Sam Bankman Fried a.k.a SBF-led crypto exchange firm FTX and NBA team Golden State Warrior announced a ‘first-of-its-kind cryptocurrency partnership in professional sports.’ As revealed in the press release, the 10 billion contract would enable FTX to be Warriors’ Official Cryptocurrency Platform and NFT Marketplace. Apart from that, the major basketball team will drop digital collectibles on FTX.us, starting from the first quarter of 2022. Besides, the collaboration will provide the trading platform with a visible brand presence.
Crypto entities have aggressively pushed for sports sponsorships in 2021, and the NBA is loving the attention. Speaking on the partnership Warriors President and Chief Operating Officer Brandon Schneider stated,
“Cryptocurrency has a well-established worldwide community and is going to continue to be a major part of the sports, media, and entertainment industries. In our conversations with FTX, we quickly realized our joint desire to innovate around cryptocurrency integration and adoption, including the role NFTs play in global fan engagement. FTX is a company that caught our eyes a couple of months ago. We think we’re at the beginning of the beginning. We’re all learning, and this space will evolve quite a bit.”
FTX jumping the bandwagon of Sports sponsorships
Previously, FTX had an umpire jersey deal with Major League Baseball. It also bag the naming rights of the Miami Heat arena in a deal worth nearly $135 million over 19 years in March, this year. Subsequently in October, Coinbase had inked a multi-year partnership with the National Basketball Association, that led its logo to be displayed in NBA arenas. Likewise, The Los Angeles Lakers renamed the Staples Center to Crypto.com Arena in a $700 million deal back on November 17.
The latest deal comes during the NBA’s 75th Anniversary season. The Warriors in particular have one of the best winning records this season with their prolific shooter Stephen a.k.a Steph Curry charting a new history in the first quarter Tuesday night against the New York Knicks. The Warrior star surpassed NBA legend Ray Allen’s record to become the new ”3-Point King” on the emotion-filled night at the Madison Square Garden.