Crypto Corner: The Sports Slice
It has been a long stretch without a major talent signing in the crypto sponsorship space. We’ve finally seen some movement in that territory this past week, with the Crypto.com Arena in Los Angeles slated for some renovations and Australia mulling crypto gaming regulations.
We want to get the week off to a good start – with our weekly review, The sports disc.
The sports disc
Cowboys Quarterback Dak Prescott signs sports sponsorship deal with Blockchain.com
A market that has shown tremendous heat in the past year? Crypto is about sports talent. It has boiled down in recent months, as spending sprees have cooled in the recent market; which saw a fair share in the trend recently when the NFL’s Dallas Cowboys quarterback Dak Prescott signed with Blockchain.com, according to Bloomberg News. Prescott joins the likes of 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” — making last week’s move of Prescott seemingly a good fit.
The NFL has shown a warmer reception to team deals this year, while maintaining an open position on a league-wide crypto partner and engaging with NFTs via NFL All Day, the licensed NFT marketplace for the league created by NFL partner Dapper Labs. League-wide deals have started cropping up across 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 considers sports betting crypto payments
A sports betting regulator in Australia, the Northern Territory Racing Commission, has opened the door to considering cryptocurrency payments, and has put in requests for public consultation on the matter. Our team at Bitcoinist published a recent article about the country’s framework approach to crypto in general. The commission will close filings in about a month, and expectations are high that the governing body will establish at least some sort of framework around how crypto payments are allowed to be used by players across the country.
New Crypto.com Arena renovations
We’re approaching the one-year mark later this year when Crypto.com signed on to take over downtown Los Angeles, formerly known as the Staples Center. As we approach the final quarter of 2022, the building that hosts the NBA’s Clippers and Lakers, the WNBA’s Sparks and the NHL’s Kings is also among in-and-out headline talent. Now there’s a new announcement of a nine-figure sum for arena improvements, which will include a wide range and a three-year timeline.
Crypto.com has been relatively low-drama amid the market chaos, and while sports sponsorships have cooled for the company, the arena renovations could serve as a vehicle for the crypto exchange’s team to hone in on potential brand engagement opportunities. The exchange has a number of sports partners, including the FIFA World Cup and the NBA’s Philadelphia 76ers.
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 beat world chess champion Magnus Carlsen last week in the latest FTX Crypto Cup, in a rapid chess format that is “rapid chess” or “rapid chess” format that provides 15-minute-per-game caps and 10-second per play caps. Carlsen is one of the most famous names in the game, and claims his titles as three-time world champion in rapid chess and five-time world champion in blitz chess. It is Praggnanandhaa’s third victory over Carlsen in the last six months, as the two have battled in the last cup matches. Carlsen continues to be the dominant name, but Praggnanandhaa is showing his ability to be a real threat in the coming years.
Featured image from Pexels, Charts from TradingView.com
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