The crypto market crash has made it harder for crypto companies to sign fresh sponsorship arrangements. Crypto market remains gloomy and will further take off more marketing deals with American sports teams.
Exchange of cryptocurrencies According to a Monday story from the New York Post, FTX has been revising its marketing plan to plaster its name and brand across Los Angeles Angels jerseys. The retractions are most likely due to the recent market collapse.
Another patch arrangement between an unnamed crypto startup and the Washington Wizards was cancelled.
Because the exchange’s nonfungible token (NFT) platform and the Washington, D.C.-based Wizards have an ongoing cooperation, the crypto company in issue could have been FTX.US. According to the New York Post, the Wizards arrangement was attractive to crypto businesses trying to win favour with the D.C. political base.
According to Joe Favorito, a sports management expert at Columbia University, no new sports collaborations will be revealed while the market is down.
There have been scores of more sponsorship deals totaling hundreds of millions of dollars between crypto businesses and sports clubs.
While simple brand exposure sponsorships are being reconsidered, arrangements between real-world items and NFT enterprises appear to be firmly in place, as they provide greater practical benefits to all parties involved.
Last week, Budweiser announced a partnership with Zed Run, a popular NFT horse racing platform. Budweiser released tokenized Clydesdales that users could mint, and Zed Run will run a Budweiser-themed race track and competition in December with a top prize of $95,000.
The Autograph NFT marketplace, which is run by NFL superstar Tom Brady, has a deal with ESPN to develop programming for the sports network. At the same time as the Man in the Arena: Tom Brady docuseries, which premiered on ESPN on April 6, Autograph debuted a parallel NFT collection.