Cryptocompanies will train to reduce their advertising and sponsorship spending in the sports field, while the crypto hibernation continues to kill markets. Many companies, dont Crypto.com one Coinbasereacted to the strong fall in the price of cryptocurrencies and trading volumes by announcing that they would only reduce the size of their effective prices.
Since its inception this year, many crypto companies have spent a lot of money on televised advertising niches, particularly the Super Bowl, American media such as the New York Post and the Wall Street Journal have reported that these companies are now renounced new sponsorship contracts.
The Post quoted the sports management professor of the ‘University of Columbia, Joe Favoritowho stated that he would be “shocked” if new major sponsorships were conclusive “during the current recession”.
The same article cites “sources with direct information on the subject”, according to which the crypto exchange FTX will be “withdrawn from discussions to provide a jersey shell” on the franchise uniforms Major League Baseball (MLB) Los Angeles Angels “these last weeks.”
Last year, FTX had paid $ 135 million for team-stage denomination rights NBA Miami Heat.
The same “sources” also claim that there is another agreement – the one between the franchise NBA Washington Wizards and an unidentified “crypto company” was also “rejected.”
The article notes:
“The Washington Wizards patch was considered to be particularly viable for crypto companies, including politicians and regulators who oversee space assist in their matches.”
“That which has not been spent will be limited, as we have seen during the Internet bubble [de la fin des années 1990]. “
The media suggests that companies are currently seeking to withdraw from their existing agreements, but have warned that problems could follow if they do.
In November of last year, Crypto.com paid $ 700 million for the Los Angeles Sports Center’s right of appeal that welcomes the LA Lakers and les LA Clippers.
The media quoted sports experts as saying that Crypto.com wanted to withdraw its 20-year agreement with the Los Angeles sports franchise, the company “should pay the huge sum of 385 million dollars”.
Chris Lencheskia former framework of Comcast and an associate professor at Columbia University mentioned earlier, was quoted as saying:
“There is always the possibility of negotiating an exit. But it will be painful.”
Crypto.com and Coinbase both spent two extravagant sums on the Super Bowl LVI commercials in February this year, the second of which spent around $ 14 million on its one-minute one-minute commercial.
Last week, the PDG of the exchange Binance, Changpeng “CZ” Zhaoseemed to want to show that he had taken judicial decisions on the fronts of sponsorship and publicity, his company was always expanding despite the crisis.
Binance is the main sponsor jersey of the Italian football club Naples. The company paid around $ 32 million to become the club’s main sponsor in October 2021.
A potential agreement involving a large exchange crypto remains on the table Liverpool FCsix-time European champion, well that this semblance of more and more improbable account of market conditions.
Liverpool’s rivals in the city, Everton FC, seemingly completely saved by this tendency. According to Liverpool Echo, the crypto-casino operator Stake.com signed an agreement that would make him the main sponsor jersey of the EFC, as part of a “record for the club” agreement not disclosed.
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