The crypto market has scored big with another major sports deal.
Key details
The cryptocurrency industry has been trying its hand in the sports world. Its most recent score is with the Dallas Cowboys quarterback Dak Prescott. Prescott recently signed a multiyear endorsement with the cryptocurrency firm Blockchain.
The famous NFL player will appear in TV, radio, and social media advertisements as well as appearing at events, per the agreement.
Blockchain had an existing agreement with the Cowboys, as the NFL loosened restrictions on franchises doing business with crypto companies, according to Bloomberg.
Why it’s news
Pro football is the biggest sport in the U.S., therefore Blockchain securing a deal within the NFL is huge for cryptocurrencies. Not only did they secure a deal with the NFL, but the Dallas Cowboys are the league’s most valuable team with a current value of $4 billion, according to the NFL.
Despite the fall in crypots this summer, they are back on the rise. June and July were brutal months for cryptocurrencies, suffering from major market sell-offs. The huge sell-off led to job cuts in many crypto companies and even forced some lenders to pause withdrawals. Blockchain had to layoff 25% of its staff following the sell-off.
Backing up a bit
Recently, cryptocurrency companies have gone all-in, spending billions on advertisements and sponsorships, specifically in sports.
Cryptocurrency companies have committed more than $2.4 billion to sports marketing in the past 18 months, reports Bloomberg. These new advertisements are crypto’s way of matching the advertising power of beer brands, carmakers, telecom service providers, and other stalwart sports sponsors. Even in a down market, crypto platforms and services are trying to lure converts and attractive customers from the competition.
Celebrity endorsements have been on the rise and Prescott isn’t the first notable player to secure a crypto endorsement deal. Kansas City Chiefs quarterback Patrick Mahomes was one of the first celebrities to endorse the crypto market after the big crash this summer.
Mahomes is endorsing the NFT (non-fungible token) firm Dapper Labs Inc. He will be the 2022 season’s face of Dapper’s “NFL ALL DAY,” a digital-video-highlight platform for NFTs.
The finances behind either deal has not yet been announced.