SBJ Marketing: Crypto category's cloudy condition

FTX has been bankrupted. There are still some crypto-related sports sponsorships. The biggest question is whether the category will endure. SpongeTech was a stock scam that racked up millions in unpaid sponsor and advertising bills. It declared bankruptcy in 2010. Its creditors included MSG and the Mets.

Crypto sponsorship marketer Tim McGhee advises NASCAR team on whether to take crypto money. Intersport President Brian Graybill says it will be years before the category recovers. It's often about the right brand fit for any big property, says Adam Davis, who helped land Crypto.com’s jersey patch deal with the 76ers.

Crypto category's cloudy condition.

According to Nielsen Fan Insights, around 12% of the general U.S. population has crypto or blockchain investments. Cryptocurrency is the most popular blockchain product owned by those identifying as sports fans. There are a number of crypto properties carrying the freight for the NBA. More than $130 million spent on NBA team sponsorships last season. 40% NBA fans surveyed by Nielsen said they intended to purchase crypto in the next six months.

There's anticipation about NFTs with real utility for applications ranging from secondary ticketing to fan frequency/loyalty programs. Ted Leonsis is bullish on blockchain. Larry David rejected a plea to get on board with FTX. FinTech feels like the real growth area for sponsorship money. There were four Super Bowl crypto ads in February. There will be fewer during this year's Superbowl. The safest bet is to take the under on there being fewer Super bowl crypto adverts. It's possible that Fintech will become the main source of new sponsorship.

MassMutual and the Red Sox have a jersey patch deal for the 2023 season. Excel Sports Management supported MassMutually in talks with the Sox.

Jack Morton agency is gathering its sponsorship consulting offerings and expertise under a new sub-brand and taking it to market.

Overtime Elite's players co-created new jersey designs, team names and emojis for the second season.