Cryptocurrency Companies Pull Back on Sports Sponsorships
FTX has pulled patches for sports teams and spent millions on arena promotions. FIFA teams, football teams in America and racing teams were heavily sponsored by cryptocurrency firms that are noticeably absent from further promotions.
When cryptocurrency was trending upwards, companies in the blockchain business sponsored many teams and sports leagues. As money dries up and more investors leave the market, this dip may be prolonged.
As crypto winter deepens, expect to see more sponsorships pulled and more investments delayed. Jersey patches from prominent cryptocurrency companies are being pulled as the market sinks. Most notably, the Los Angeles Angels pulled their FTX sponsorship patches as the market softened for cryptocurrency.
Crypto companies including Crypto.com, FTX and Coinbase have all been affected as cryptocurrency prices have pulled back sharply. Cryptocurrency users have a big overlap with sports fans, and sponsorships will return when the market ticks up.
Crypto companies were featured prominently during Superbowl advertisements and were also present during sports games. In the future, cryptocurrency users will be able to gamble using cryptocurrency platforms and this will help the industry as well. The partnerships will return, and the two industries will work in tandem to further both of them.
Posted on Hive, Blurt and Steemit under truth2 and truth2.sports
Posted using SportsTalkSocial