FOS 22 6.22 FTX Crypto Sports Major Crypto Companies Abruptly Stop Sports Deals in Face of Falling Prices

Major Crypto Companies Abruptly Stop Sports Deals in Face of Falling Prices

– Cryptocurrencies have crashed in value since late last year, and the fallout is impacting sports sponsorships.
– Two high-profile deals between teams and crypto exchanges have reportedly fallen apart due to the value drop.
– In the past few weeks, FTX suspended talks with the Los Angeles Angels on a jersey patch deal.
– A patch deal between a crypto company and the Washington Wizards was also scuttled.
– The prices of bitcoin and ethereum, the two most valuable cryptocurrencies, have respectively dropped by 69.1% and 76.7% since their November peaks.
– The pullback comes after a period when crypto companies poured billions into sports sponsorships.
– Crypto.com would reportedly have to pay $385 million to pull out of the naming rights deal.
– In the 2021-22 NBA season, crypto companies jumped to the second-biggest spenders with $100 million to $150 million in sponsorship deals after placing 43rd the previous season.

 

 

FOS 22 6.22 FTX Crypto Sports Major Crypto Companies Abruptly Stop Sports Deals in Face of Falling Prices
Major Crypto Companies Abruptly Stop Sports Deals in Face of Falling Prices 3

Leave a Reply