From Mercedes F1 to Miami Heat, Sports Teams Suspend FTX Sponsorships
A string of organizations competing in various sports are pulling out of sponsorship deals with beleaguered cryptocurrency exchange FTX. The coin trading platform had pledged millions of dollars to building up brand recognition among sports fans before it went bankrupt. FTX Sign Being Dismantled as Miami Heat Seeks New Naming Rights Partner for Its Arena Scrapping one of FTX’s most expensive sponsorship arrangements, NBA’s Miami Heat and Miami-Dade County said on Friday they are terminating the agreement with the troubled crypto exchange and stated their intention to find a new naming....
Related News
Crypto exchange FTX has been spending heavily on sponsorships with big sports teams and events to assert its place in the crypto world. Some of its famed partners are football superstar Tom Brady, the NBA’S Miami Heat, Washington Wizards, Golden State Warriors, Mercedes F1 team, The Capitals, and recently, the Super Bowl. On Sunday, millions […]
Following a number of partnerships this year, FTX Trading Limited announced on Thursday that the company has partnered with the Mercedes-AMG Petronas Formula One Team. According to FTX, the relationship will “span multiple race seasons” and the FTX logo will be “featured prominently” by both cars and drivers.
FTX Teams up With Mercedes F1 in Long Term Partnership for Several Race Seasons
Well known car brands and world-famous race teams have been entering the blockchain and cryptocurrency space in great numbers this year. Whether it be through....
With good times, good results are often dealt. With tough times, the road can get bumpier. Look no further than crypto sports sponsorships as a prime example; after a year of new sports sponsorship entrants through one of the fastest-growing categories in major league sponsorship deals, this year has seen the market dry up with […]
The NFL has reportedly restricted cryptocurrency and NFTs until the league establishes a strategy “for sports digital trading cards and art.” The United States National Football League (NFL) has reportedly barred all teams and members from crypto-related sponsorships and advertisements, as well as nonfungible token (NFT) sales. According to a report by The Athletic, the NFL has restricted the sale of sponsorships to cryptocurrency trading firms and NFTs until the league establishes a strategy “for sports digital trading cards and art.” The new guidelines were shared by an anonymous NFL....
Athletes are slowly becoming more and more interested in contracts paid out in crypto. What’s their reasoning and how does this impact the blockchain industry? After suffering significant losses due to issues stemming from the COVID-19 pandemic, the sports industry has turned to crypto to recoup its losses and help fans stay connected with clubs in today’s socially-distanced world.Over the past 18 months, countless deals and sponsorships have been reported between Web3 projects and sports teams, and if things go as planned, this might be just the tip of the iceberg for these two....