The NFL is approaching crypto sports deals with caution, but the abundance of potential revenue keeps the league engaged. Meanwhile, a famous soccer club across the pond is looking to build the first ‘metaverse stadium’. And a popular NBA player is shutting down his NFT project, leaving many with a bad taste in their mouths.
It’s all in for a week of action when it comes to sports and crypto. Let’s review the last seven days of activity.
the sports slice
De’Aaron Fox leaves the NFT project
De’Aaron Fox is arguably the Sacramento Kings’ most talented, if humble, player and has been a long-time fan favorite for the Bay Area-adjacent club. Fox was one of the first NBA players to launch his own NFT projects, titled SwipaTheFox, and despite roughly $1.5 million in NFT sales, it all came to a screeching halt last week.
It’s yet another NFT project to join a long list of celebrity-sponsored or -initiated mints that provided a detailed roadmap, but failed to deliver. Below is a screenshot of the project’s Discord showing Fox’s announcement to discontinue the project:
FTX launches gaming unit and expands marketing push beyond sports
TO new report from Front Office Sports has revealed that crypto exchange FTX is launching a dedicated gaming unit focused on the blockchain network and NFT integration. The full scope of the unit has yet to be revealed, however the move is certainly on par with the FTX positioning. The exchange has partnered with esports powerhouse TSM in a first naming rights deal and has spent substantial funds on GameFi and related areas.
Meanwhile, the swap also brought in a new head of global luxury partnerships, as FTX looks to build off of its current sports sponsorship-heavy strategy. Lauren Remington Platt will fill the role and she has a résumé tailored to fashion and business development that will be hard to beat. Platt previously created her own beauty service and established blue-chip partners like Saks Fifth Avenue and Vogue.
Nielsen Report: Blockchain Sports Sponsorship To Reach $5 Billion By 2026
a new world sports sponsorship report A Nielsen report released this week reveals that the data and analytics firm is projecting massive spending by crypto competitors to continue to flood the sports sponsorship space. Nielsen forecasts that blockchain gamer sports sponsorship deals will swell to $5 billion by 2026, a nearly 8-fold increase over last year’s spending. The report cites ‘legitimacy’ and ‘fan engagement’ as the two key factors contributing to the success of the future deal in the sport.
We’ll have a deep dive into the Nielsen report in the next few days.
MLS: DC United Finds New Blockchain Partner
MLS club DC United has found a new blockchain technology partner this week on XDC Network, who have signed a three-year deal and will find brand assets on United’s home and away shirts and training shirts.
XDC Foundation Executive Director Billy Sebell said in a statement:
“This partnership is about bringing the value of blockchain to the DC United fan base to elevate their experience, drive deeper engagement and connect the growing crypto ecosystem to the club.”
Related Reading | NFT in a Nutshell: A Weekly Review
XDC Network is the latest blockchain technology firm to find a partner in the MLS. | Source: XDC-USD on TradingView.com
The latest NFL perspective on crypto sponsorship deals
Last weeks sports slice highlighted the latest lobbying efforts by the NFL with the SEC and other US federal agencies this week, a new report of the Sports Business Journal states that the NFL is still proceeding carefully; Despite the massive success in executing Super Bowl trades by cryptocurrency companies like Coinbase, the league is not yet ready to go all out.
League representatives told SBJ that they are “hopeful” that a league-wide crypto policy could go into effect in the next 30 days, admitting that realistically “it may or may not happen.” The league’s current hesitation stems from the lack of a current regulatory framework, with SBJ reporting that the league “has more confidence in blockchain-based products that don’t require cryptocurrencies to function,” citing the deal with Ticketmaster. to produce NFTs. Currently, the league is certainly more prone to revenue-generating opportunities that do not require the league to take the level of risk that the current practical crypto engagement is exposing.
The first stage of the Metaverse?
Manchester City has been one of the most aggressive teams in the Premier Club, and now the club is working with Sony’s virtual reality team to build a “virtual duplicate of the Etihad Stadium” that will serve as the team’s virtual headquarters. The club already has an established fan token with Chiliz and despite sometimes rocky relationships with potential blockchain partners, it is optimistic to see Man City continue to look for new avenues to engage with fans.
Related Reading | Ukraine solicited donations via Bitcoin, Ether, and Tether
Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.