Crypto Corner: The Sports Slice
It’s 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, while Crypto.com Arena in Los Angeles is slated for some renovations, and Australia is mulling over crypto betting regulations.
We look to get your week started on a good foot – with our weekly review, The Sports Slice.
The Sports Slice
Cowboys Quarterback Dak Prescott Signs Sports Sponsorship Deal With Blockchain.com
A market that was exhibiting immense heat over the past year? Crypto deals with sports talent. That has simmered to a sub-boil in recent months, as exorbitant spending sprees have cooled off in the recent market; that saw a nice buck in the trend recently as the NFL’s Dallas Cowboys quarterback Dak Prescott signed on 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 with a team deal with the Cowboys as the team’s “exclusive digital asset partner” – making this past week’s move with Prescott a seeming 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 to sprout up across a few other U.S. sports leagues, including Coinbase and the NBA as well as FTX and the MLB, respectively. Other major exchanges such as FTX and Binance have been active too, both in and out of the U.S. market.
Australia Ponders Sports Betting Crypto Payments
A sports betting regulator in Australia, the Northern Territory Racing Commission, has opened the door to considering cryptocurrency payments, placing requests for public consultation on the matter. Our team at Bitcoinist published a recent article regarding the country’s framework approach towards crypto at large. The commission will close submissions in approximately one 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 bettors throughout 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 the downtown Los Angeles arena formerly known as Staples Center. As we approach the final quarter of 2022, the building that is host to the NBA’s Clippers and Lakers, WNBA’s Sparks and NHL’s Kings, among in-and-out headlining talent as well. Now there’s a new announcement of a nine-figure spend for arena improvements, which will include a wide scope and a three year timeline.
Crypto.com has had relatively low drama across the midst of market chaos, and while the sports sponsorship has cooled for the company, the arena renovations could serve as an vehicle for the crypto exchange’s team to hone in on potential brand engagement opportunities. The exchange has a variety of sports partners, including 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
FTX Crypto Cup Comes To A Close
17-year-old chess phenom Rameshbabu Praggnanandhaa beat World Chess Champion Magnus Carlsen over the past week at the latest FTX Crypto Cup, in a quick-moving format of chess that is the ‘rapid chess’ or ‘fast chess’ format that brings 15-minute-per-game caps and 10-second per play caps. Carlsen is one of the most well-known names in the game, claiming his titles as three-time World Rapid Chess Champion and five-time World Blitz Chess Champion. It’s Praggnanandhaa’s third victory over Carlsen in the past six months, as the two have battled 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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