FTX Pays Golden State Warriors $ 10 Million for Global Rights

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Stephen Curry # 30 of the Golden State Warriors brings the ball to the court later in the game Utah Jazz 129-99 won at the Vivint Smart Home Arena in Salt Lake City, Utah on January 30, 2018. ..

Gene Sweeney Jr. | Getty Images

The Golden State Warriors have agreed to sponsor international rights through the crypto platform FTX.

The terms of the deal weren’t disclosed, but people familiar with the deal told CNBC that it was a multi-year deal worth more than $ 10 million in total. I didn’t have the authority to discuss the details of the contract, so I remained anonymous and discussed the transaction. this is, $ 5.6 billion Golden State Warriors.

FTX, Worth about $ 25 billionIs one of the largest digital currency exchanges in the world, Coinbase, Binance and Kraken.

“FTX is a company that caught our eye a few months ago,” Warrior President and Chief Operating Officer Brandon Schneider said in an interview with CNBC. “I think we’re just getting started. We’re all learning and this space will evolve a lot,” Schneider added.

This is the latest FTX contract with Major League Baseball and referee jersey contracts. It is also reported that it has taken over the naming rights of the Miami Heat Arena. $ 135 million in 19 years..

“I think they are market leaders heading in the right direction,” Schneider said of FTX.

The NBA has begun to enable clubs to take advantage of the international 2019 agreement With efforts to expand its global footprint.

Sam Bankman-Fried food co-founder and CEO of FTX in Hong Kong, China, Tuesday, May 11, 2021.

Ramik | Bloomberg | Getty Images

FTX will acquire brand placement at the Warriors G-League Club and NBA 2K esports teams, Chase Center arena signboards, and will acquire the team’s non-alternative token (NFT) rights.

FTX also gets a virtual floor inventory of Warriors regional sports network games. The digital logo will appear on TV during local and national NBA games, similar to real floor signage. Industry insiders suggest that virtual advertising demands around $ 15,000 a quarter.

Most Warriors games will be aired on RSN properties owned by CNBC’s parent company, NBCUniversal.

Another dot-com sports bubble?

Cryptocurrency companies are actively seeking sports sponsorship in 2021, and the NBA welcomes that attention.

The Coinbase logo will appear on the NBA Arena during ESPN and Turner Sports National Conventions. Those familiar with the deal told CNBC that it was worth $ 192 million over four years.

The Los Angeles Lakers have renamed the Staples Center as follows: Crypto.com Arena deals $ 700 million..And the Portland Trail Blazers are in the league First crypto jersey patch At StormX in July.

Organizations like the National Football League remain cautious about crypto space and crypto trading Sports sponsorship Bubbles including dot com.

At that time, as the Internet evolved, tech companies invested in sports sponsorship to increase brand awareness. The NFL is familiar with that period. Companies such as CMGI and PSINet There was club deals Before losing much of their early property.

Peter Laatz, Global Managing Director of Sponsorship Evaluation Company IEG, said: “The rushing behavior and the inflow of cash associated with naming rights at the league-wide level is still causing consumer confusion about what the product is. It’s very similar to the dot-com bubble. I am. “

Schneider said the comparison with dot combust was fair.

“If this is it … and then the dot-com boom was a kind of beginning of the internet as we know it, so this is really the beginning. These companies are all early in their journey. “

The “Buy Bitcoin Here” sign was posted at a 7-Eleven store on November 10, 2021 in Los Angeles, California.

Mario Tama | Getty Images

Warrior giving back with Bitcoin

Warriors and FTX also donated 1 bitcoin To three local nonprofits working on educational equity, including Self-eSTEM, Mission Bit, and Techbridge Girls.

“The community is very supportive of us and we want to give it back,” Schneider said.

The deal will take place when the franchise reappears during the NBA’s 75th Anniversary season. The Warriors have one of the best win records of the season, with their superstar Stephen Curry doing the show.

Curry is on the verge of breaking Ray Allen’s record with most three-pointers. Allen leads with a three-pointer of 2,973, and Curry is only two to overtake him.

CNBC’s Ryan Browne contributed to this article.

FTX Pays Golden State Warriors $ 10 Million for Global Rights

Source link FTX Pays Golden State Warriors $ 10 Million for Global Rights

The post FTX Pays Golden State Warriors $ 10 Million for Global Rights appeared first on Eminetra.

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