Crypto was once a myth – and to some, it still is. To some, it’s a mythical form of currency that simply doesn’t exist.
That might once have felt true, as despite being able to trade crypto and exchange the virtual currency for fiat currency, there was no way of using the coin itself to make transactions. That all changed, and now the crypto world is on a massive growth trajectory that includes expanding into every industry as a way of making payments and marketing it as just that – a new way of trading and spending money.
The sports industry is the latest industry to spread the crypto world far and wide. Below, we’ll look at crypto’s latest marketing strategies and where they’re taking the virtual currency.
The Big Sponsorships
Sponsorships are an excellent way of drawing new attention to the business, both from consumers and potential investors. Crypto quickly realized that the sporting industry – which links crypto well with gambling platforms that have now begun accepting crypto as a payment method – is an avenue for big sponsorships and marketing deals.
One of the most notable and talked about sponsorships was Coinbase landing a deal to sponsor the NBA. NBA signed Coinbase as the exclusive crypto sponsor for all games, propelling the platform into the limelight instantly with a multi-year deal.
Crypto revealed the latest growth in its marketing strategy with one company, ByBit, partnering with Oracle Red Bull Racing. The multi-year, multi-million dollar partnerships have placed bitcoin in the heart of a sport that’s rapidly growing in popularity, thanks to the Netflix series Drive To Survive.
One of the latest announcements, although it hasn’t come to fruition yet, is Crypto.com becoming the official sponsor of the 2022 FIFA World Cup. The branding will appear at every game that amasses millions of views.
It’s a sure sign that the crypto industry is no longer a myth.
How To Look For Sponsorship Deals
Anyone can look for sponsorship deals – the sports industry is undoubtedly the best way in, especially if you’re running a startup company and learning how to manage your startup’s marketing expenses. Sponsoring a local, small sports club creates brand awareness, fosters brand loyalty, and supports the local community.
The easiest way to find new sponsorship deals is to contact local clubs directly. Clubs will typically ask for a sponsorship fee that’ll help them to cover equipment and venue costs. In return, you won’t receive a share of the money they win because the chances are, local, small teams aren’t winning any money. Instead, you’ll be able to market your brand locally for a relatively minimal fee.
Predicted Growth Of The Industry
In 2020, the global cryptocurrency market was worth $1.49 billion. That’s not a substantial figure when you compare it to other financial market valuations – the Forex market is worth $6.6 trillion – but it is an industry on the rise. By the end of 2030, the industry is predicted to be worth $4.94 billion – it’s easy to assume that with the massive sports sponsorship deals, the prediction will soon become a reality.
The crypto industry is rapidly evolving – more than 106 million people worldwide now invest in crypto. The sponsorship deals have secured more attention than ever before as the crypto industry latches on to millions of viewers with lucrative deals. And with more companies accepting crypto payments than ever before, the industry is on a massive upward growth trajectory.