Billions Are Spent Marketing Crypto To Sports Fans — Is It Worth It?
Since the 2021 bull run, cryptocurrency displays have been placed on every available sports surface, from stadium name displays and team kits to Formula 1 racing cars. But in the current bear market conditions, it’s hard to calculate the all-encompassing performance of the crazy big screen of 2021. Australia, where I live, saw a dramatic rise in 2021-2022 for crypto businesses spending heavily on AFL advertising and sponsorship. While it might make sense for a local cryptocurrency exchange, why would a global project spend tons of dollars on a sport that isn't even the main football code in every state, since some of the larger states prefer national rugby? League? Take, for example, the Staples Center in downtown Los Angeles, home to the Lakers and Clippers of the National Basketball Association, the Kings of the National Hockey League, and the Sparks of the National Women's Basketball Association. On Christmas 2021, it was rebranded as Crypto.com Arena for a $700 million d...