A coin offering Web 3.0 holders for blockchain-based applications has announced a new partnership. The announcement was enough for the price to rise in double digits in the bear market.
Another Web 3.0 coin lands on the football field
Football teams continue to cooperate with Web3 projects in order to establish a closer bond with their parties. The most recent partnership was between AC Milan and NFT gaming platform MonkeyLeague. Now, blockchain infrastructure solution provider Chain has announced that it has signed a sponsorship deal with the New England Patriots football team. Following the news, the price of Web3 cryptocurrency XCN token peaked.
Blockchain infrastructure solution provider Chain (XCN) is now the “official Blockchain and Web3 sponsor” of the Patriots, the New England Revolution football team, the Patriots home stadium, Gillette Stadium, and Patriot Place, an outdoor shopping complex built around the stadium. This collaboration is thanks to a multi-year partnership with Kraft Sports + Entertainment. Shortly after the announcement, the XCN price started to rise.
Chain (XCN) flooded with investors after news of partnership
Chain’s native cryptocurrency, XCN, rose from $0.067 before the announcement to $0.075, or almost 12% after the announcement. By market cap, the 37th-ranked cryptocurrency is currently experiencing a slight correction. At the same time, it is trading around $0.075, up over 25% from the week’s low at $0.619.
cryptocoin.comAs you follow, the partnership was the last of the football team collaborations in recent days. Thanks to these deals, fans can have rare items as NFTs as well as physical items. Murray Kohl, vice president of sales for Kraft Sports + Entertainment, had this to say about the partnership:
We will try to innovate the same with Chain’s latest Blockchain technology. In ways never before possible, our supporters will be able to interact with the Patriots and the Revolution.
Cloud solutions, ledger and NFT services will now all be on Chain’s network. The company most recently partnered with Coinbase to launch the exchange’s “learn and earn” program, which rewards users with XCN for passing a series of tests and learning modules. Despite this week’s price increase, XCN is still more than 57% below its peak reached at the end of May. We watched the XCN price rally to $0.18 last year.
More and more sports clubs are adopting Blockchain technology
Crypto sponsorships at professional sporting events, both at home and abroad, generate a substantial influx of funds. In 2021, Crypto.com agreed to pay $700 million to rename the Staples Center in Los Angeles. The following year, when the FIFA World Cup in Qatar took place, Crypto.com agreed to a five-year sponsorship deal with the AFL for $25 million. Later, the stock market also bounced back from its nearly $500 million deal with the European Football Federation Champions League in September.
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