Clear connections cannot be made in this context. As reported by BTC-ECHO, on November 17, the Crypto.com company announced a partnership with the Los Angeles Lakers and the Los Angeles Kings ice hockey team. However, this development need not be completely uninteresting for course development. Partnerships with well-known sports teams are the specialty of the cryptocurrency, which currently ranks 15th by market capitalization ($14,569,472,446).
The chart shows the development of Crypto.com over the past two and a half years.
Hardly any crypto company is that sporty
When you compare the charts to investment announcements or partnership announcements, things get really interesting.
In March 2021, Kris Marszalek, co-founder and CEO of Crypto.com announces that the company has entered into a year-long partnership with Aston Martin. With Crypto.com he supports the car manufacturer and Aston Martin is putting together a team for the Formula 1 season, which starts late due to Corona. In May 2021, the founders of the CRO have named the Italian football league Serie A as their new partner for the upcoming season. Shortly after comes the French soccer team Paris Saint German, which can be purchased as digital players through Crypto.com’s internal NFT platform. At the end of the same month, September 2021, it was announced that the Philadelphia 76ers basketball team would also wear the “Stormtrooper” branding on the chest in the future.
Since November 3, it has become clear that e-sports provider Twitch Rivals will also advertise Crypto.com in more than 250 programs worldwide. And since November 7, the Ultimate Fighting Championship (UFC) athletes are also available as NFTs on the platform. The announcement of acquiring the naming rights to the Lakers Arena is part of a series of public announcements.
To be able to invest you first need knowledge
Now for a few figures: the 2020 Formula 1 season was watched by 87.4 million fans worldwide. A match in the Italian Serie A is watched by about six million people, Paris-Saint-Germain is a fixture in the football Champions League and the most successful football club in France with about 53 million followers on Instagram. E.Sports provider Twitch Rivals has more than a billion players: in and the LA Lakers, together with the Boston Celtics, are probably one of the most successful basketball teams in the NBA, having won the championship 17 times and therefore at least 93 games per season for full houses.
In order for people to invest in cryptocurrencies, they must first know that they exist. As a September 2021 Morning Consult poll suggests, sports fans (47 percent) and especially esports fans (70 percent) are likely to have at least some knowledge of cryptocurrencies. For those not interested in sports, the rate is only 23 percent.
Crypto.com ensures that fans can hardly miss the logo in any case. The NFTization of the players also offers the platform the opportunity to bind fans of these teams even more to its own products. The CEO says:
As we aim to grow from 10 million users to 100 million over the next two years, the NFT market will undoubtedly be a major growth driver.
The fact that something is present does not necessarily make it reliable
While Crypto.com may be running one of the most aggressive advertising campaigns around, this does not guarantee that the company’s products are reliable or safe. Everyone must decide for themselves in good conscience. However, such an exponential increase in market capitalization can hardly be healthy for the underlying currency. However, as other past cryptocurrency courses suggest, the market often corrects itself in these cases. This is mostly speculation about an unclear future, because so far the only fact is: On November 18, 2021, Crypto.com will set a new universe-time high at $0.588133.
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