Cryptocurrency ads have propelled the NBA to record-breaking sponsorship revenue, per a report from sports partnerships consultancy firm IEG, via CNBC.
“The cryptocurrency category’s sponsorship sending spree is like nothing we have ever seen before,” said Peter Laatz, Global Managing Director of IEG.
NBA sponsorship revenue was $1.6 billion for the 2021-22 season, up 13% from the previous season.
Crypto trading platforms such as Coinbase, FTX, and Crypto.com have been major sponsors.
Coinbase is advertised by the League.
FTX secured the naming rights to the Miami Heat’s home arena.
Crypto.com secured the naming rights to the Los Angeles Lakers’ (and currently) Los Angeles Clippers’ home arena – as well as a jersey patch deal with the Philadelphia 76ers.
Crypto “cash back” provider Storm X has a jersey patch deal with the Portland Trail Blazers.
Brokerage platform Webull has a jersey patch deal with the Brooklyn Nets.
All of this serves to say that crypto is driving significant revenue growth in the NBA.