Sports partnerships are more than just a deal for major crypto companies – TechCrunch

In 2021, he felt like every week, a crypto company has partnered with a sports team or athlete. Fast forward to today’s stagnant crypto market: these partnerships still exist, but are less talked about.

I wondered if these alliances paid off in any meaningful way, so I asked a few people from big crypto and blockchain companies like FTX, Ava Labs, and Algorand to talk about it.

“Sports audiences tend to overlap with crypto,” Avi Dabir, vice president of business development at FTX, told TechCrunch. “You can reach a mass market by partnering with trusted teams, brands and athletes and your sports viewer tends to be in finance and crypto etc.”

“A lot of people didn’t know about crypto and crypto brands. Sport has helped to amplify and develop this. Avi Dabir, Vice President of Business Development at FTX

FTX was one of the first crypto companies to really get into sports partnerships. He started talking about collaborations with sports entities in January 2021 because he wanted to boost his brand value and awareness, Dabir said.

Last year, FTX signed a 19-year, $135 million deal with the Miami Heat to rename its home ground to FTX Arena. The company is also the official sponsor of the Major League Baseball crypto exchange and has partnered with individual athletes like Tom Brady and Steph Curry.

“I really believe [the partnerships] paid,” Dabir said. “The things we look at – some are measurable and some are not.” The obvious metric is the number of people who have signed up or downloaded the FTX app, but there are other aspects that are harder to quantify, he added.