Dallas Cowboys quarterback Dak Prescott has signed a multi-year endorsement deal with cryptocurrency firm Blockchain.com, as the crypto industry ramps up its presence in sports to lure more users.
As part of the deal, the two-time Pro Bowler will appear in commercials on television, radio and social media and will appear at events. Financial terms were not disclosed.
Crypto firms have signed a number of celebrities and athletes over the past year to endorse their brands, with high-profile spots including big names such as Tom Brady, Matt Damon and LeBron James, but the industry has drastically cut spending on US TV advertising since a crash in the crypto market earlier this year wiped out trillions of dollars in value. Nevertheless, the deals keep coming.
Blockchain.com has an existing partnership with the Cowboys, the first of its kind in football, as the NFL loosened restrictions on franchises doing business with crypto companies. The league has traditionally been slow to allow new types of sponsors, but has opened up to sports gambling and the liquor industry in recent years.
Blockchain.com CEO Peter Smith said that professional football, as the biggest sport in the United States, is going to be crucial for the crypto industry as platforms battle for users. That’s why Blockchain.com signed with the Cowboys, the league’s most valuable franchise.
“What’s interesting to me about the NFL is that crypto hasn’t been a part of it at all yet,” Smith said. – It is something we want to be first in.
They are trusted by millions of people around the world, trusted by Team USA and trusted by me. I’m excited to help build the future of finance and make crypto less complicated! 🌎 pic.twitter.com/HjvKOON7ZK
— Dak Prescott (@dak) 23 August 2022
Blockchain.com has had its own problems after the market collapse. In July, around 25% of employees, or around 150 people, were laid off, reflecting cuts across many of the industry’s major players. The company was valued at $14 billion in a funding round in March. Smith said the company spends a “very small amount” on marketing relative to its budget.
Prescott, now entering his seventh season as a pro since the Cowboys drafted him in 2016, has had numerous endorsement deals with brands such as AB InBev’s Anheuser-Busch, Nike’s Jordan, Campbell Soup and Apple’s Beats by Dre. He has also made some investments in companies including Walk-On’s sports bars and the fitness service OxeFit.
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