Crypto sports sponsorships dipped 38% since 2021 but show signs of recovery in 2024.
FTX’s collapse in 2022 triggered a major pullback in crypto sports sponsorship deals.
2024’s uptick of 26 crypto sponsorships hints at a cautious market rebound.
Crypto companies have a history of turning to sports sponsorships to grab the public’s attention. But the game has changed a lot since the peak in 2021. A Coingecko report shows that the downfall of big players like FTX and the sharp market downturn in 2022 caused a major decrease in new deals. In 2024, with 26 new sponsorships signed, is the relationship between cryptocurrency and sports on the rebound?
The Rise and Fall of Crypto Sponsorships
In 2021, the crypto bull market fueled a boom in sponsorship deals. Crypto companies secured 33 new partnerships, making up 35.9% of all deals between 2021 and 2024. Some notable deals included Crypto.com’s $700 million naming rights agreement for the Staples Center and FTX’s $210 million sponsorship with Team SoloMid in esports. These sponsorships aimed to make crypto a credible mover in mainstream sports.
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