Bear Market Affecting Crypto-Sports Sponsorship Deals
July 7, 2022
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1:36Now PlayingBear Market Affecting Crypto-Sports Sponsorship Deals
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as posted by the channelHow has the crypto winter impacted crypto-sports deals? Watch it in the metaverse. Check out the video to learn why!
Welcome back to Bold TV with Samuel Bloomquist. Be sure to like, comment, and subscribe to Bold TV for all things Bold.
The ability of cryptocurrency platforms to get sports sponsorship deals is being hampered by the bear market.
Recently, we've seen a number of mentions of cryptocurrency in sports, most notably when the Miami Heat played in an FTX Arena and the LA Lakers and Clippers called their arena Crypto.com Arena, both of which are well-known platforms for cryptocurrency exchange.
The bear market, however, is making it more difficult for many of these agreements to close.
It appeared as though cryptocurrency was enjoying total momentum. Every Major League Baseball umpire wore an FTX Patch. A College Football Bowl game was sponsored by BitPay, another exchange. Even the infamous stablecoin Terra Luna, which crashed, got a $40 million advance payment on a high-end sponsorship agreement with the MLB's Washington Nationals.
Now that the crypto winter has arrived, sponsorship deals have slowed down, and some of the companies that spent a lot of money on advertising, including Coinbase and Crypto.com, are cutting off staff and attributing it to the current market's decline.
Even some deals are being taken off the table. Because of the slump, sources told the New York Post that a cryptocurrency exchange backed out of a contract to put a patch on the Washington Wizards' jersey for the upcoming NBA season.
So what does this mean for crypto? Do they need big money, sponsorships with sports teams to survive? Will the sports world continue embracing crypto through a bear market. Let us know in the comments below.
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