The data shows that crypto companies have spent more than $3 billion on sports advertising worldwide this year to raise awareness of the lucrative millennial and generation Z audience. Bloomberg publishes a report claiming that crypto companies have invested more than 2.4 billion dollars in sports marketing over the past 18 months. A recent Bloomberg analysis shows that crypto companies are flooding the sports world with sponsorship funds. A new study by financial information site Safe Trade Binary Options reveals how crypto companies are beginning to emulate the success of household names like Coco-Cola by turning to sports ads to target a new generation of shoppers. According to a study by Safe Trade Binary Options, cryptocurrency companies are looking to the industry to attract a new generation of investors. In Australia, the number of crypto companies investing heavily in Australian Football League advertising and sponsorship deals in 2021-2022 has increased dramatically.
The study also found that NFL ad spending increased 14% last season to over $6.8 billion and provided a wealth of information on past trends in ad spending across categories that could continue into the 2022 season. Insurance companies were the top advertisers during the 2021 season, advertising spending was down 3% year-over-year, but the ten companies invested nearly $497 million. Over the past year, FTX has signed sponsorship agreements to become the official cryptocurrency exchange for Major League Baseball. In just two years, the leading cryptocurrency exchange, FTX, has gone from zero to 100 in partnership with sports marketing.
The recent downturn in the cryptocurrency market will most likely not help change these numbers. In the absence of a strong bounce, it is unclear what the future of crypto advertising will look like, according to a recent Bloomberg analysis. Jeff Renaud, CMO and co-founder of crypto marketing agency Invisible North, believes big sports sponsors are pretty useless: too much to spend with little return. However, not all sports sponsorship deals are of dubious value. Marketers in the industry say that spending on cryptocurrency marketing can be justified depending on the product’s segmentation in the cryptocurrency market and the brand’s authenticity.
Looking ahead, FTX President Harrison says that FTX will focus on partnering with sports partners; it will be just as essential to get the brand in front of your eyes, but its technology is built into these organisations, whether it be NFT tickets or building payment infrastructure for stadiums to users can pay for this New Jersey with cryptocurrencies. So far, FTX’s sports strategy has done just that: introducing the company and the crypto industry to a broader range of people and writing an essential chapter in the crypto marketing textbook.
