The Magazine for Asian Investors
IEG (IEG), a sports partner consulting firm revealed that Cryptocurrency companies flock to NBA sponsorships, helping NBA sponsorship revenue hit a record of $1.6 billion in the season 2021- 2022, a 13% increase from $1.4 billion in the season 2020-2021.
As part of the sponsorship, cryptocurrency companies have the right to display their nameplates in stadiums and print their company names or logos on athletes’ jerseys.
“The fact that cryptocurrency companies come in as sponsors has helped increase NBS’ revenues like never before,”Peter Lutz, Managing Director of IEG said.
Cryptocurrency companies are now the NBA’s second-largest sponsor after technology companies. The crypto companies that negotiated with the NBA, including Coinbase, the largest crypto trading platform in the world, signed a $192 million sponsorship deal with the NBA, a duration of 4 years.
This move reflects that crypto companies are increasingly aggressively advertising sporting events. In February of this year, a number of crypto companies bought ads to promote the Super Bowl, which was held this year at Sophie Stadium in Los Angeles.
Sam Bankman, CEO of FTX, said that with a massive audience of nearly 100 million viewers, the Super Bowl is a great opportunity to communicate the company’s products to the public, especially cryptocurrencies, and also said that there is no stage that reaches as many people at once as the Super Bowl.