Crypto winter freezes sports sponsorships for digital asset firms
The crypto market downturn has made it difficult for crypto firms to pull the trigger on any new sponsorship deals with the sports teams they spent hundreds of millions on at the beginning of the year. The longer the crypto market stays in bearish territory, the more marketing deals with American sports teams are being taken off the table as crypto firms tighten their belts.Crypto exchange FTX has been rethinking its marketing plan to plaster its name and logo across Los Angeles Angels jerseys, according to a June 20 report from the NY Post. The dramatic market downturn is likely to blame....
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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 current downtrend of the crypto market has negatively affected financial institutions, particularly those dealing with digital currencies. Currently, some firms are beginning to feel the heat from a different angle. This involves sponsorship deals between these digital currency companies and sports teams. This is particular to the crypto firms that have already spent hundreds of millions on the matter. The Crypto Winter Takes Hold As of 2021, the news reported that many digital currency firms invested billions of dollars in sponsoring sports. These companies had believed that the same....
Cryptocurrency exchanges and asset management firms continue to find their way into traditional stick and ball sport sponsorships. Grayscale Investments announced today that they are the next name in crypto to partner with a major league sports team. Grayscale signed an exclusive partnership deal with the New York Giants, marking the first time an NFL […]
A recent Nielsen sports report has presented an optimistic outlook for crypto sports partnerships in the coming years. According to the report, this space is expected to grow to as high as $5 billion in less than a decade. It forecasts that crypto sports sponsorships will grow by 778% in the next five years. All […]
The sports industry represents a massive opportunity for Bitcoin adoption, as further sponsorships and deals are expected.