If you take a good look around, you'll see crypto popping up in some pretty unexpected places lately. Just turned on the TV? There's crypto.com as an advertisement during major league sports. Checking out at the grocery store? You can use crypto to pay at grocery stores now. Crypto is going mainstream, and one of the biggest ways it's reaching new eyes and new markets is through sports sponsorships and partnerships.
Let me explain a little more about what's happening here and why these sports deals are such a big deal for expanding crypto's reach.
Putting Crypto Front and Center
The worlds of sports and crypto might not seem like they'd have much in common at first glance. After all, what does a decentralized digital currency have to do with athletes running around on fields and courts?
But when you look closer, the connection starts to make a lot of sense. Both involve big money, fanbases, and staying ahead of the curve with the latest tech or advantages. Think about when you're watching a big game, and suddenly a crypto.com ad comes on. Even if you don't fully understand what they're selling, you can't help but get curious about this "crypto" thing so many people and companies seem to care about. It plants a little seed of awareness in the minds of millions.
The Biggest Crypto Sports Deals
Let's look at some of the biggest sports deals that have helped crypto messaging reach exponentially more markets and potential users:
Crypto.com's $700 Million Naming Rights Deal
In one of the biggest and highest-profile sports deals ever for a crypto company, crypto.com secured the naming rights to the iconic Staples Center in Los Angeles in 2021. The cost? A shocking $700 million over 20 years.
That meant one of the most famous sports/entertainment venues in the world rebranded to the Crypto.com Arena. Every time there's a Lakers game, concert, or event, the crypto.com brand gets beamed directly into living rooms across the globe.
FTX's $135 Million Miami Heat Deal
Crypto derivatives exchange FTX made one of the biggest sports sponsorship moves in 2021 by landing a $135 million naming rights deal with the reigning NBA champions at the time, the Miami Heat.
As part of the 19-year deal, the team's home arena rebranded to the FTX Arena. In addition, the team relaunched its clothing lines and fan engagement platforms under the FTX brand umbrella.
Crypto.com's $700 Million World Cup Sponsorship
In March 2022, Crypto.com kept its marketing momentum going strong, securing a sponsorship deal with FIFA, the governing body of the World Cup soccer tournaments.
This $700 million deal will put the crypto.com branding front and center at the 2022 World Cup in Qatar and the 2026 World Cup hosted by the United States, Mexico, and Canada. Their brand will appear during every game broadcast and on all official World Cup platforms.
Teams Jumping Into NFTs
Beyond just big-name crypto companies sponsoring events and venues, many professional sports teams and leagues have started partnering with crypto companies to get involved with NFTs (non-fungible tokens) and release their crypto tokens.
For example, the NBA has teamed up with CryptoSlam! to release a blockchain-based trading card game featuring NFTs of iconic players and highlights. The NFL, MLB, and many college athletic programs have also announced NFT products and marketplaces of their own.
Why Sports Deals Are So Critical for Crypto?
At this point, you've probably got a decent sense of how aggressively crypto brands are pursuing sports sponsorships and partnerships to reach new markets and customers. But in case you need some more convincing of the value, here are a few reasons these sports deals are so critical:
They Lend Legitimacy to Crypto
Despite all the growth and hype around crypto in recent years, there are still many people dubious of its legitimacy and viability. Most have a vague notion that it's complex "internet money" used for shady dealings.
When people see crypto.com branded across the biggest events in sports - events that their cities and families rally around - it lends an air of legitimacy.
They Bring Crypto into Cultural Conversations
Crypto is a complex, intimidating topic for most everyday people who aren't deeply embedded in the tech world. It can seem very insular and isolated.
By getting a foothold into mainstream sports culture, crypto suddenly becomes part of everyday conversations at sports bars, family living rooms, and between friends and colleagues. When people see crypto brands plastered everywhere during their weekend entertainment, they start casually discussing it.
They Create Future Crypto Users and Investors
Ultimately, the goal of all these flashy sports deals is to create new user growth and adoption within crypto projects and currencies. Brand awareness is great, but these companies need to cultivate actual customers.
Every time a crypto brand resonates with sports fans - whether through a naming rights deal, NFT release, athlete ambassador, or other sponsorship - some percentage of those fans will get motivated to research that crypto platform and potentially become users or investors.
The Rising Bitcoin Millionaires
A growing phenomenon tied to crypto's spread through sports is the rise of Bitcoin millionaires. Largely through smart, early investing and saving, a new generation is striking it rich by accumulating crypto assets that skyrocket in value.
Some Bitcoin millionaireshave gotten in on the ground floor of launching new alt-coins that take off. Others have simply held modest investments for years, riding out volatility until BTC or other major coins spiked massively in value.
The Future of Crypto Growth Is Tied to Sports
Unless you've been living under a rock, you can't miss how crypto brands and sports organizations are locking arms in mutually beneficial partnerships. It's shaping up to be a transformative relationship that brings crypto into the mainstream faster than anything else could. Crypto gets an unmatched level of visibility and cultural integration through sports. Teams and leagues gain innovative new ways to market to fans while generating revenue.
In Conclusion
So keep your eyes peeled the next time you tune into a big game or see a commercial come on featuring a Bitcoin millionaire. That could be a foreshadowing of your future wealth once crypto goes fully mainstream thanks to these sports industry partnerships. The door is wide open for all to hop aboard.
