Cryptocurrencies are nothing new, but over the past year, we’ve seen a whole host of new developments that have seen them slowly but surely make their way into the mainstream. Once viewed as a peculiar fad that most assumed would never catch on, the likes of Bitcoin and Ethereum have since gone on to prove everyone wrong, with both experiencing massive growth over recent months and their values soaring to all-time highs.
Now, it seems that everyone wants a slice of the crypto pie – and with the advent of apps like Quantumai, which allows traders of different skill levels to access the crypto markets using highly efficient and powerful trading software, even complete amateurs can get involved.
But while the growing craze for these digital assets might seem to be organic, there’s some hard work going on behind the scenes to put them at the front and centre of our consciousness. There’s a growing trend for celebrity endorsements, with American football quarterback Tom Brady and Brazilian supermodel Gisele Bündchen both having recently promoted exchanges or currencies. The likes of SpaceX and Tesla founder Elon Musk, meanwhile, need only send out a tweet or two to dramatically influence the market – but while celebrities have so far proven a useful vehicle to get us all talking about crypto, now, some platforms are going even further.
One of the major avenues being explored? Sport.
This week, it was announced that one of the biggest sporting and entertainment venues in the US – the Staples Center in Los Angeles – is set to be named after a cryptocurrency company thanks to a freshly signed, multi million dollar deal.
The 20,000 ‘Crypto.com Arena’ will be named after a Singapore based giant that has reportedly paid more than $700 million (£520 million) for the privilege, agreeing a 20-year deal with owner Anschutz Entertainment Group (AEG) that gives it the rights to the venue.
Home to a string of professional sports teams including basketball big-shots the LA Lakers, LA Clippers and the LA Sparks, with hockey stars LA Kings also using the Staples Center as a base, it’s the first name change for the stadium since its inauguration back in 1999, moving on from a moniker that was bestowed upon it due to a $100 million deal with stationery and office supply company, Staples Inc.
The contract pales in comparison with this latest development – but then, the likes of Crypto.com can certainly afford the much higher price tag. With some 10 million users at present and over 3,000 users keeping this well-oiled machine running consistently, its app is the fastest growing crypto platform is one of the fastest growing in the world, providing an easy-to-access online exchange that allows users to buy and sell more than 150 different cryptocurrencies at true cost.
In March of this year, it launched a new NFT (non-fungible token) trading platform featuring content from the likes of Snoop Dogg, Boy George and Lionel Richie, which has been hailed as the world’s largest and most user-friendly NFT platform. An invite-only platform showcasing collaborations between digital and mainstream artists, this latest venture is already beginning to gather momentum, and has attracted a whole host of new sign-ups to date.
As part of its foray into NFTs, crypto.com is also working towards creating its own tokens as part of an eight-figure deal struck with the Philadelphia 76-ers to sponsor its jersey patch and have visibility in its arena, with the tokens set to be usable to purchase tickets to games and matches, as well as other 76-ers merchandise.
In recent years, we’ve seen companies like crypto.com become increasingly involved in the sporting world, drawing on opportunities for sponsorship deals to gain them mainstream recognition – and it certainly seems to be working.
In the UK, we’ve recently seen Stake – sponsor of Premier League football club Watford – pay for the privilege in cryptocurrency, with the club having previously been sponsored by industry giant, Bitcoin, and in 2022, we can expect to see deals like these becoming more and more commonplace.
Cryptocurrencies, it seems, are finding new ways to make their way into the mainstream, and into just about every facet of our lives. And while sport is the current vehicle, we could be seeing something entirely different in 2022. But one thing is for certain; whatever marketing tactics the world’s biggest platforms try next, we’re certain to hear about them – and we’ll be talking about crypto over the next twelve months more than we ever have done before.