- The National Football League (NFL) have avoided crypto sponsorships for the upcoming Super Bowl LVII.
- The league ditched crypto sponsors due to the collapse of FTX and the turmoil that followed.
- The upcoming Super Bowl will have zero representation from the crypto industry.
The National Football League (NFL) collected a record $1.88 billion in sponsorship fees for the upcoming Super Bowl LVII. However, none of the sponsors are affiliated with the crypto industry. The league largely avoided association with crypto firms due to advertisers’ concerns with the industry following the collapse of the Bahamas-based crypto exchange FTX.
According to a recent report, the NFL took a methodical and conservative approach to sponsorship for its flagship event after witnessing the impact that the crypto space’s implosion last year had on the National Basketball Association (NBA). Miami’s FTX Arena was left stranded with no sponsor after lawsuits against the crypto exchange started pouring in last year.
In terms of crypto sponsorships, the upcoming Super Bowl will be in stark contrast to last year’s event, which was dubbed the “Crypto Bowl” due to the high-profile commercials by leading crypto firms, including Coinbase, Crypto.com, and the infamous FTX. These firms reportedly spent a total of $54 million to have their advertisement played in front of nearly 100 million viewers.
However, come Super Bowl day on 13 February, there will be zero representation from the crypto industry. The ad space vacated by these firms has reportedly been taken up by alcoholic beverage brands, including Anheuser-Busch, Heineken, and Remy Martin, among others.
While NFL clubs are not allowed to promote digital currencies, sponsorship deals related to blockchain and related technologies, are permitted by the league. As of now, NFL clubs have fifteen blockchain-related deals, eleven of them with the fan token platform Socios. A number of clubs have tied up with Grayscale Investments and Dapper Labs as well.
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Source: https://coinedition.com/nfl-ditches-crypto-sponsorships-thanks-to-ftxs-collapse/