For those who’re an avid sports activities fan, you’ve in all probability observed a brand new kind of commercial popping up on courtside screens and athletes’ social media accounts in latest months. A latest Bloomberg evaluation exhibits that cryptocurrency corporations are flooding the sports activities world with sponsorship funds.
“Cryptocurrency corporations have dedicated greater than $2.4 billion to sports activities advertising previously 18 months,” Bloomberg reported.
The article famous that all kinds of leagues, groups and particular person gamers have benefitted from the sponsorship bonanza. The Dallas Cowboys, Golden State Warriors and New York Yankees all have cryptocurrency offers, as do Kevin Durant and Cristiano Ronaldo. Crypto.com was a number one sponsor of this 12 months’s System One Grand Prix in Miami.
“Even the Drone Racing League is getting crypto cash,” Bloomberg reported.
These sponsorships and ads search to get extra folks concerned in cryptocurrency markets, which, because it stands, attract a small share of U.S. adults. A September 2021 Pew Research Center survey confirmed that though practically 9 in 10 People had heard of cryptocurrencies, simply 16% had “invested in, traded or used” one themselves.
“Males ages 18 to 29 are significantly more likely to say they’ve used cryptocurrencies,” Pew discovered.
The latest downturn within the crypto market seemingly received’t assist shift these figures. In the course of the spring and early summer season, cryptocurrency corporations misplaced round $2 trillion in worth amid market shifts, Bloomberg reported.
Within the absence of a significant rebound, it’s unclear what the way forward for crypto promoting will appear to be, the article famous.
“This 12 months’s severe slump in the crypto market will check these corporations’ willingness and talent to proceed throwing cash at leagues, groups and athletes. However for now the offers hold coming, main franchise homeowners and executives to view crypto as sports activities’ subsequent nice benefactor,” Bloomberg mentioned.
