Crypto Corner: The Sports Slice
It’s been a long time without a major talent signing in the crypto sponsorship space. We finally saw movement in this territory last week, as the Crypto.com Arena in Los Angeles is slated for renovations, and Australia mulls over crypto betting regulations.
We’re looking to get your week off to a good start – with our weekly review, The sports slice.
The sports slice
Cowboys Quarterback Dak Prescott Signs Sports Sponsorship Deal With Blockchain.com
A market that has been showing immense heat over the past year? Crypto deals with sports talents. This has simmered to a sub-boil over the past few months as exorbitant spending has cooled in the recent market; which saw a good dollar in the trend recently as NFL Dallas Cowboys quarterback Dak Prescott signed with Blockchain.com, according to Bloomberg News. Prescott joins Tom Brady and Trevor Lawrence among NFL QBs with crypto deals in place. In April, Blockchain.com signed a team deal with the Cowboys as the team’s “exclusive digital asset partner” – which makes last week’s move with Prescott seem like a fit.
The NFL has welcomed team deals more warmly this year, while maintaining an open stance on a league-wide crypto partner and engaging with NFTs through NFL All Day, the licensed NFT marketplace for the league created by NFL partner Dapper Labs. League-wide deals have started to sprout in a few other US sports leagues, including Coinbase and the NBA, as well as FTX and MLB, respectively. Other major exchanges such as FTX and Binance have also been active, both inside and outside the US market.
Australia Questions Sports Betting Crypto Payments
A sports betting regulator in Australia, the Northern Territory Racing Commission, has opened the door to reviewing cryptocurrency payments, launching requests for public comment on the matter. Our team at Bitcoinist published a recent article regarding the country’s framework approach to crypto in general. The commission will close submissions in about a month, and the governing body is expected to establish at least some sort of framework for how crypto payments are allowed to be used by punters nationwide.
New Crypto.com Arena Renovations
We are approaching the milestone of a year later this year when Crypto.com has signed on to take over the downtown Los Angeles arena, formerly known as Staples Center. Heading into the final quarter of 2022, the building that hosts the NBA’s Clippers and Lakers, WNBA’s Sparks and NHL’s Kings, is among the in-and-out headliners as well. Now there’s a new announcement of a nine-figure Arena upgrade spend, which will include a wide scope and three-year schedule.
Crypto.com has seen relatively low drama amid market chaos, and while sports sponsorship has cooled for the company, arena renovations could serve as a vehicle for the crypto exchange’s team to focus on potential brand engagement opportunities. The exchange has a variety of sporting partners, including the FIFA World Cup and the Philadelphia 76ers of the NBA.
Crypto.com (CRO) has been taking an aggressive stance around sports sponsorships in recent years, but 2022's timid market in recent months have led to less sponsorship movement. Assuming short-term steadiness in the market, Crypto.com could likely focus on enhancing and maximizing value in current sponsorship deals, with renovations on the way to Los Angeles based Crypto.com Arena. | Source: CRO-USD on TradingView.com
The FTX Crypto Cup is coming to an end
17-year-old chess phenom Rameshbabu Praggnanandhaa defeated world chess champion Magnus Carlsen last week in the latest FTX Crypto Cup in a rapid chess format which is the “rapid chess” format or “speed chess” that pays 15 – minute per game caps and 10 second per game caps. Carlsen is one of the best-known names in the game, claiming his titles of three-time rapid chess world champion and five-time blitz chess world champion. It’s Praggnanandhaa’s third win over Carlsen in the last six months, as the two have faced each other in recent Cup matches. Carlsen continues to be the dominant name, but Praggnanandhaa is showing his ability to be a real threat for years to come.
Featured image from Pexels, Charts from TradingView.com
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