CandleFocus Crypto Brands Revive Sports Sponsorships in 2024 With 26 New Deals
2024-09-19
Author: Content Editor
The crypto sports sponsorship sector is showing signs of recovery in 2024 after a downturn in 2022 and 2023. While it hasn't reached the highs of 2021, there has been cautious rebounding. The increase in sports sponsorship indicates a recovery in the crypto market, as brands have more funds available for marketing activities. In 2021, there was significant growth in sports sponsorship due to a bullish digital currency market, with Crypto.com securing a $700 million deal for the naming rights of Staples Center. However, the narrative shifted in 2022 with a market downturn and the collapse of FTX, leading to canceled deals. Despite this, some firms like Bybit and Vechain still secured substantial agreements. The industry remained cautious in 2023, but by 2024 there was a gentle recovery with new sponsorships and existing deals. Crypto sponsorships have mainly focused on football, with partnerships with clubs like Manchester United and Chelsea, as well as global events such as the UEFA Champions League and FIFA World Cup.
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