Cryptocurrency

In a deal that is said to be worth $700 million over the course of 20 years, Crypto.com was awarded the naming rights to the home arena of the Los Angeles Lakers. In addition, cryptocurrency was involved in nine new jersey patch sponsorships, one of which being a deal between the Philadelphia 76ers and Crypto.com that was worth more than $10 million each year.Reputable groups have even incorporated digital currencies into the payment systems they developed. The Dallas Mavericks of the National Basketball Association (NBA) announced in 2021 that they would begin accepting dogecoin as a form of payment for tickets and merchandise. Mark Cuban, the owner of the team, is an outspoken advocate for several cryptocurrencies.A sponsorship agreement was reached between the English Premier League football club Southampton and the cryptocurrency betting platform Sportsbet.io in the year 2020. Southampton plays in the English Premier League. The year 2019 saw the formation of a partnership between the Formula One racing team Red Bull Racing and the cryptocurrency firm FuturoCoin. Velas blockchain and FTX worked together, as did a number of other companies, including Ferrari and Mercedes.Cryptocurrency corporations have also made investments in advertising through sports media, in addition to sponsoring various sporting events. For instance, the cryptocurrency exchange platform FTX aired a commercial featuring NFL stars Tom Brady and Patrick Mahomes during the 2022 Super Bowl.

Crypto Winter Freezes Sports Sponsorship Deals in 2023

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