The most valuable NFL team signed a cryptocurrency sponsorship. Here’s why the deal is so important for the NFL going forward.
What Happened: The Dallas Cowboys announced its first-ever cryptocurrency exchange sponsor with a deal signed with Blockchain.com.
This marks the first NFL team to sign a sponsorship deal with a cryptocurrency exchange. The deal comes after a recent change by the NFL to allow sponsorships of teams by cryptocurrency exchanges.
Under the terms of the deal, Blockchain.com will be the exclusive digital asset partner of the Cowboys. This also marks the first professional sports partnership for Blockchain.com
Blockchain.com will receive branding and advertising opportunities inside AT&T Stadium, home of the Cowboys.
“The Cowboys and the crypto exchange will work together to develop exclusive fan experiences available via the Blockchain.com Wallet app — such as VIP trips to Cowboys away games and opportunities to meet Cowboys players,” the press release said.
The Cowboys and Blockchain.com will also provide educational content on cryptocurrency together.
Blockchain.com has more than 80 million customers in 200 countries.
Why It’s Important: Along with the deal between the Cowboys and Blockchain.com, the NFL saw 13 teams sign marketing alliances with fan token platform Socios.
Teams are not able to promote specific cryptocurrencies or tokens but can partner with blockchain and cryptocurrency companies under the terms of a new NFL rule change from March. Socios can not currently launch fan tokens for individual NFL teams, as it has for international football (soccer) teams.
Many other professional sports leagues have warmed up to be more friendly to cryptocurrency companies.
The National Basketball Association has been at the forefront of being the most crypto-friendly league with deals with FTX and other crypto companies along with their own NFTs through a partnership with Dapper Labs called NBA Top Shot.
The NFL is warming up to cryptocurrency and also launched NFTs with Dapper Labs recently and launched NFT tickets through a partnership with Ticketmaster, a unit of Live Nation Entertainment, Inc. LYV.,
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.