A few weeks ago, Hong Kong-based crypto exchange Crypto.com announced it had acquired the naming rights of the historic Staples Center in Los Angeles, California, a multi-purpose venue and home of the L.A. Lakers.
It was far from the first crypto-related company to do this type of partnership. FTX, another exchange, set a five-year partnership as a sponsor for the Major League Baseball (MBL) earlier this year. And most recently, Mexican crypto-exchange Bitso became the official sponsor of the Club Tigres soccer team.
Why are crypto companies so eager to get into sports? Simple: sports fans are twice as likely as other industry fans to be familiar with crypto. Whether it is to play sports fantasy leagues, buy digital memorabilia, including NFTs, or even participate in sports-related video games, cryptocurrencies are becoming the easiest way to make fans of all ages actively participate in the digital era.
It will not be long before we see live sports events featuring crypto payments, sweepstakes, or fan-engaging activities. Whether it is with content for a fluid fandom, a renewed live-stream strategy for digitally savvy fans, or engaging with them through their multiple screens, sports teams of any discipline should keep this in mind and go to where their fans are –in this case, the crypto universe.