Home Cryptocurrency NBA sponsorships hit record high of $1.6B on the back of crypto, tech deals |

NBA sponsorships hit record high of $1.6B on the back of crypto, tech deals |

by Gordon James

The NBA is the most valuable sports league in North America and its teams are some of the most successful. This year, several top-tier sponsorships have been signed on to support this record-setting season which has grown from $1.2 billion last year because of cryptocurrency’s rising popularity as well as new tech investments.

The “crypto.com sponsorship” is a crypto-centric company that has sponsored many NBA teams in recent years. The company’s revenue hit a record high of $1.6B on the back of crypto, tech deals.

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According to CNBC, cryptocurrency transactions resulted in record sponsorship income for the NBA, which reached $1.6 billion in the 2021-22 season, according to analysis by IEG, a sports Partnerships consulting organization.

During the 2018-19 season and the 2020-21 season, the NBA received $1.2 billion and $1.4 billion in sponsorships, respectively.

However, the crypto category took home the most sponsorships this season. After technology, it’s the second most profitable area. According to IEG statistics, the technology area provided little over $170 million, while the crypto category contributed around $150 million.

NBA sponsorships hit record high of $1.6B on the back of crypto, tech deals |The following are the top ten industries that will be sponsoring the NBA in the 2021/22 season. IEG is the source of this information.

Peter Laatz, the worldwide managing director of IEG, is quoted as saying:

“The Bitcoin category’s sponsorship mailing frenzy is unprecedented,” says one observer.

Non-arena naming rights or the display of crypto firm logos and names on players’ jerseys are examples of crypto sponsorships.

According to reports, the NBA is anticipating more than $200 million in revenue from player shirt sales alone.

Partnerships

Coinbase was the first cryptocurrency corporation to sign on as an NBA sponsor in October 2021. Coinbase used all NBA channels, including the WNBA and USA Basketball, to promote the $192 million sponsorship.

Sponsorships on a team basis were also on the increase. Crypto.com purchased the naming rights to the Los Angeles Lakers’ Staples Center for $700 million in November 2021, renaming it the “Crypto.com Arena.”

The Brooklyn Nets also established a multi-year uniform relationship with Webull, a trading site, for which they will get $30 million each year. The deal’s specifics were kept under wraps.

The Golden State Warriors sold their worldwide rights to FTX for $10 million in December 2021. The FTX emblem will feature on the team’s uniforms as well. Warriors, on the other hand, extended its contract with Rakuten, a Japanese e-commerce business, in early May 2022. According to reports, the Warriors will get $40 million each year from the arrangement.

Deals with individuals

Players may also make arrangements with cryptocurrency firms on an individual basis. Kevin Durant promised to promote Coinbase across all of his main business platforms in December 2021, while LeBron James teamed up with Crypto.com in January 2022 to teach elementary school kids about blockchain.

Meanwhile, Michael Jordan partnered up with Solana to develop a new community platform in December 2021. In addition, Spencer Dinwiddie and Bitrefill recently teamed together to create a Bitcoin shoe.

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The “nba coinbase partnership” is a record high for the NBA. The league has seen its sponsorship revenue increase by more than $1 billion over the past year, thanks to partnerships with big tech companies and cryptocurrency firms.

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