Crypto News

Crypto Market Crash Pauses Commercial Deals With Sports Firms

The current downtrend of the crypto market has negatively affected financial institutions, particularly those dealing with digital currencies. Currently, some firms are beginning to feel the heat from a different angle. This involves sponsorship deals between these digital currency companies and sports teams. This is particular to the crypto firms that have already spent hundreds of millions on the matter. The Crypto Winter Takes Hold As of 2021, the news reported that many digital currency firms invested billions of dollars in sponsoring sports. These companies had believed that the same would occur in 2022, only to wake up to the dawning of the downturn in the crypto market. Suggested Reading | Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts As the crypto winter takes hold, there have been records of losses for certain digital currency firms. This led them to make some hard decisions, such as trimming costs and staff headcounts. Moreover, companies that ventured into heavy sports deals are seeking ways to sustain their operations. As such, there is a need to cut down costs. According to the reports, the digital currency exchange, FTX, drew back on the issue of offering a jersey patch for the Los Angeles Angel of MLB. This occurred some weeks back, seeing the tanking of the digital currency market. However, from the news, FTX had shelled out $135 million in March 2020 to rename the Miami Heat’s home. Sources cited another example of a nixed deal resulting from the crypto market crash. This involved the patch deal between a crypto firm and the NBA’s Washington Wizards. Many crypto companies consider the Washington Wizards patch desirable. This is because the regulators and politicians who supervise their games are more often in attendance. However, there was no response from the parties (Washington Wizards and FTX). Past Sponsorships Going further, Joe Favorito, a professor in charge of sports at the University of Columbia, made a statement about the situation. From his speech, there will be no announcement on sports partnerships or sponsorships until the bulls take over the market. Furthermore, it was disclosed that vast amounts of money were poured into sponsorships deals during the last bullish market trend. Some examples of crypto firms cited were Crypto.com, FTX, and Tezos. For example, sources noted that Crypto.com offered about $700 million to name the Los Angeles Lakers’ home for nearly 20 years. Furthermore, in March 2021, FTX offered $135 million, as stated earlier. This was intended to replace the name of the Miami Heat’s home arena with FTX Arena. Moving on to Tezos, the company offered 27 million dollars annually to maintain the Manchester United uniforms logo. However, the current market trend does not change the firm deals between NFT companies and real-world products. This means that there are certain benefits still available to the related parties. Suggested Reading | Shiba Inu Now The Largest ETH Whales’ Holding Despite Crypto Market Turmoil An example is Budweiser, a Golden beer manufacturer in partnership with Zed Run, a renowned horse racing platform. Another source example is Tom Brady’s Autograph NFT marketplace in partnership with ESPN. Again, the idea was to develop significant content for the sports television network. Featured image from Pexels, chart from TradingView.com

Crypto News

Man Utd Star Phil Jones Unveils Exclusive Metaverse Members Club

Manchester United defender Phil Jones has become the latest high-profile sportsperson to enter the metaverse. Jones, who has been on the club’s books since 2011, has joined forces with Web3 firm Antourage to develop an exclusive metaverse members project dubbed Red Lion Sports Club (RLSC). The venture will function as a kind of gated online community, where holders of special NFTs can congregate to play games and interact, view exclusive content, enter competitions and support worthy causes. Designed by noted augmented reality creator Doddz, only 4,000 algorithmically-generated Red Lion member NFTs will be released on the Solana blockchain, at a cost of two SOL (around $250 at current prices). A New Model for Fan Engagement Scheduled to launch in the coming month, , Red Lion Sports Club will focus on major sports events such as Premier League games, the NBA playoffs, Formula 1’s British Grand Prix and golf’s British Open, with fan-influenced content and mini-games devoted to the various sporting occasions. “Over the past six months I’ve been researching and learning about Web 3.0 and the potential of the metaverse,” revealed Jones, who has won Premier League, FA Cup and Europa League trophies while making over 100 appearances for United. “The idea behind the Red Lion Sports Club is to enable a new way of engaging with fans that promotes a genuine sense of community rooted in mutual respect for other members. RLSC will be a venue for fans of all sports that want to have a say in how a digital community grows and develops, interact with athletes, celebrities and other members, and influence the content that will be created around major events.” Red Lion Sports Club is the first metaverse project that Stockholm-based startup Antourage has been involved with, and co-founder Johan Junker said he was “thrilled to have Phil on board as the driving force behind RLSC.” He explained, “This project is at the heart of Antourage’s existence: to connect passion-driven fan communities with authentic content that is distributed across the latest social platforms. “We believe fans should be at the centre of the content ecosystem and be rewarded for their engagement. Red Lion Sports Club fully represents this philosophy and Web 3.0, driven by the metaverse, will expedite this change that will deliver greater value and a richer experience for fans and creators alike.” Jones and Junker aim to slot their exclusive sports-centric members club into a prominent metaverse, and to develop additional content and activations as its community develops. Premier League Stars Go Mad for Meta A number of metaverse enthusiasts now occupy the Old Trafford dressing room, with Jadon Sancho having recently partnered with Genies to release his own digital avatar and Luke Shaw launching his own NFT collection. Last week, Cristiano Ronaldo also participated in a $100 million funding round for FanCraze, which creates NFTs based on major cricket tournaments. Elsewhere in the English top flight, United’s cross-town rivals City have teamed up with Sony to reproduce their Etihad Stadium in virtual reality. The digitally mapped stadium could eventually ‘host’ live games, giving fans – or the digital avatars that represent them – the opportunity to enjoy a match day experience from the comfort of their own home.      

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10 Best Altcoins to Invest in April

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Altcoins had a strong performance in March as the overall cryptocurrency industry recovered. This performance happened even as the crisis in Ukraine escalated and the Fed started its hiking policy for the first time since 2018. Here are some of the best coins to invest in April. Ethereum (ETH) Ethereum performed well in March as… More

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Baby Doge Gains Edge Following Partnership With German Football Club As The Plot Of Soccer And Crypto Thickens

Baby Doge Gains Edge Following Partnership With German Football Club As The Plot Of Soccer And Crypto Thickens

TSG Hoffenheim and Baby Doge have announced a partnership to launch an NFT collection.  The partnership would give Baby Doge promotional benefits during the German team’s home matches. Crypto partnerships continue to rise in the world of soccer. Meme coin Baby Doge’s partnership with one of Germany’s oldest clubs was announced late last week. The […]

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One Ethereum Competitor Is Surging in Price Despite Crypto Market Doldrums

An Ethereum (ETH) competitor is defying the crypto market doldrums and surging this week in the wake of blooming network activity. According to a new Twitter announcement, smart contract platform and self-amending blockchain Tezos (XTZ) set a new monthly all-time high with more than six million contract calls, a measure of network activity, in January. […]

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