The NBA and cryptocurrency have come a long way and are used far beyond the borders of the free NBA picks. These days we can find Bitcoin in almost everything, and the NBA isn’t exempt from this.
Come with us as we take a look at how the NBA is utilizing Bitcoin.
Let’s Talk Business
Both the NBA and cryptocurrency are businesses that need money to survive. If you’ve done some research on cryptocurrency, then you’ll know that cryptocurrency utilizes something called a cryptocurrency exchange. Cryptocurrency exchanges are simply digital platforms that allow for digital currency exchange.
In simple terms, cryptocurrency exchange platforms are businesses that allow for the trade of cryptocurrency or any digital currencies for assets and many more. You can also exchange fiat currencies for cryptocurrency or cryptocurrency for fiat currencies, depending on your needs.
It’s always important to note that cryptocurrency exchange platforms are independent platforms that rely on things such as commissions to make their money. This means that they charge for their service and can also offer other services such as trader signals and many more.
There are different cryptocurrency exchange platforms on the market, and therefore there’s competition for those operating in the industry. This is where the NBA comes in and why the NBA is so vital to the survival of these digital platforms.
The NBA is a largely followed sport with major events such as the NBA Finals, which happen annually in June. These events generate an amazing crowd which is why many companies fight for their spot because these are the events that can generate a large clientele for the business.
In recent times, the Los Angeles Lakers have agreed to have a 20-year arena-naming rights contract with one of the biggest names in the cryptocurrency exchange platforms. This deal came in at a whopping $700 million.
The Warriors have followed suit and have also signed a $10 million contract that’s in relation to global rights with FTX. The same company has gone on to secure an arena naming rights contract with Miami Heat.
Team sponsorships are an amazing way to fund the team, and teams get sponsored by different companies to bring brand awareness. NBA teams have a lot of exposure and can offer numbers that other sporting events cannot. Cryptocurrency platforms can even go as far as cutting a deal with one player to help increase things such as exposure which makes things even more fun and far simpler.
Why do Cryptocurrency Exchange Platforms go for NBA Teams?
When we take a deeper look into sports, we begin to see those sporting events, players, and many more things related to sports bring in a lot of money. They are an amazing way for businesses to bring in the right audience and gain the right kind of curiosity for their brand.
It’s also important to keep in mind that the NBA reaches a worldwide audience. This means that the entire world will be curious about the services that each cryptocurrency exchange platform can bring in. With the cryptocurrency market expanding, cryptocurrency platforms are looking for different ways to get a piece of the pie.
Unfortunately, for many platforms, team sponsorships are costly, meaning that only well-established and wealthy crypto platforms can afford this type of advertisement. This also means that top cryptocurrency exchange platforms will always have the upper hand when it comes to advertising.
Some companies can try their best to ride the wave by adding similar names or using the power of SEO to get their platforms ahead; however, this might be a futile effort.
Some Final Thoughts
Cryptocurrency is growing in a major way which is why many platforms are creeping up. Competition has become so stiff, and many are now seeking alternative routes to getting the traction they need. This is where the NBA steps in and makes things different. The NBA presents an amazing opportunity that many platforms will try to utilize.