The National Basketball Association, also known as the NBA, has become one of the most popular and forward-thinking professional sports leagues worldwide. The NBA has recently embraced new technologies and trends, such as cryptocurrency. By embracing cryptocurrency in various ways, from sponsorships and naming rights to digital collectibles and sports betting, the National Basketball Association is staying up to date with tech trends. Cryptocurrency represents not only an innovative type of currency, but also fresh approaches to thinking and connecting, and it’s clear these are values important to the NBA as well.
The Rise of Crypto Betting
The NBA is using cryptocurrency to connect with its fans through sports betting with cryptocurrency. Fans place bets using cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others, instead of regular fiat currencies. Crypto betting sites offer advantages like fast deposits and withdrawals, low fees, global accessibility, and anonymity.
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The NBA has been open to collaborating with crypto betting sites, and they have taken on sponsorship deals with Coinbase – the largest crypto exchange in the US – and FTX, a global crypto exchange and derivatives platform. In October 2021, Coinbase became the official crypto platform partner of the NBA, WNBA, and G League. FTX is now on board as the league’s first-ever official coin exchange partner.
These partnerships provide a way for the NBA and its teams to engage new types of audiences, as well as educate them about cryptocurrency’s future.
These partnerships will help the NBA and its teams to reach new and diverse markets, as well as to educate and engage fans about cryptocurrency and its potential. They will also help the crypto betting sites to increase their brand awareness and credibility, as well as offer exclusive promotions and rewards for NBA fans.
Crypto.com Arena
In 2021, the iconic Staples Center in downtown Los Angeles changed its name to the Crypto.com Arena. This major sponsorship deal, announced in November 2021, has a value of $700 million spread over two decades, making it one of the largest naming rights agreements ever negotiated in professional sports. The new naming partner’s financial commitment will support the venue for many years to come.
Crypto.com is a leading platform for buying, selling, and using cryptocurrencies, with more than 10 million users worldwide. The company also offers a variety of products and services, such as a crypto debit card, a crypto exchange, a crypto wallet, and a crypto lending platform.
The partnership between Crypto.com and the NBA will give the company massive exposure to millions of basketball fans, as well as access to exclusive events and experiences at the arena. Crypto.com will partner with several basketball organizations as their official cryptocurrency platform. This includes becoming the official partner of the Los Angeles Lakers, Los Angeles Clippers, WNBA, NBA G League, NBA 2K League, and USA Basketball.
The Future of Collectibles: NBA Top Shot
Another way the NBA is using cryptocurrency to innovate is through NBA Top Shot, a digital collectibles platform that allows fans to buy, sell, and trade video clips of memorable moments from NBA games. These clips, known as Moments, are minted as non-fungible tokens (NFTs) on the Flow blockchain, which means they are unique, scarce, and verifiable.
NBA Top Shot was launched in 2020 as a partnership between the NBA and Dapper Labs, the creators of CryptoKitties, one of the first and most popular NFT projects. Since then, NBA Top Shot has become one of the most successful digital collectible platforms, with over 1.3 million collectors and over $800 million in total sales. While some moments are fairly common, others have sold for astounding prices due to their scarcity or historical significance. This emerging market shows no signs of slowing, constantly setting new records and attracting more fans to the growing community of crypto sports memorabilia.
NBA Top Shot gives fans a fresh approach to bonding with their most enjoyed players, teams, and highlights. In addition, it is extra revenue for the NBA and its athletes. This exciting new platform blends the customary sports universe and the crypto world, expanding audiences to reach a broader market.
Crypto Security
The NBA understands that both security and privacy issues arise in connection with crypto, so it has taken some preventative actions to ensure savvy users stay safe.
- Coinbase – Their partnership with Coinbase, a top-ranking and regulated cryptocurrency platform, ensures that users ’accounts and funds are protected by two-factor authentication, biometric verification, encryption, and insurance provided by Coinbase12.
- Dapper Labs – These are the makers of NBA Top Shot, who have ensured that digital trading cards being issued through its own platform are authentic and safe. The NFTs are minted and verified by Dapper Labs using the Flow blockchain, which is meant to be a fast and easy one for users.
- Regulations – The NBA has also been cautious about abiding by rules and regulations in jurisdictions where it conducts business. This ensures safety not only for the NBA but for their fans as well, ensuring a positive and fun experience for everyone.
