When it comes to the world of sports, it has been almost hard to avoid advertisements for crypto and blockchain technology during the last several months. These businesses have made it a top priority to spend billions of dollars on marketing in the hope of persuading people to switch to the Web3 platform.
The names of crypto and blockchain corporations have begun to appear on team jerseys, in stadiums, and in ads that air during halftime, replacing the names of traditional sponsors such as beer brands and automobile manufacturers.
According to statistics compiled by Bloomberg, bitcoin businesses have already spent a total of $2.4 billion in the last 18 months alone on sports marketing.
Contracts have been inked between Binance Holdings Ltd, which has its headquarters in the Cayman Islands, and the legendary soccer player Cristiano Ronaldo as well as the African Cup of Nations competition. FTX, which has its headquarters in the Bahamas, has partnerships with Major League Baseball as well as a wide variety of professional sports and esports clubs, including the NBA’s Miami Heat and TSM.
Coinbase is also active, as shown by the fact that it has struck partnerships with the National Basketball Association (NBA) and Kevin Durant, one of the NBA’s most prominent players.
Even relatively obscure sports like the Drone Racing League are beginning to get sponsorship from cryptocurrency companies.
The fact that teams do not need to compete with any sponsors that are already on board is one of the things that makes cryptocurrency sponsorships so tempting. It shouldn’t be too difficult for the official crypt provider of the team to get along with the official beer, official credit card, and official outfitter of the squad.
The most lucrative sports clubs in the world today, including as the New York Yankees, the Dallas Cowboys, and Manchester United, all have partnerships with cryptocurrency projects of one form or another.
Given that there has been a significant decline in the value of cryptocurrencies over the course of the last year, the implementation of these marketing strategies may have come at an inopportune time. The ability of big firms to hurl money at sporting events and teams might be put to a major test if this happens.