Another $20 million will be paid by cryptocurrency exchange OKX to sponsor Manchester City’s practice uniform this year.
With a sponsor at its core, the club
Six months after severing ties with a previous sponsor, English football side Manchester City is trying out a cryptocurrency arrangement once more.
The agreement revealed in a statement on Monday would also see OKX become a presenting partner for Man City’s Trophy Tour 2022, which will return for the first time since 2019. This follows a calmer few months in terms of crypto-sports sponsorship deals during a market crash. The contract, according to City AM, is worth more than £10m ($12m) annually.
- “We are proud of this partnership, as we see a strong parallel between training to learn, grow and succeed on the football field and the skills that OKX traders are able to develop, implement and hone when they are equipped with the robust features of the platform. It is by accumulating knowledge through practice that results are obtained, whether in the field or in the markets.
Prior to OKX, a relationship with the enigmatic business 3Key came to an end after concerns were raised about its ownership.
However, club operations director Roel de Vries stated that “OKX and Man City are united on ideals such as innovation. and success, and for both sides, it all starts with training and education.” This suggests that Man City is still active in the cryptocurrency sector.
Erling Haaland, Jack Grealish, Joao Cancelo, and John Stones were all depicted in artwork produced by street artists Akse P19 and the Global Street Art Agency for four places in Manchester.
Sports are being invaded by cryptocurrencies
Sports sponsors are becoming a popular choice for bitcoin companies as all sports continue to thrive. By 2026, it’s predicted that the blockchain and cryptocurrency industries will have paid out $5 billion in sports sponsorship.One of the largest transactions was when Crypto.com paid $700 million in November 2021 to redesign the Los Angeles Staples Center for the following 20 years.
Sports celebrities are also participating. Cristiano Ronaldo and cryptocurrency company Binance last month agreed to a multi-year marketing deal that calls for the development of multiple Ronaldo NFTs.
FIFA has partnered with the Algorand blockchain (ALGO) and is continuing its Web3 approach, but some famous people who have received payments in bitcoin are learning that the market is not always bearish.
To legitimize Web 3.0 and help mainstream sectors understand that cryptocurrencies are here to stay with their technologies and budgets, cryptocurrency companies are pushing for significant sponsorships.
Although many sponsors favor the super-rich, it would be interesting to see collaborations with smaller clubs or organizations to promote the acceptance of sport worldwide at the same time as cryptocurrency. Sport is a tool of the people, just like bitcoin.
