Cryptocurrency sponsorship spending for the Nationwide Basketball Affiliation (NBA) has seen a major spike over the earlier season.
Based on information from IEG consultancy and its Sponsorship Intelligence Database, the NBA has seen a rise in crypto firm sponsorship from $1.75 million within the 2020-21 season to $130 million this season.
Within the 2018-19 season, the NBA raked in $1.2 billion in sponsorship cash.
Firms like Coinbase World Inc COIN, FTX, Crypto.com, Webull, and fan token platform Socios collectively account for 92% of crypto sponsorships within the NBA.
Sponsorship agreements can embody offers for arena-naming rights and for corporations to place their names or logos on gamers’ jerseys.
The NBA has managed to get $1.64 billion in sponsorship cash this season, second in U.S. sports activities to the NFL’s $1.81 billion for its newest season.
The rising income from advertisements on uniforms and different sponsorship offers may assist the NBA attain its projected $10 billion in complete income this season.
IEG World Managing Director Peter Laatz has stated that the surge within the NBA’s crypto sponsorship income is “like nothing we have now ever seen earlier than,” noting that it now represents one-third of the league’s new offers.
Coinbase has a sponsorship cope with the NBA, the WNBA, the developmental G League, the NBA 2K League esports initiative, and USA Basketball.
Equally, FTX has sponsorships for the Miami Warmth’s area, the Washington Wizards, and the Golden State Warriors. It has additionally partnered with Warriors star Stephen Curry