Cryptocurrency has entered the world of basketball mainly through National Basketball Association by making deals directly with the NBA and with the teams in the NBA. Let’s have a look at the top deals that happened in NBA and various Crypto companies:
The sponsorship deal with Coinbase
Last year, NBA signed a multi-year deal with the American crypto exchange Coinbase. The business also marked its presence in the WNBA Commissioner’s Cup, NBA G League Ignite, and the USA Basketball men’s and women’s national team exhibition tours.
Coinbase is a software platform that allows cryptocurrency transactions, and the company makes money from fees. Coinbase is traded on the Nasdaq under the ticker symbol “COIN” with a $64 billion market cap.
The deal with Coinbase comes one day after NBA commissioner Adam Silver confirmed the league is projecting $10 billion in revenue for the 2021-22 season. That estimation is helped by fans returning to NBA arenas, which account for 40% of league revenue.
Crypto.com and the Philadelphia 76ers
The Philadelphia 76ers entered a deal with Crypto.com last year. According to a statement, the pact will include plans for launching a non-fungible token (NFT) series by the 76ers, while Crypto.com becomes the National Basketball Association team’s official jersey patch partner. The crypto platform will also present a school to educate fans on cryptocurrency.
This is Crypto.com’s first partnership in the NBA after the platform has sealed deals with Formula 1, Paris Saint-Germain and the National Hockey League’s Montreal Canadiens. Its partnerships with sports brands total over $400 million.
Lebron James and Crypto.com
LeBron James is the latest celebrity to team up with cryptocurrency exchange Crypto.com, which already includes actor Matt Damon and naming rights for a Los Angeles sports arena.
At the end of January, Crypto.com and James’s nonprofit, the LeBron James Family Foundation (LJF), announced a multi-year partnership to support Web3-related “educational and workforce development opportunities” that help students and families build a “strong foundation in Web3 and…blockchain-based decentralized applications.”
Web3—or Web 3.0—refers to what some envision as a fairer and more equitable internet. Supporters pitch it as decentralized, thereby giving users more control.
Kevin Durant and Coinbase
Kevin Durant and his company Thirty-Five Ventures have signed a multi-year deal with Coinbase Global Inc. to promote the cryptocurrency platform across his businesses.
As part of the arrangement, Durant will appear in advertising as the face of the brand. Coinbase will also link up with his sports site, Boardroom, for digital ads and sponsored content about crypto and put money into Durant’s foundation to support his youth programs.