Like many crypto companies now, the famous American exchange Coinbase has decided to enter the world of sports as a sponsor of the NBA.
Summary
Coinbase the only crypto sponsor of the NBA
Coinbase has opted to sponsor not only the National Basketball Association (NBA), but also its female version, the Women’s National Basketball Association (WNBA).
It is worth noting that the contract includes exclusive sponsorship in crypto, including as a partner in the NBA G League, the NBA 2k League and USA Basketball.
The news came just today, Thursday, October 20, following Bitget becoming a sponsor of the Juventus football team and Binance of Lazio.
Kate Rouch, head of marketing at Coinbase, explained:
“The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission. Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner. As part of the partnership, we will create interactive experiences to engage with the NBA and WNBA’s incredible community and athletes around the world”.
Sports and crypto go hand in hand
The relationship between crypto companies and sports seems to be well established, with many exchanges deciding to sponsor football, basketball and so on, probably due to the commonality of the two sectors’ target audiences.
It is not for nothing that football-related projects such as Socios, Sorare and Chiliz are among those with the largest number of followers, moving large sums of money.
Since January, exchanges on Sorare’s platform have reached $150 million and there are said to be over 600,000 users. The CHZ token is among the top 70 by market capitalization according to CoinMarketCap with 347,080 people having it on their watchlist.
The latest news on Coinbase
Ranked second worldwide by spot volumes, Coinbase is one of the most well-known exchanges in the industry and recently decided to announce its own NFT marketplace.
After Binance and Crypto.com, this platform has decided to venture into the world of crypto art.
At the moment, Coinbase NFT has not yet opened its doors, but it is only possible to join the waiting list.
Coinbase will support the Ethereum-based standards of ERC721 and ERC1155, but plans are in place to start supporting different blockchains later.
It’s still unclear what type of NFT Coinbase wants to specialize in, but it seems from the announcement that the focus will be on collectibles.
