Carli Lloyd of NJ/NY Gotham FC dribbles in front of Orlando Pride defenders during the first half of a match against NWSL at Red Bull Arena on August 29, 2021.
Ira L. Black – Corbis | Getty Images Sport | beautiful pictures
Cryptocurrency companies, eager to reach new audiences and push further into the mainstream, are fast becoming some of the biggest advertisers and sponsors in sports.
From Crypto.com’s profile 20-year, $700 million deal for the naming rights to the Los Angeles gymnasium home of the Lakers, Kings, and Sparks is now known as the Staples Center, to Coinbase conclude a wide-ranging agreement with the NBA, with Tom Brady, a self-described “big believer“In the field of cryptocurrency, participating in FTX, the transactions are wide and fast.
The National Women’s Soccer League is the latest sports property to get into crypto, signing a multi-year agreement that has been described as one of the most significant partnerships the league has ever made with the soccer industry. Voyager Digital cryptocurrency platform.
Helping Cryptocurrencies Reach New Audiences
For Voyager, whose other sports deals include sponsorships with the Dallas Mavericks owned by Mark Cuban, Rob Gronkowski of Tampa Bay Buccaneer and NASCAR racer Landon Cassill, the NWSL deal is an opportunity to reach an audience. new fake.
“We see this as an opportunity to really engage with that NWSL player, fan, and community in a way that has never been done before,” said Voyager CEO Steve Ehrlich. “What’s really exciting for me is getting involved in women’s sports and that’s a very important aspect for us because it’s a market that we believe is ripe for education.” and an opportunity to give these women a stronger foothold in their financial future through cryptocurrency.”
More than twice as many men invest in cryptocurrencies as women, according to CNBC and Acorn’s Invest in You: Next Gen Investor survey.
“A substantial portion” of the investment Voyager is making in NWSL as part of the deal will fund individual crypto accounts for ranked players, providing them with a portion of player funds are accessible through the Voyager app, Ehrlich said, declining to provide specific financial details. Players will also receive crypto financial education from Voyager.
“Voyager’s investment in the league is particularly innovative because we’ve designed the partnership together to include direct funding for each of our players, as well as education about the changes.” revolution is taking place in digital assets,” NWSL Interim CEO Marla Messing said in the statement.
Crypto finds a foothold in sports
Sports federations have quickly embraced crypto as many seek to increase revenue to stem losses due to the pandemic, creating a sponsorship portfolio that rarely existed less than a year ago.
Crypto.com signed a $175 million deal with Efforts-owned UFC that you see Its logo appears on the athletes’ uniforms during competition, followed by a $100 million sponsorship deal it signed with Formula 1, owned by Liberty Media.
Major League Baseball signed a multi-year agreement with FTX in June, then the first collaboration between a league and a crypto exchange, bringing an FTX.US patch to the key uniform. finance. FTX also purchased the naming rights to the Miami Heat’s field in a 19-year deal worth $135 million.
Teams and individual athletes have also hit deals, from the NBA’s Portland Trail Blazers with StormX and the MLS’ Inter Miami CF with XBTO, to Golden State Warriors defending Stephen Curry with FTX and top draft picks of NFL Trevor Lawrence with Blockfolio.
Cryptocurrency deals have also gone beyond traditional club and ball sports, with the Drone Racing League signing on $100 million deal with cryptocurrency platform Algorand and e-sports team Fnatic in partnership with Crypto.com.
“Our research shows that there is a lot of intersection between interest in crypto and sports fans,” Ehrlich said. “I think that’s why more and more companies are jumping into this space and doing some of these bigger deals.”
Sports fans are twice as likely as non-sports fans to say they are familiar with crypto, According to a poll from Morning Consultand 24% of respondents saying they are sports fans own crypto.
However, some sports properties remain hesitant. The NFL, which was previously cautious about opening new sponsorship categories, has restricted its teams this season from selling sponsorships to companies dealing in crypto. The New York Giants has one of the only deals with a company in this space, signing a partnership with crypto asset manager Grayscale.
FC Barcelona and Manchester City, two of the largest football clubs in the world, have been forced to cancel crypto-related sponsorship deals after questions were raised regarding the legality of the cryptocurrency. rates of companies.
Kevin Kane, senior manager of client strategy at sports market research firm Navigate, said that while there are some risks to sports properties when contracting with companies in the air, This is a fast-moving time, but the speed at which cryptocurrencies are increasing means that this could be just the start of major crypto-related funding deals.
“You look at the number of people in the world investing in crypto – last year it doubled to 100 million, now it’s estimated to be over 220 million and a lot of people expect it to double again next year,” Kane said. “When the customer base is growing at such a rapid rate, there’s a lot of capital and marketing for brands that want to make sure they’re top of mind even before you know you want them to. invest in cryptocurrencies.”
