The sports world and cryptocurrency have a very tight connection, and for good reason too. Sports are one of the most popular things in the world, and they like to keep themselves involved with the world’s latest trends. For example, Watford FC, a football team that plays in the English Premier League, is sponsored by Dogecoin, and you can see the iconic Shiba Inu dog on their arm sleeve. Sports and cryptos also have a link through NFTs, where players’ sports cards can be sold for millions and their moments can be visualized. NBA Top Shot is an NFT platform that allows you to buy and sell “moments” of NBA players, so essentially highlights. One of LeBron’s massive dunks could likely go for some good money there, and NBA players have embraced the platform and NFTs themselves. The NBA isn’t done here with cryptocurrencies, though, and like I said yesterday, the crypto world isn’t done achieving new things.
With the 75th NBA season about to commence, they decided to strike their first cryptocurrency sponsorship with the largest crypto company in the stock market: Coinbase. Coinbase will now leverage the NBA platforms like the NBA, WNBA, and NBA 2K, which can benefit them a lot. Coinbase wants to increase awareness about their platform and cryptocurrency in general, and they felt that partnering with the NBA would help with that. The NBA will provide exposure to the company throughout the regular season, starting with the Bucks-Nets and Lakers-Warriors games that are opening the season on Tuesday. The amount of money the NBA has received from sponsorships is at 1.4 billion dollars, and that amount is set to increase with this new deal, although the value is unknown. Some NBA teams have already made deals, namely the Portland Trail Blazers partnering with crypto company StormX for a jersey patch. Coinbase’s stock rose because of this news, and it shows how sports leagues across the world are starting to embrace cryptocurrency if they haven’t done so already. What do you think about the NBA deal?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.