How many cryptocurrency sponsorships are there in sports?

s of September 2024, there have been 92 cryptocurrency sponsorships signed in the sports field between 2021 and 2024.

Cryptocurrency Sponsorships in Sports Events

Football

Since 2021, football has been a major target for cryptocurrency sponsorships. That year saw 9 new deals, followed by 10 in 2022, a sharp decline to only 3 in 2023, and a rebound to 10 in 2024. Early adopters included clubs like Manchester United, Chelsea, Inter Milan, Manchester City, and Galatasaray. Cryptocurrency companies also targeted global events such as the UEFA Champions League and the FIFA World Cup, aiming to capture football’s vast international audience.

Motorsports

Motorsports, especially Formula 1 (F1), have become another hotspot for cryptocurrency sponsorships. In 2021, there were 9 new sponsorship agreements, dropping to 6 in 2022 and 3 in 2023. By 2024, only 3 new deals were signed. Notable deals include a $100 million contract with Crypto.com as the official cryptocurrency partner of Formula 1, making it one of the largest deals in the sport. Bybit’s $150 million deal with the Red Bull Racing Team in 2022 further solidified the link between cryptocurrency and motorsports. Additionally, FTX signed a multi-year deal with Mercedes F1 team.

Esports

Esports has also attracted significant interest from cryptocurrency companies. In 2021 and 2022, there were 4 new deals each year, followed by a drop to just one deal in 2023. However, 2024 saw a positive turnaround with as many as 7 new deals. One standout deal was FTX’s $210 million sponsorship with Team SoloMid in 2021. Coinbase also partnered with BLAST Premier to sponsor major Counter-Strike: Global Offensive (CS) tournaments, recognizing its deep influence in the gaming community. In 2023 and 2024, Thunderpick emerged as a major sponsor, supporting teams like Evil Geniuses and Heroic during the organization of Counter-Strike 2 tournaments.

Basketball

Basketball, particularly the NBA, flourished in cryptocurrency sponsorships in 2021, with 6 new agreements signed. However, no new deals were made in 2022, and only one deal was signed in both 2023 and 2024. Despite this, the sport saw significant sponsorship when Crypto.com purchased the naming rights for the Staples Center for $700 million in 2021. Before its collapse, FTX had also signed a $135 million naming rights deal for the Miami Heat arena, while Coinbase jumped on the trend, sponsoring both men’s and women’s leagues. The exchange also signed an advertising agreement with Kevin Durant.

This article is from Foresightnews:

https://foresightnews.pro/article/detail/68720

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September 30, 2024