As one of the world’s leading cryptocurrency exchanges, FTX is known for investing heavily in sports advertising campaigns. The NBA’s Golden State Warriors are the latest multi-million-dollar marketing deal signed by FTX. The agreement is an international rights partnership. Golden State currently has the best record in the NBA.
The financials of the FTX and Warriors partnership deal have not been disclosed. However, those close to the matter told CNBC under anonymity that the agreement was worth $10 million and would last for several years.
The deal includes NFTs
Under this agreement, FTX will receive brand placement with the Santa Cruz Warriors, the Warriors’ G League club as well as the clubs’ NBA 2K esports team. Moreover, the exchange will receive in-arena signage at Chase Center and obtain rights to non-fungible tokens (NFTs) developed by the team. The Warriors NFTs will be dropped in early 2022.
The exchange will also get the right to feature its digital logos on televised games on both local and national NBA games. According to those familiar with such deals, the virtual ads will generate around $15,000 quarterly. This is the first international rights deal for the Warriors.
FTX and the Golden State have also partnered to donate one Bitcoin to three area non-profit organizations. At the current Bitcoin prices, the donation is worth around $48,000.
Crypto sports partnerships are heating up
As previously mentioned, FTX has placed itself as a leader in securing sports sponsorships. They previously signed a jersey deal with Major League Baseball. This made it the only crypto firm to obtain an MLB sponsorship. The exchange also obtained the naming rights of the Miami Heat Arena in a $135 million deal. The venue is now called FTX Arena. Now that the Warriors have signed with FTX, other NBA teams may follow their lead.
The NBA has already embraced sponsorships from crypto firms in a very big way. The logo of the Coinbase exchange appears in NBA arenas during Turner Sports national games and games on ESPN. The four-year deal is estimated to cost around $193 million.
Crypto.com has not been left behind. The exchange signed a $700 million deal with the Los Angeles Lakers, which will soon rename the Staples Center to Crypto.com Arena. In July, StormX landed a deal with the Portland Trail Blazers to feature the league’s first crypto jersey patch.
Soccer teams have ventured even deeper into the crypto space and have also invested in NFTs. The Socios.com fan rewards platform has allowed leading soccer teams in Europe to launch their own Fan Tokens, generating additional revenue streams for clubs and boosting fan engagement. Socios.com is also a team partner with the Warriors.
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