Crypto Takes Over the World Series
Are you watching the World Series?
If so, you’ve seen ads for a company called FTX all over the broadcasts.
The umpires even have FTX patches on their uniforms.
You might be wondering: What’s FTX? And why is everyone making such a big fuss about it?
Well, it’s actually a new crypto exchange.
FTX launched in 2019, and it’s already one of the largest crypto platforms.
The exchange had over 1 million new users sign up just in the first half of 2021.
And it’s now the official crypto exchange of Major League Baseball.
This partnership will help grow FTX’s userbase even further.
In fact, cryptos and sports go perfectly together, as I’ll explain below…
America’s Top Sports Fans
Morning Consults polled Americans on their crypto knowledge.
It found that only 23% of non-sports fans said they were familiar with crypto.
But with avid sports fans, that number jumps to 66%.
That’s nearly three times as much!
It’s even higher for fans of esports (70%) and sports bettors (72%).
Morning Consults credits this overlap to millennials.
Its research shows that millennials consider themselves the biggest sports fans — as well as the top crypto fans.
So, it makes sense that crypto firms would focus their marketing on baseball and other sports.
More Sports Deals for FTX
Major League Baseball isn’t FTX’s only sports partnership.
The exchange bought the naming rights to the Miami Heat’s stadium in June.
Its name will be FTX Arena until at least 2040.
As part of the deal, FTX will work with Miami on fintech development and education.
In addition, FTX just signed a naming rights deal with the University of California, Berkeley.
It’s the first-ever deal between a college and a crypto exchange.
Finally, FTX has contracts with NFL quarterbacks Tom Brady and Trevor Lawrence. It also inked a deal with NBA star Steph Curry.
Brady made headlines this week when he traded a bitcoin and various items to a fan for his 600th touchdown ball.
Overall, he’s been one of the most visible athletes to support cryptos.
That’s great for FTX and for cryptos in general.
The World Series Is Only the Beginning
Ben Ziffren is a director at sports marketing agency Wasserman.
He believes that the sponsorships by FTX are only the beginning.
“The benefit of working with athletes is how effective they are at bringing [crypto] to a younger generation,” he said.
That may be why FTX CEO Sam Bankman-Fried bought ad time for the Super Bowl next year.
Bankman-Fried explained: “Of course we’re doing the Super Bowl thing. Would you really expect us not to?”
Cryptos have taken over the sports world. But it won’t be long before they take the rest of the world by storm, too.
Follow along with Winning Investor Daily to stay ahead of the crypto revolution.
Assistant Managing Editor, Banyan Hill Publishing
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