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While the exact terms of the deal were not made public, the partnership will make FTX US the exclusive NFT partner of MSE.
Leading cryptocurrency exchange FTX has completed a multi-year partnership deal with Monumental Sports & Entertainment. The deal was contained in an announcement by the company on Monday.
While the exact terms of the deal were not made public, the partnership will make FTX US the exclusive NFT partner of MSE. Consequently, FTX US will be responsible for launching NFTs for all MSE properties. This includes the Washington Wizards in the NBA, the Washington Capitals in the NHL, the Washington Mystics in the WNBA, and Capital One Arena, where all three teams play. The NFTs will be distributed to fans as part of MSE’s loyalty programs and fan engagement initiatives.
Speaking about the development, President of Business Operations at MSE, Jim Van Stone noted:
“Whether you describe it as NFTs or blockchain programs, I think ticketing is going in that direction.”
Leveraging Sports Partnership Deal to Build Crypto Awareness
In 2021, we have witnessed an explosion in the mainstream adoption of cryptocurrencies, NFTs, and blockchain technology. The key to that has been a move by crypto companies to leverage sports audiences and a huge fanbase. FTX.US has been at the forefront of that drive, partnering with various sports entities, leagues, traditional sports teams, and esports.
FTX recently completed a global rights deal with the Golden State Warriors for a reported $10 million according to CNBC. Earlier in June, it sealed a partnership deal worth $210 million with global esports brand TSM (Team SoloMid).
Before that, it also acquired the naming rights to the Miami Heat’s home stadium, now called FTX Arena. At different times, the company also got partial naming rights to UC Berkeley’s football stadium and logo patches on the uniforms of MLB umpires. When taken alongside a host of popular faces like Tom Brady, Stephen Curry, and Shohei Ohtani as ambassadors, it is obvious FTX is positioning itself as a leader in the sports and crypto ecosystem.
But it isn’t just FTX making the money moves. Recently, Crypto.com reportedly spent $700 million to acquire the naming rights to Los Angeles’ iconic Staples Center. Coinbase also signed a promotional deal with Kevin Durant for an undisclosed amount.
With 2022 just around the corner, crypto enthusiasts can brace for more of such deals as crypto companies push to reach a wider audience.