Crypto winter freezes sports sponsorships for digital asset firms
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The crypto market downturn has made it difficult for crypto firms to pull the trigger on any new sponsorship deals with the sports teams they spent hundreds of millions on at the beginning of the year.
The longer the crypto market stays in bearish territory, the more marketing deals with American sports teams are being taken off the table as crypto firms tighten their belts.
Crypto exchange FTX has been rethinking its marketing plan to plaster its name and logo across Los Angeles Angels jerseys, according to a June 20 report from the NY Post. The dramatic market downturn is likely to blame for the retractions.
Another patch deal between an undisclosed crypto firm and the Washington Wizards was axed just as the crypto market began its violent tumble in recent weeks.
The crypto firm in question could have been FTX.US as the exchange’s NFT platform and the Washington DC-based Wizards have an ongoing partnership. The NY Post said that the deal with the Wizards was desirable for crypto firms looking to curry favor with the DC political base.
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