Crypto.com and FTX sign new sports sponsorship deals while the FTT token declines

FTX FTT F1 Crypto.com Philadelphia 76ers
“Formula 1, Singapore GrandPrix 2011” by Kroiz is licensed under CC BY-ND 2.0

Key Takeaways:

  • Crypto.com expands its sports presence with Philadelphia 76ers.
  • FTX exchange signed a sponsorship deal with a F1 racing team.
  • FTT did not respond; instead, it mimicked the Bitcoin chart.

YEREVAN (CoinChapter.com) – Crypto exchanges FTX and Crypto.com have decided to increase their user count via exposure to mass sports events. FTX signed a sponsorship deal with one of the most prominent Formula 1 racing teams: Mercedes – AMG Petronas, while its FTT token consolidated in Bitcoin’s footsteps. Its competitor Crypto.com struck a deal with NBA and will sponsor the Philadelphia 76ers.

Crypto.com in a deal with NBA

In hindsight, Crypto.com, which currently has a daily transaction volume of $2.9 billion, has beat FTX to an F1 deal. In June, the exchange partnered with F1, signing a 5-year sponsorship deal worth over $100 million. According to the terms of the agreement, Crypto.com gained brand presence around various F1 events.

This time the exchange went after a basketball team. According to the announcement, Crypto.com has become the official jersey patch partner of NBA’s Philadelphia 76ers. All four versions of the jersey will feature the company’s logo. The exchange’s NFT marketplace will also participate in the deal, much like the F1 agreement.

The basketball team will launch an NFT collection on the exchange. Furthermore, Crypto.com will gain rights to promotional activity: advertising on the baseline apron of the basketball arena and courtside LED screens.

Also read: Sport-themed NFT firms raise over $900 million in funding

FTX racing for popularity

In the competitive field of crypto exchanges, sports sponsorship has become a fruitful way to increase exposure. According to the Sep 24 statistics, FTX’s daily transaction volume stood at $2.4 billion. However, the long-term sponsorship deal with Mercedes could help propel the company further.

In detail, the deal entails the FTX logo display on both the race cars and the drivers’ attire. The upcoming Russian Grand Prix on Sep 26 will partially unveil the design. The sponsorship also means that the FTX logo will be visible on the Mercedes trucks, the communications facilities, and other accommodations.

Sponsorship deals have already cost FTX over $300 million.

The Miami Heat basketball team sponsorship alone cost FTX $135 million. However, the exchange didn’t just focus on mass entertainment. In May 2021, FTX also partnered with Norway-listed chess company Play Magnus. In a mutually profitable deal, the exchange will cover the World Chess Championship in Nov. 2021.

Also read: FTT flies 8.6% as FTX exchange expands operations to the crypto-friendly Bahamas

Meanwhile, FTT…

…the exchange’s native token did not respond to the news. The exposure effort is not likely to go to waste, but the token seemed unimpressed. It copied Bitcoin’s price action once again and dropped by 10%. The FTT/USD exchange rate stood at $50.6 in the London session Friday, while the alpha crypto itself lost 7%.

FTT on a decline, while FTX strikes a new sports exposure deal. Source: FTTUSD on TradingView.com
FTT is on a decline, while FTX strikes a new sports exposure deal. Source: FTTUSD on TradingView.com

However, FTT also flashed a positive sign. It formed a bullish falling wedge. The latter is a technical formation with two converging trendlines that envelop the price action and drive it down. After the digital asset exhausts the pattern, it might break out north in a bullish streak.

Also, read: Bitcoin rallies 10% in tandem with US stocks amid easing Evergrande debt default tensions.

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