FTX continues its marketing policy in the universe of the National Basketball Association, the most important basketball league on a global level and one of the best known ever in the sports field. The exchange has in fact signed a sponsorship deal with the Golden State Warriors, one of the most well-known NBA franchises, which will allow the exchange platform to become the official exchange of the Californian club and to manage its market of non-fungible tokens (NFT) for the sale of digital assets. All in exchange for a annual amount of 10 million dollars. As part of the agreement, FTX and Warriors have also paid one Bitcoin each for free to three non-profit organizations, committed to the fight against inequalities.
This is not new to FTX
For FTX this is not new. The company has in fact already previously signed a agreement with Miami Heath to secure naming rights to the arena in which the Florida team plays its home games. The contract is valid in this case for the next 19 years and will bring well into the club’s coffers 155 million dollars.
The commercial strategy of FTX is not limited to the NBA alone, if you think how the platform has entered into a also agreement with Major League Baseball (MLB), thanks to which it is now the official exchange of the league.
A highly competitive sector
However, sport is not a sector without competition for FTX. In particular, the crypto platform founded in 2018 by Sam Bankman-Fried, a MIT (Massachusetts Institute of Technology) physicist with an obsession with cryptography, finds himself having to respond blow for blow to Crypto.com, another structure that is deploying an extremely aggressive commercial strategy in the sports sector. Which has recently caused a great stir for the agreement signed with AEG for the naming rights on the Staples Center, the sports hall where all the most important Los Angeles realities play, including Lakers e Clippers, two other NBA franchises well known globally. To carve out this right, Crypto.com paid the counterpart well $ 700 million for the next 20 years.
Isn’t that all gold that shines?
If the agreements of FTX and Crypto.com seem safe from any surprise, the same thing cannot be said for other recent sponsorships, always in the sports field. The reference is to what happened to Barcelona e Manchester City, two of the football clubs that had decided to exploit the trend.
The Catalan club has in fact decided to terminate the contract signed just two weeks ago with Ownix relating to non-fungible tokens dedicated to its fans. The casus belli is to be found in the consultancy contract that binds the startup to Moshe Hogeg, the co-founder of Sirin Labs recently arrested in Israel for crypto fraud. That was enough for Barcelona to turn back his steps, despite Ownix’s protests.
The Citizens, in turn, have suspended their partnership with cryptocurrency company 3Key Technologies, also in this case due to the lack of transparency of the counterparty. The lack of clarity on many aspects of corporate life has prompted the England champions to make a decision that sounds drastic indeed. A decision that sounds like a clear signal to anyone who intends to enter the world of sport, at least on the upper floors.
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