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FTX Strikes Sponsorship Deal With NBA’s Golden State Warriors
The deal is a multiyear agreement worth about $10 million, according to a report citing people familiar with the matter.
FTX.US, the American arm of the FTX cryptocurrency exchange, signed a global sponsorship deal with the National Basketball Association’s Golden State Warriors.
- FTX.US will become the San Francisco-based team’s official cryptocurrency platform and marketplace for NFTs, or non-fungible tokens. The franchise will start using the platform to sell NFTs in early 2022.
- FTX branding will also appear on the basketball pole pads and press table for the Santa Cruz Warriors, the team’s G League affiliate. The G League is the NBA’s official minor league basketball organization.
- Terms of the deal were not made public. According to a CNBC report citing unidentified people familiar with the matter, it is worth about $10 million.
- A spokesperson for FTX declined to comment on the deal’s value.
- “In our conversations with FTX, we quickly realized our joint desire to innovate around cryptocurrency integration and adoption, including the role NFTs play in global fan engagement,” said Warriors President and Chief Operating Officer Brandon Schneider.
- Crypto companies are piling into sports as a way of getting broader brand recognition. Last month, Crypto.com paid a reported $700 million to rename the Los Angeles Staples Center. In March, FTX secured naming rights to the Miami Heat Arena for $135 million, and in August it signed a $17.5 million, 10-year agreement with Cal Athletics for the naming rights to the field at California Memorial Stadium.
- To mark the agreement, FTX.US and the Warriors will give three bitcoin to local organizations that address educational equity.
- In April, the Golden State Warriors began auctioning a series of commemorative NFTs. The collection included various editions of the team’s six NBA Championship rings and 10 commemorative ticket stubs. The sale finished with its 1-of-1 6x World Championship Ring selling for 285.111 ETH at $871,591.27.
STORY CONTINUES BELOW
Read more: FTX Looks to Expand Globally Through Local Partners, Bankman-Fried Says
UPDATE (Dec. 14, 19:53 UTC): Adds no comment from FTX spokesperson.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
