The NBA Crypto sponsorships increased by 7300% in one season with the crypto industry firms spending a combined $130 million on the deals, recording an increase from the $1.74 million the preivous season so let’s read more today in our latest cryptocurrency news.
FTX, Crypto.com, Coinbase, and Socios are among the most prominent sponsors of the NBA teams or the league itself and if you have been paying attention to the first game of the 2022 NBA Finals, you might have spotted a few crypto company logos including the one of Crypto.com, FTX, and Coinbase. The new Axios Pro Media Deals report provided the numbers behind the season’s rise in the NBA crypto tie-ups and pointed to a 7300% rise in crypto sponsorships for one season.
The report cited data from IEG showing that NBA saw an increase in the crypto company sponsorship dollars from $1.75 million to $130 million this season and five of the companies like Crypto.com, FTX, Coinbase, WeBull, and Socios account for 92% of the sponsorship dollars in the NBA. The NBA racked up $1.64 billion in sponsorship dollars second to the US sports to the NFL $1.81 billion for the latest season. The league saw a 12% increase in total sponsorship dollars in the past season or up by 5% and the crypto industry sponsors could make up the second-biggest category for the basketball league behind the tech companies.
IEG Global Managing Director Peter Laatz said the surge in the NBA crypto sponsorship revenue is nothing that we’ve seen before noting that it represents a third of the league’s new deals. Coinbase announced a wide-ranging sponsorship deal with the NBA and the WNBA esports initiative and the USA Basketball. The crypto exchange is partnered with the Brooklyn Nets player Kevin Durant as the early investor in the firm. Crypto.com owns the naming rights to the LA lakers’ arena and sponsors the Philadelphia 76ers, making deals with players such as Joel Embiid and LeBron James. The company is sponsoring the broadcast segments in the NBA Finals.
FTX has the naming rights to the Miami Heat Arena and sponsors the Washington Wizards as well as the Golden State Warriors that are playing in the Finals against Boston Celtics. Crypto financial services company WeBull paid $30 million per year to sponsor the Nets while Socios made a fan engagement deal with 28 of the NBA’s 30 total teams. The NBA made moves in the NFT collectibles spaces and DApper Labs’ NBA Top Shot was a key in bringing the NFT into the mainstream last year and racked up $1 billion in trading volume to this date.
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