Crypto.com is reported to be the latest blockchain company to acquire a naming rights deal, this time for the Staples Center, home of the National Basketball Association (NBA) team the Los Angeles Lakers.
The company plans to secure brand awareness through deals like those signed by competitors FTX and Coinbase.
It comes as the NBA season is getting heated up. The agreement with the arena’s operator, AEG, is estimated at $700m and is a lot more than FTX offered for the Miami Heat arena, at $135m.
Coinbase, in the meantime, has added another deal with the NBA, WNBA, affiliate leagues and USA Basketball to have its signage on courts and other digital and physical channels of distributions.
This means that crypto ads will now proliferate on sports arenas with basketball not the only sport that has been benefiting from interest from crypto companies. In fact, many are diverging into other sports franchises as well.
FTX has announced plans to advertise during the 2022 Super Bowl, as many mainstream companies have withdrawn from the Big Game.
At the same time, numerous athletes have been welcoming of crypto partnerships, including Tom Brady and his Autograph platform that has become a driving force in the industry and teamed up with DraftKings for a dedicated NFT marketplace.
Moving forward, Staples Center will be known as Crypto.com Arena, a massive rebranding. The blockchain company will also team up with the Los Angeles Kings and Los Angeles Lakers directly, but not the Clippers.
Crypto.com has maintained a healthy presence in the world of sports, securing numerous partnerships across the board. The company previously partnered with the Philadelphia 76ers, another basketball franchise.