrencies, however few say that the crypto ecosystem is still active in many aspects, among them that companies continue to carry investments that seek promotion so that the crypto world is better known by more people.
Information reported this week by media outlets such as CNBC indicates that cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. companies are among the dominant brands for sponsorship in the 2021-2022 season of the National Basketball Association, NBA with deals that rank the relative position of a cryptocurrency by market capitalization. above many traditional sponsors.
According to the media Sporty For the season, different cryptocurrency brands injected between USD $100 million and $150 million. This makes them the second largest investors behind technology companies that invested more than USD $170 million.
In total, the contribution of all the companies, including crypto, led to the sponsorship of the NBA in the period 2021-22 will reach USD $1.6 billion, as well reflected in a headline CNBC. The figure is 13% higher than the US$1.4 billion received by the NBA in sponsorship revenue in the 2020-21 season.
During the previous season, crypto sponsorship ranked 43rd, a period when the market an area or arena, online or offline, in which commercial dealings are conducted. was still tucked in by the economic impact of the pandemic. This season, however, crypto investment rose to second place, followed by the banking, telecommunications and footwear/sports equipment sectors. In addition, the beer, insurance, lottery, automotive and retail sectors each invested between US$70 million and US$100 million in NBA promotion.
Finbold points out that the sponsorship arose precisely at a time of great growth in the crypto sector, especially in the second half of last year.
One of the sponsorships that received most attention in the press was the agreement of Coinbase is an American company that operates a cryptocurrency exchange platform. which made it the exclusive crypto sponsor for all games. CNBC reported that the deal is worth USD $192 million over four years.
Another relevant movement was that of the company Crypto.com who signed a $700 million deal with the Los Angeles Lakers. Through the agreement, the Staples Center of the team was renamed ‘Crypto.com Arena’.
In addition, the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. FTX also agreed to a 19-year, $135 million USD deal for the naming rights to the Miami Heat arena. .
Some teams in the NBA have also signed new jersey badge sponsorships such as the $30 million per season agreement between the Brooklyn Nets and brokerage trading platform a place to buy, sell and store cryptocurrencyWebull.
Increased revenue from ads on uniforms and other sponsorship deals could help the NBA reach its projected total revenue of USD$10 billion this season, says CNBC . The NBA also has a merchandise deal with e-commerce companyFanatics and an agreement with Dapper Labs, the creator of NBA Top Shot NFT.
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