The Connection Between Cryptocurrencies And The Sports World

by Laura C. Jones

Cryptocurrencies and sports are starting to become more entangled with every year that goes by. Some experts consider this to be a dynamic business at first sight. Companies in the “crypto sphere” have recognized sports as a field in which to blow up and take their brand image to the next level. Likewise, clubs and athletes have both identified a field with potential benefits to bet on.

Over a three-year crush, this entanglement has taken off. Multiple marketing departments of certain cryptocurrency companies and sports franchises have turned their eyes towards competitions, teams, or professionals within different disciplines. Whether users are looking for their next expert picks or new betting lines, cryptocurrencies and sports are becoming a united force.

Where The Numbers Stand

According to specific market studies, the investment in advertising that some companies in the world of sports have devoted to specific campaigns has exponentially increased in the last three years. In addition, some of these funds have been dedicated to joint ventures and relationships with cryptocurrency providers.

Investments throughout most sports scenes have increased exponentially. The marketing departments of certain companies in industries such as automobiles, insurance, and airlines have reflected this increment in sports sponsorship. These have significantly impacted sports franchises, seeing their investments in sports rise by 81% from the automobile industry, 27% from the insurance industry and 28% from the airline business.

However, this doesn’t match the 1,100% that cryptocurrency providers saw their marketing relationships rise with sports franchises. By 2026, industries such as auto and insurance expect their investment in sports to rise by 776%.

For cryptocurrency providers and related companies, certain conditions might alter how this business bond keeps developing. These factors could be pinned to legislation and building an even stronger connection with fans. However, increment and interest are evident and stand as more than just a solid argument but also a deep entanglement.

Recent Examples of Cryptocurrency & Sports Union

Evidence of this growing relationship is increasingly striking. For example, in December 2021, invested $700 million to take over the naming rights to Staples Center, the home court of the Lakers, and the Clippers.

This very same company was also featured in the Super Bowl, with an ad and certain sponsorship inclined to favor LeBron James, the Lakers superstar. This type of advertising is proving to be increasingly common by the day. FTX also paid for ads in the event, opening the door to major cryptocurrency providers.

Formula One is also becoming one of the main targets for cryptocurrency providers. It is now one of the leading sports industries to attract capital from crypto companies. Among the primary partnerships, Bybit stands out with their business terms agreeing to become part of the Red Bull Racing team. The agreement is said to be worth about $150 million for three years.

Among the forces that make F1 attractive for cryptocurrency providers is the international nature of the competition. This is the primary driving force to keep fans engaged in the sport and exposed to various brands that want global coverage.

With races and events all over the world, F1 is unique. Moreover, the audience’s profile is fans with a solid financial standing who can purchase high-quality goods and merchandise. These trends paint an attractive picture of the future for the cryptocurrency industry in motorsports.

Individual Sports Stars Have Also Joined the Industry

Certain sports stars have also joined the industry. For example, LeBron James, Tom Brady, and even Stephen Curry have become spokespeople for specific cryptocurrency campaigns. These movements have been crucial to gradually modify fans’ portrayal of the industry.

Other stars, such as Kevin Durant, the current franchise player for the Brooklyn Nets, have become a member of the sport’s elite, which is now partnered with cryptocurrency providers such as Coinbase. The growing number of sports franchises and stars is quickly becoming the main driver of the industry.

Featured image source: Pinterest

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