Sponsorship for Digital Asset Firms Frozen Due to the Crypto Winter

The crypto market crash has made it harder for crypto companies to sign fresh sponsorship arrangements with the sports teams they spent hundreds of millions of dollars on at the start of the year. As crypto firms tighten their belts, more marketing deals with American sports teams are being removed as the crypto market remains gloomy. Exchange of cryptocurrencies according to a June 20 article 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 canceled just as the cryptocurrency market began its latest wild ride. Because the exchange’s NFT platform and the Washington DC-based Wizards have ongoing cooperation, the crypto business in issue could have been FTX.US. According to the New York Post, the Wizards arrangement was attractive to crypto businesses eager to court favor with the DC political establishment. Crypto Firms Involved in Sponsorship Deals During the previous crypto boom’s apex, crypto firms paid astronomical sums for sponsorship deals. Crypto.com paid $700 million for the right to rename the Los Angeles Lakers home arena ‘Crypto.com Arena’ for the next 20 years. In March 2021, FTX paid $135 to rename the Miami Heat’s home arena ‘FTX Arena’. Tezos also pays $27 million yearly to get ...