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In the event you’re an avid sports activities fan, you’ve in all probability seen a brand new kind of commercial popping up on courtside screens and athletes’ social media accounts in latest months. A latest Bloomberg evaluation exhibits that cryptocurrency firms are flooding the sports activities world with sponsorship funds.
“Cryptocurrency firms have dedicated greater than $2.4 billion to sports activities advertising and marketing previously 18 months,” Bloomberg reported.
The article famous that all kinds of leagues, groups and particular person gamers have benefitted from the sponsorship bonanza. The Dallas Cowboys, Golden State Warriors and New York Yankees all have cryptocurrency offers, as do Kevin Durant and Cristiano Ronaldo. Crypto.com was a number one sponsor of this yr’s System One Grand Prix in Miami.
“Even the Drone Racing League is getting crypto cash,” Bloomberg reported.
These sponsorships and ads search to get extra folks concerned in cryptocurrency markets, which, because it stands, attract a small share of U.S. adults. A September 2021 Pew Research Center survey confirmed that though almost 9 in 10 People had heard of cryptocurrencies, simply 16% had “invested in, traded or used” one themselves.
“Males ages 18 to 29 are notably more likely to say they’ve used cryptocurrencies,” Pew discovered.
The latest downturn within the crypto market probably received’t assist shift these figures. Through the spring and early summer time, cryptocurrency firms misplaced round $2 trillion in worth amid market shifts, Bloomberg reported.
Within the absence of a serious rebound, it’s unclear what the way forward for crypto promoting will appear to be, the article famous.
“This yr’s severe slump in the crypto market will check these firms’ willingness and skill to proceed throwing cash at leagues, groups and athletes. However for now the offers maintain coming, main franchise house owners and executives to view crypto as sports activities’ subsequent nice benefactor,” Bloomberg stated.
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