FTX pays Golden State Warriors $10 million for global rights

Stephen Curry #30 of the Golden State Warriors brings the ball onto the field during the second half of the Utah Jazz 129-99 win at Vivint Smart Home Arena on January 30, 2018 in Salt Lake City, Utah.

Gene Sweeney Jr. | beautiful pictures

Golden State Warriors has agreed to sponsor international rights to crypto platform FTX.

The terms of the deal were not made public, but people familiar with the deal told CNBC it was a multi-year deal worth $10 million in total. People discussed the agreement on condition of anonymity because they were not authorized to discuss the specifics of the contract. This is the first global agreement for 5.6 billion dollars Golden Empire Warriors.

FTX, worth about 25 billion dollars, is one of the largest cryptocurrency exchanges in the world and competes with Coinbase, Binance and Kraken.

“FTX is a company that caught our eye a few months ago,” Warrior president and CEO Brandon Schneider said in an interview with CNBC. “We think we’re in the early stages. We’re all learning and this space is going to grow quite a bit,” added Schneider.

It is the latest such deal for FTX, which has an arbitration shirt deal with Major League Baseball. It also took over the naming rights to the Miami Heat arena in a reported deal $135 million in 19 years.

Schneider said of FTX: “We think they are a market leader on the right track.

NBA begins to allow clubs to take international advantage agreements in 2019 in an attempt to expand globally.

Sam Bankman-Fried, co-founder and chief executive officer of FTX, in Hong Kong, China, on Tuesday, May 11, 2021.

Lam Y Than | Bloomberg | beautiful pictures

FTX acquired brand status with the Warriors’ G League club and NBA 2K e-sports team, in-game signage at Chase Center, and acquired non-fungible token (NFT) rights ) of the team.

FTX will also receive virtual deck inventory on Warriors regional sports network games. Digital logos are shown on TV during local and national NBA games, just like actual floor signs. Industry insiders claim that virtual advertising attracts around $15,000 per quarter.

Most of the Warriors games air on the RSN property owned by NBCUniversal, the parent company of CNBC.

Another dot-com sports bubble?

Cryptocurrency companies have been actively seeking sports sponsorship in 2021, and the NBA has welcomed the attention.

The Coinbase logo is displayed on NBA arenas during ESPN and Turner Sports national games. People familiar with that deal told CNBC it was worth $192 million over four years.

Los Angeles Lakers Rename Staples Center to Arena in a $700 Million Deal. And the Portland Trail Blazers landed the league first crypto shirt patch with StormX in July.

Organizations like the National Football League remain cautious about the crypto space, and there are crypto-like deals sports sponsorship dot-com related bubble.

In that era, as the internet grew, tech companies poured money into sports sponsorships to raise brand awareness. The NFL knows this period well. Companies like CMGI and PSINet have club deals before losing most of their early fortunes.

“I see behavioral similarities on the front end of the bubble,” said Peter Laatz, global managing director of funding valuation firm IEG. “The behavior of rushing spending and money pouring in with naming rights is league-wide with some consumers confused about what the product is – it’s very similar to the dot-com bubble.”

Schneider says the comparisons to the dot-com bust are fair.

“If that’s the case… then this is really the beginning because the dot-com boom is like the beginning of the Internet as we know it. All these companies are in the early stages of their journey. submit.”

A ‘Buy Bitcoin Here’ sign is posted at a 7-Eleven store on November 10, 2021 in Los Angeles, California.

Mario Tama | beautiful pictures

Warriors give back in bitcoin

Warriors and FTX also collaborate to donate one bitcoin to three local nonprofits addressing educational equity, including Self-eSTEM, Mission Bit, and Techbridge Girls.

“The community supports us a lot and we want to give back,” says Schneider.

The deal comes as the franchise re-emerges for the NBA 75th Anniversary season. The Warriors have one of the best winning records this season and their superstar Stephen Curry is showing.

Curry nearly broke Ray Allen’s record for most three-pointers. Allen leads with 2,973 three-pointers, and Curry is just two more away from him.

CNBC’s Ryan Browne contributed to this article. FTX pays Golden State Warriors $10 million for global rights

Emma James

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