Cryptocurrency community comes up with a new sponsorship news every day. The latest to join this caravan was the National Basketball Association (NBA), which made an agreement with the crypto exchange Coinbase.
🏀 BREAKING 🏀
We’re excited to announce that as of today we are the official crypto platform of the @NBA, @WNBA, @NBA2KLeague, and @usabasketball. Let’s go! pic.twitter.com/QQMjjHNlra
— Coinbase (@coinbase) October 19, 2021
While the details of the deal are not yet known, it is anticipated that the sponsorship will extend to all platforms of the NBA, including the Women’s National Basketball Association (WNBA), NBA 2K League, NBA G League and USA Basketball.
As it is known, such sponsorships mean a large amount of income for the teams. Major League Baseball, Formula 1 racing and many NBA teams are among those who made their name known with the sponsorship agreements that came to the rescue of teams and institutions that experienced serious economic difficulties especially during the covid-19 period.
Making a statement on the subject, NBA commissioner Adam Silver shared a revenue forecast of $ 10 billion for the league’s 2021-2022 season. While sponsorships reached around $1.4 billion last season, this figure will be much higher thanks to the Coinbase deal.
However, Coinbase will have a brand presence during the nationally televised games and will be a partner of the Commissioner’s Cup, national team exhibition tours and NBA G League Ignite.
Kate Rouch, Coinbase’s chief marketing officer, said in an NBA statement that Coinbase will “create interactive experiences to engage with the NBA and WNBA’s incredible community and athletes around the world.”