Cryptocurrency startups have signed around 87 sports sponsorship deals in the past three years, while web3 companies are aiming for mainstream adoption and global exposure.
Research conducted by data provider CoinGecko crypto-sports-sponsorships?utm_campaign=Data%20Visualization&utm_source=x&utm_medium=social” target=”_blank”>Uncovered that most of the partnerships were established with European football clubs. According to the report, cryptocurrency companies and football teams have reached 33 sponsorship agreements since 2021.
Establishments such as Manchester United and Chelsea Football Club have provided global exposure to cryptocurrency sponsors. Events such as the UEFA Champions League and FIFA World Cup attract billions of viewers worldwide. The motorsports industry was another major area for cryptocurrency partnership deals. Before its collapse, cryptocurrency exchange platform FTX signed a multi-year contract with the Mercedes Formula 1 team.
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In 2022, Bybit and Red Bull Racing announced a $150 million deal. F1 also named crypto.com as its official digital asset partner in a separate $100 million deal. The two deals were finalized about a year apart.
Cryptocurrency companies seeking global recognition have also invested in the esports sector. FTX spent $210 million on Team SoloMid in 2021, while major players such as Coinbase have also committed to similar promotional deals.
Other sports sectors such as basketball, competitive combat, baseball, American football and cricket have also done business with cryptocurrency service providers looking to reach wider audiences.
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Notably, the report indicated that the majority of marketing collaborations occurred in 2024. The resurgence of cryptocurrency prices, increasing adoption of bitcoin (btc), and shifting political winds have encouraged more institutional players in the crypto sector to invest in expanding reach.
It remains difficult to measure the effectiveness of these campaigns and the impact that the promotion of digital assets in the sports sector has had on cryptocurrency results. However, recent trends suggest that Web3 companies could allocate more capital to marketing in the sports sector.
