The crypto-verse has witnessed impeccable growth over the years. It has managed to reach almost every industry that exists. The presence of digital assets in the sports industry has been significant. Throughout 2021 and 2022, the number of cryptocurrency platforms sponsoring football clubs, UFC players, basketball clubs, and even Formula 1 racers was highlighted. One particular exchange was elevating its presence in the industry, untethered by the bearish market.
OKX cracked a deal with Manchester City back in March 2022. Marking its very first sports partnership, OKX announced a global partnership with Manchester City men’s and women’s teams. However now, OKX decided to elevate its presence on the football field. As a result, the exchange revealed that it would be the club’s official training kit partner.
This deal is expected to go on throughout the 2022-2023 season. While the details regarding the finances involved in the deal remain under the wraps, sources suggest that it was over $20 million.
Additionally, apart from its interest in football, OKX has also partnered with McLaren Racing Formula One driver, Daniel Ricciardo.
Is crypto making a comeback in the sports industry?
The recent bear market that took over the crypto-verse was detrimental in many ways. From layoffs to a lack of significant partnerships, dark times were upon the industry. However, certain exchanges continued with expansion plans and avoided layoffs. OKX was one among them.
While other organizations reduced their working staff, OKX announced that it intends to increase its staff by 30 percent. The latest deal with Man City further reveals that the exchange is unfazed by the bears.
Some people called this year’s Super Bowl ‘Crypto Bowl’. The extensive crypto ads spruced up the industry in a mainstream light. A Nielsen sports report also suggested that crypto sports partnerships would surge as high as $5 billion in less than a decade. Furthermore, the report also pointed out that crypto sports sponsorships will grow by 778% over the next five years.
However, advertisement markets have taken a major hit this year. In addition to this, significant partnerships were also out of the picture. Making it rather difficult for the industry to achieve the aforementioned projections.
But OKX’s latest partnership could be the start or resurrection of crypto sports deals.