NBA lands first cryptocurrency sponsorship with Coinbase

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2 years ago

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The coinbase crytocurrency exchange app pictured on the screen of an iPhone on February 12, 2018.

The National Basketball Association is preparing  for its 75th anniversary on Tuesday. But it also increased its presence in the cryptocurrency space as it braces for the future.

The NBA agreed to its first cryptocurrency sponsorship deal with Coinbase, the publicly traded company that makes an exchange for crypto trading. In the agreement, Coinbase will leverage just about all the NBA’s platforms including the WNBA, NBA G League, NBA 2K League and USA Basketball. Terms of the deal were not provided.

Coinbase is a software platform that allows cryptocurrency transactions, and the company makes money from fees. Coinbase is traded on the Nasdaq under ticker symbol “COIN” with a $64 billion market cap. Coinbase stock was up 3.5% Tuesday afternoon.

The deal with Coinbase comes one day after NBA commissioner Adam Silver confirmed the league is projecting $10 billion in revenue for the 2021-22 season. That estimation is helped by fans returning to NBA arenas, which account for 40% of league revenue. Sponsorships accounted for about $1.4 billion last season, according to valuation firm IEG.

That figure should increase with the Coinbase deal.

The tech firm wants to increase awareness around blockchain technology to grow the crypto economy. Hence, the NBA will provide the company exposure including in Tuesday’s regular-season tip-off games on WarnerMedia property Turner Sports. Coinbase will also get presenting partner rights for the WNBA Commissioner’s Cup and the USA Basketball men’s and women’s national team exhibition tours.

A diamond-themed logo commemorating the NBA's 75th anniversary is shown on the court during a game between Oklahoma City Thunder and the Detroit Pistons during the 2021 NBA summer League at the Thomas and Mark Center on August 8, 2021 in Las Vegas, Nevada.In a statement, NBA executive Kerry Tatlock labeled Coinbase “a natural fit” for the league’s cryptocurrency asset. NBA clubs have already leveraged crypto-related deals, including the Portland Trail Blazers’ jersey patch and Miami Heat arena naming rights.

In a statement, NBA executive Kerry Tatlock labeled Coinbase “a natural fit” for the league’s cryptocurrency asset. NBA clubs have already leveraged crypto-related deals, including the Portland Trail Blazers’ jersey patch and Miami Heat arena naming rights.

Sports leagues have embraced cryptocurrency sponsorships this year, as its helping with a V-shape recovery for leagues following pandemic losses. NBA teams, Formula 1, Major League Baseball and even New York-based Drone Racing League have landed crypto sponsorships. Platform Algorand will pay. DRL $100 million over five years, and last June F1 also struck a $100 million deal with Crypto.com.

The National Football League hit pause on crypto deals, though. Last August, the NFL restricted its teams from negotiating sponsorships as it studies the business, according to The Athletic. But the NFL may reconsider crypto agreements especially with its Super Bowl halftime show rights on the market.

The NBA’s 75th anniversary season starts Tuesday with a doubleheader as the defending champion Milwaukee Bucks host the Brooklyn Nets. The second game will feature the Los Angeles Lakers and Golden State Warriors.

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2 years ago

Comments

Unfortunately, we can't trade on Coinbase. We can only use the wallet. Get well soon :)

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2 years ago

Thank you so much🎉💃... You are someone I respect so much here and never imagined I will ever get your comment on my article. Thank you so much for making my day I'm really happy right now💃

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2 years ago

Get well soon dear Have enough time to rest. Also, this is a very great news for NFT They’re on top notch right now Everyone should get his or her own NFT now!!!

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2 years ago

Yes thank you

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2 years ago

First of all, health comes, get well soon, I wish you a speedy recovery. I know that CHZ has contracted with many NBA teams in various ways, some of which are for fan tokens. CHZ also provided a good rise in the last period. With the deal here, Coinbase is getting his hands on the NBA, hopefully good moves for crypto.

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2 years ago

Yes a very good move that will end with good result....thanks for being concerned about my health, I really appreciate.

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2 years ago

Coinbase's sponsorship of the NBA has been a very good development for the advertising of the cryptocurrency market.

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2 years ago

Yes it is

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2 years ago

I hope you are feeling better now dear

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2 years ago

Still recovering.Thank you

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2 years ago