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Joel Embiid of the Philadelphia 76ers. Photo via YouTube
The Briefing
Crypto Entertainment

Crypto Gets Sports Fever, Rivian’s Breakup With Ford

Photo: Joel Embiid of the Philadelphia 76ers. Photo via YouTube

The crypto world seems to have come to a consensus on the best way to bore into the brains of the mainstream: by plastering blockchain brands on anything sports related. The best example of that yet came earlier this week with the news that Crypto.com, a Singapore-based cryptocurrency exchange, had agreed to pay $700 million to acquire naming rights to the Staples Center in Los Angeles, home of the Los Angeles Lakers and Clippers NBA teams. It was one of the most expensive naming rights deals ever, but it was hardly unique. 

The agreement followed a $135 million deal announced in March to rebrand the home of the Miami Heat NBA team FTX Arena after another crypto exchange. FTX also paid $17.5 million to rename the University of California, Berkeley, football stadium FTX Field and bought ad space for this season’s Super Bowl. Formula 1 racing, the Philadelphia 76ers, the Portland Trail Blazers, Paris Saint-Germain—there seems to be no sports franchise or league that hasn’t taken sponsorship money from a crypto brand.    

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