Crypto Coin: The Sporting Slice
Last week’s Sports Slice will be hard to beat. One of America’s most notable arenas has struck a new naming rights deal with Crypto.com, the NFL has quietly collaborated with Ticketmaster and Polygon in the NFTs, and two major European football clubs have found deals. reasons to hesitate with potential crypto partners. This week we headed for a vacation week for many, but there were still sporting and crypto crossovers as sponsorships and engagement continue to grab the headlines.
Each week, we cover the last seven days of crypto and sports action. Let’s take a look at the headlines from the last few weeks:
The sporting slice
A busy week for OBJ
Arguably it was a crazy schedule this week for NFL wide receiver Odell Beckham Jr., often known as OBJ. The talented wide-out is expecting a baby with his current girlfriend, he made a deal with Cash App to pay in Bitcoin, then on Sunday afternoon got his first touchdown as an LA Ram. A hell of a triumph for OBJ last week.
The Cash App partnership isn’t the sports star’s first foray into the crypto world; earlier in the year, OBJ got his CryptoPunk Twitter profile picture.
Spanish soccer star Iniesta and Binance bring mixed reviews
Former FC Barcelona midfielder Andres Iniesta’s social media posts weren’t very well received last week. Iniesta was promoting the Binance crypto exchange, but there has been no official announcement regarding an established relationship with Iniesta and Binance. SportsPro Media was able to confirm with a Binance representative that there is a relationship with the Spanish soccer star.
On a star’s Twitter post, a response from Spanish regulator CNMV said Iniesta should “get informed thoroughly.”
Hello,@ andresiniesta8, los criptoactivos, al ser productos no regulados, tienen algunos riesgos relevantes. Is recommendable leer el comunicado de@CNMV_MEDIOS del 9/2/2021 https://t.co/SWRF73xEJj e informarse a fondo antes de invertir en ellos o de recomendar a otros que lo hagan
– CNMV (@CNMV_MEDIOS) November 24, 2021
India’s biggest sports league bans crypto transactions
Cricket is India’s biggest sport, and now the country’s largest and richest sports league is cutting the thread of crypto deals. The Indian Premier League (IPL) is following a directive from the Cricket Control Council in India stating that all IPL teams are prohibited from signing sponsorship agreements with crypto exchanges.
Reports have indicated that two IPL teams have already had to cancel potential deals, describing the directive as “a major loss of opportunity”. Reports also indicated that IPL franchises were not happy with the board’s decision. Less than a month ago, several teams are said to be in talks to launch fan tokens on Polygon.
The board said the directive should remain in effect until clear government regulations are in effect. The news comes as much debated and constantly discussed Indian crypto legislation is being revised for the country’s next winter parliamentary session.
Sam Bankman-Fried of FTX: Sports Sponsorships “Get Attention in a Way that few Other Things Do”
FTX has spent a good bankroll lately on sponsorship and sports partnerships. However, the rate of return on those expenses does not appear to be a major concern for FTX CEO Sam Bankman-Fried, who spoke to CNBC’s âCrypto Night In Americaâ segment last week.
Bankman-Fried also added that the target audience is made up of people who are already in space, or are considering space, describing these partnerships as “an introductory push.”
Related reading | NFT in brief: a weekly review
FTX has been gaining ground through an aggressive sports sponsorship strategy. FTX CEO Sam Bankman-Fried sat down on CNBC to briefly discuss the importance of these partnerships in FTX's broader marketing strategy. | Source: FTT-USD on TradingView.com
Exodus Wallet partners with SportX for electronic gambling
Exodus has established itself as one of the few trusted crypto names when it comes to hardware wallets. Last week, the company partnered with online sports and crypto betting platform SportX. The move will allow Exodus users to easily download the SportX app and make sports bets in over 130 different cryptos. Of course, the ability to bet will only be geo-restricted to areas where sports betting is legal. The SportX platform uses the Polygon blockchain. Polygon continues to show interest in being present in the sports gambling space, having partnered with DraftKings last month.
In the official press release, Exodus CEO and Co-Founder JP Richardson said, “With an exceptional user experience being an integral part of Exodus’ DNA, SportX was an ideal partner to help us grow. in the field of sports betting and to continue our mission of empowering people. to control their own wealth.
Related reading | Bitcoin or Ethereum? Which blockchain is the heaviest? BitMEX Research Reports
Featured image from Pexels, Charts from TradingView.com