Crypto Corner: The Sports Slice
Sports and crypto continue to see major transitions, and while some deals are nearing an end, other doors have also opened in the past week. Bear markets will shake out unstable or unsustainable players, and push efficient and effective players to the brink.
The CeFi platforms have fallen, and with that comes the question of sports agreements, but that has not stopped the interest from young athletes in building products, and it has not stopped the stock exchanges from finding new agreements as well.
Let’s look through all the sports and cryptocurrencies from the last week.
The sports disc
NIL’s latest: UVA Linebackers new NFT investment
Builders are valued in crypto regardless of specialty. UVA Defensive Jack Camper has teamed up with three longtime friends and fellow student athletes to launch ‘College Cards NFTs’, a new platform aimed at providing name, image and similarity (NIL) resources to student athletes across the United States. local outlet Richmond.com:
“We don’t really see anyone doing what we do. The athlete owns, sells and receives 87% of the sales. We gave them the opportunity to create their own NFTs so that it creates a unique experience for the person who actually buys it. It’s more player driven. It’s more of a sales relationship, so it’s more personal. “
In the event of Voyager’s bankruptcy, sports sponsorships come into play
Voyager has one of the NWSL’s largest sponsorship deals in the league’s history, and has filed for bankruptcy in the last week as yet another of the crumbling institutional dominoes in crypto. The agreement calls into question the future of the centralized stock exchange and the emerging and high-flying women’s football league.
NWSL is not the only one dealing with question marks over conditions, as Mark Cuban’s Dallas Mavericks also have an established partnership with Voyager, which will also be up for speculation. A hit from the New York Post already describes the fans as “raging” against Cuban for having made the deal. Finally, Voyager also has individual partnership agreements, including NFL’s Rob Gronkowski and NASCAR driver Landon Cassill.
There are few case studies to reflect on here, but interestingly enough, Washington Nationals still show Terra Luna brand elements behind the home record despite the ugly mass crash of the LUNA token (after the UST depeg drama) earlier this year.
OKX signs up with Manchester City to sponsor training kits
While some sponsorships have been called into question, it seems that others have sprouted new life (see: Cristiano Ronaldo and Binance recently) or strengthened existing relationships. An example this past week was the stock exchange OKX, which signed with the powerful football club Manchester City earlier this year. Børsen has expanded its collaboration with the club to now include rights to be the club’s official training partner for the 2022-23 season.
While details about the details of the partnership expansion have not been made public, a Forbes report quoted a source as saying that “the expanded deal will give the reigning Premier League champions more than $ 20 million this season.”
Despite the strengthening of this agreement, it comes at a time when a hot market in crypto-sponsorship has turned to a lukewarm temperature; Sports industry veteran Joe Favorito told Forbes that “the market has definitely slowed down … You have not seen a note come from a referee’s uniform or the name removed from an arena. the final. »
Related reading | DeFi protocols with a higher risk of exploitation during the bear market, here is why
Manchester City, one of the premier football clubs across the globe, released a fan token courtesy of a partnership with Socios, and has signed on OKX as an official cryptocurrency partner. | Source: CITY-USD on TradingView.com
How NFTs can drive the next wave of sports memorabilia
A new report from Market Decipher expects that the market for sports memorabilia will reach almost $ 230 billion by 2032, a strongly estimated growth rate over the next ten years. The company estimates the current size of the market at around $ 26 billion from 2021s, with NFTs currently estimated at $ 1.4 billion and is forecast to reach $ 92 billion by 2032. This forecast estimates that NFTs will amount to about 40% of all collectibles in 10 years.
Sports collectibles are without a doubt the root of crypto engagement in sports with the growth of the NBA Top Shot often cited as a reflection of broader sports engagement in the NFT landscape.
Related reading | NFTs in a nutshell: A weekly review
Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
