Blockchain Startup Chain Inks Web3 Sponsorship Deal With Miami Heat

Blockchain infrastructure startup Chain has inked a partnership deal with the National Basketball League’s (NBA) Miami Heat that will put the company’s logo on players’ shooting shirts and introduce Web3 programming into the Miami stadium.

The deal, which will make Chain “the exclusive Web3 and blockchain infrastructure partner” of the franchise, is the Heat’s second major crypto sponsorship after its $135 million stadium naming rights contract signed with crypto exchange FTX in March 2021.

The collaboration comes just one week after Chain announced a similar partnership with the National Football League’s (NFL) New England Patriots.

Chain did not specify what type of Web3 activations the partnership will involve, the length of the partnership or the surrounding financial details.

“Our goal is to help these teams in tandem break through into Web3 and bridge their existing client and fan base into crypto,” Chain CEO Deepak Thapliyal told CoinDesk. “We are not evaluating what others are doing in this market climate, but what our partnerships can do with these sports teams to help bring our product exposure and implementation to a broader base.”

Chain specializes in merging Web2 brands and properties with Web3 technologies, most recently gaining buzz through its non-fungible token (NFT) tie-up with jewelry brand Tiffany and NFT blue chip CryptoPunks that netted $12 million in sales volume.

Read more: Jewelry Brand Tiffany and Co. Unveils $50K CryptoPunk Necklaces

While partnerships between crypto platforms and professional sports teams are no longer as in demand as they were at the peak of the bull run, deals of this nature have persisted. Crypto exchange Crypto.com reportedly cut back its marketing efforts earlier in October, though stadium marketing representatives told CoinDesk that interest in crypto partnerships remains strong.