NBA Sponsorships Reach a New High of $1.6 Billion Thanks to Crypto and Technology Partnerships!

According to IEG research data, cryptocurrency partnerships resulted in record sponsorship revenue for the NBA, hitting $1.6 billion in the 2021-22 season. According to IEG statistics, it is the second most profitable sector after technology, providing slightly over $170 million, while the crypto category contributed around $150 million. Non-arena naming rights or placing crypto firm logos and names on players' clothing are examples of crypto sponsorships. Coinbase was the first cryptocurrency business to negotiate a sponsorship agreement with the NBA, which was struck in October 2021. According to reports, the NBA expects to make more than $200 million from deals on players' shirts alone. Crypto.com paid $700 million for the naming rights to the Los Angeles Lakers' Staples Center in November 2021. The Brooklyn Nets have also announced a multi-year uniform relationship with the trading site Webull, for which they have agreed to collect $30 million each year. Kevin Durant promised to promote Coinbase across all of his main business platforms in December 2021, while LeBron James joined with Crypto.com in January 2022 to help elementary school kids learn about blockchain.