Soccer has secured the No. 1 spot for the most crypto sponsorship deals since 2021. CoinGecko revealed in an X post that Soccer has been the target of 33 crypto sponsorships.
It has received crypto investments more than any other sport. Manchester United, Chelsea, and Inter Milan are among the earliest investors. The report examines crypto sponsorships across various sports from 2021 to 2024.
Soccerโs popularity among crypto sponsors remains steady
Soccerโs popularity among crypto sponsors has remained consistently high throughout the period studied. In 2021, the sport saw 9 new sponsorship deals, followed by 10 in 2022.
Although there was a sharp decline to just 3 deals in 2023, likely due to the broader crypto market downturn, 2024 witnessed a strong rebound with 11 new partnerships.
Motorsport, particularly Formula 1, has been another major beneficiary of crypto sponsorships. The sport recorded 9 new deals in 2021, 6 in 2022, and 3 each in 2023 and 2024. Notable agreements include Crypto.comโs $100 million partnership with Formula 1 and Bybitโs $150 million deal with Red Bull Racing.
eSports has also attracted considerable interest from crypto firms. After consistent numbers in 2021 and 2022 with 4 deals each year, and a dip to 1 in 2023, the sector saw a surge to 7 new sponsorships in 2024.
Basketball started strong with 6 new deals in 2021. However, it has seen a major decline in crypto partnerships. The sport recorded no new deals in 2022 and only one each in 2023 and 2024.
Market conditions correlation with crypto-sport sponsorships
The report notes a clear correlation between crypto market conditions and sponsorship activities. The bull market of 2021 saw a flurry of deals across all sports, with 33 new sponsorships signed that year alone. However, the market crash in 2022 led to a decline in new partnerships, with only 25 deals recorded.
The crypto winter of 2023 further affected sponsorship activities. They year saw just 8 new deals. However, 2024 has shown signs of recovery with 26 new sponsorships.
Some of the most important sponsorships highlighted in the report include Crypto.comโs $700 million deal. The deal was for the naming rights of the former Staples Center and their partnership with the UEFA Champions League.
โOther major partnerships included a $100 million sponsorship by Zytara of Inter Milan and a $135 million deal by FTX with Major League Baseball,โ CoinGecko stated.
The report also highlights some of the key reasons as to why crypto companies sponsor sports teams. One of the main reasons is brand awareness and visibility. The other reasons includes building legitimacy and trust, fan engagement and adoption, global reach, etc.
ย Additional reporting by Noor Bazmi
