Cryptocurrency startups have signed roughly 87 sports activities sponsorship offers over the previous three years as web3 companies goal mainstream adoption and world publicity.
Analysis carried out by information supplier CoinGecko found that a lot of the partnerships had been established with European soccer golf equipment. Based on the report, crypto companies and soccer groups have reached 33 sponsorship agreements since 2021.
Institutions like Manchester United and Chelsea Soccer Golf equipment have supplied world publicity for crypto sponsors. Occasions just like the UEFA Champions League and FIFA World Cup appeal to billions of viewers worldwide. The motorsports trade was one other main enviornment for crypto partnership offers. Earlier than its collapse, crypto trade FTX signed a multi-year contract with the Mercedes Method 1 group.
In 2022, Bybit and Pink Bull Racing introduced a $150 million deal. F1 additionally named Crypto.com as its official digital asset associate in a separate $100 million settlement. The 2 offers had been finalized roughly a yr aside.
Cryptocurrency companies aiming for world recognition have additionally invested within the esports sector. FTX spent $210 million on Workforce SoloMid in 2021, whereas main gamers like Coinbase have additionally dedicated to related promotional offers.
Different sports activities sectors resembling basketball, aggressive fight, baseball, American soccer, and cricket have additionally engaged in enterprise with crypto service suppliers in search of to succeed in bigger audiences.
Notable, the report said that a lot of the advertising collaborations occurred in 2024. Resurging crypto costs, surging Bitcoin (BTC) adoption, and shifting political headwinds have inspired extra institutional crypto gamers to spend money on increasing attain.
It stays tough to measure how efficient these campaigns have been and the way selling digital belongings in sports activities has impacted crypto’s backside line. Nevertheless, latest developments counsel that web3 companies may deploy extra capital towards advertising within the sports activities sector.