The influx of crypto companies into sports… $2.4 billion spent in 18 months
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Answer The influx of crypto companies into sports… $2.4 billion spent in 18 months
In today’s stagnant cryptocurrency market, total transaction volume for Opensea, once a dominant player in the crypto and precisely the NFT industry, was in August less than its 24-hour record when the industry was booming.
All cryptocurrency companies are looking forward to growth and prosperity.
Meanwhile, with the World Cup in Qatar approaching, the price of digital fan tokens has skyrocketed.
According to CoinEx, a well-known crypto company that provides cryptocurrency trading services, over the past 30 days, LAZIO has risen 126.41%, SANTOS is up 178.88%, and PORTO is up 106%.
Regardless, crypto companies have made many moves in the sports industry.Read:Now you can win 1 Bitcoin by participating in a contest offered by Gemini platform
According to Bloomberg, crypto companies have committed more than $2.4 billion to sports marketing in the past 18 months.
Today, let’s check out which crypto players have sponsored sports events or organizations in 2022.
Early this year, Binance signed a 5-year sponsorship agreement with the Argentine national soccer team, covering the development of a new digital fan code.
On February 10, Terra partnered with the Washington Nationals, an MLB team, in a sponsorship agreement.
On February 17, Bitget Exchange announced its sponsorship deal with Turkish football club Galatasaray.
On March 4, Manchester City Football Club announced a global partnership with OKX, calling it the club’s official crypto exchange partner.
On July 11, the two announced the extension of their current partnership.
On March 23, FIFA announced that Crypto.com, a cryptocurrency exchange platform, will become the official sponsor of the FIFA World Cup 2022 in Qatar.
On April 12, Bitget, a crypto derivatives trading platform, announced its exclusive sponsorship with PGL CS: GO Major Championship 2022 and PGL Dota 2 Arlington Major 2022.
On April 14, Jerry Jones, the NFL general manager for the Dallas Cowboys, announced that Blockchain.com would be the team’s sponsor at a press conference.Read:Learn about the biggest fraud story targeting Arabs and Muslims in Britain
On 3 May, Algorand announced its sponsorship and strategic partnership with FIFA.
On the same day, OKX, a cryptocurrency trading platform, entered into a multi-year partnership with McLaren Racing.
On May 9, Crypto Snack, a Barcelona-based decentralized payment network, announced that it had signed a sponsorship deal with RCD Espanyol football club.
On May 10, Binance secured a partnership with Confederação Brasileira de Futebol (CBF) and entered into a three-year collaboration plan covering fan token development and NFT, as well as brand presentation.
On May 20, Coinbase announced an expanded investment in the Women’s National Basketball Association (WNBA) ecosystem.
On August 18, Bitget renewed its partnership with Juventus Football Club.
Also worth noting is the recent news that CoinEx will be the exclusive partner of the RLWC 2021 cryptocurrency exchange.
Crypto trading platform CoinEx announced as an exclusive partner for the Rugby World Cup
From green lawns across stadiums to racetracks, all crypto companies show their fortune outside of the crypto sector.
However, with the market declining and companies craving sports, the expected marginal revenue for sporting events may fall short of expectations.Read:The demand for Ethereum is weakening and there is a serious imbalance between buying and selling it…according to one of the analysts
For crypto companies, immersion in sports may help them attract different users, but regulatory risks will also rise.
In the cryptocurrency market, regulation is a double-edged sword that hangs around the neck of all companies.
For example, CZ revealed that Binance has spent more than $1 billion on compliance.
As crypto gamers burn their cash, this trademark race appears to be coming to an end, as evidenced by FTX’s retreat from MLB deal talks.
Crypto.com also abandoned a €500 million sponsorship deal with the UEFA Champions League earlier this summer.
However, branding and compliance have long been central to the growth of companies in the crypto space.
In terms of branding, crypto companies will adopt more new strategies in the future.
As for compliance, founding teams must ensure that their companies operate according to the rule.
It is noteworthy that CoinEx recently obtained a license in Lithuania.
CoinEx always strives to make cryptocurrency trading more accessible, help more people around the world use cryptocurrencies safely and easily, and contribute positively to society.
Obtaining a license in Lithuania also represents a major milestone in CoinEx’s global strategic development.
There is good reason to believe that CoinEx will provide secure and convenient services to investors in more countries and regions around the world with its proven compliance track record and strong compliance team.
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