Sports and Cryptocurrency News: Week of February 21st to February 27th 2022

The NFL is taking a cautious approach to crypto esports deals, with a football club looking to build its first “Metaverse Stadium.” And a famous NBA player is shutting down his NFT project, much to the dismay of many.

These are some of the top headlines from the last 7 days of crypto and sports news, compiled by the Bitcoin team.

Sports and Crypto News: De’Aaron Fox is leaving the NFT project

De’Aaron Fox is arguably Sacramento’s most talented player and has long been a fan favorite from the neighboring Bay Area club. Fox was one of the first NBA players to release his own NFT project, titled SwipaTheFox, and despite NFT sales of around $1.5 million, everything ground to a halt last week.

It is another NFT project, joining a long list of celebrity founded or sponsored mints that provide a detailed but unexecutable roadmap. Here’s a screenshot from the project’s Discord showing that Fox has announced the project’s closure:

Sports and Cryptocurrency News: FTX Launches Gaming Unit in Partnership with TSM

A new report from Front Office Sports has revealed that crypto exchange FTX is launching a dedicated gaming unit focused on blockchain networks and NFT integration. The full range of the device is yet to be revealed, but the move certainly aligns with FTX’s positioning. The exchange has partnered with powerful eSports organization TSM for the first time and has spent significant sums on GameFi and related regions.

Meanwhile, the swap also brings a new head of global luxury partnerships as FTX looks to build on its current sports sponsorship-heavy strategy. Lauren Remington Platt will take on the role and a resume suited to fashion and business development will make it very difficult to rise to the top. Platt previously built her own beauty service and founded leading partners such as Saks Fifth Avenue and Vogue.

Sports and Cryptocurrency News: Nielsen Report – Blockchain sports sponsorship will hit $5 billion by 2026

A new global sports sponsorship report from Nielsen was released this week, revealing that the data and analytics firm is predicting massive spending from crypto competitors that will continue to spill over into the sports sponsorship space. Nielsen predicts sports sponsorship deals from blockchain players to grow to $5 billion by 2026, a nearly eightfold increase from last year’s spending. The report cites “legitimacy” and “fan engagement” as two key factors contributing to the future deal’s success in esports.

Sports and Cryptocurrency News: MLS DC United Finds New Blockchain Partner

MLS club DC United this week found a new blockchain technology partner on the XDC network, they signed a 3-year deal and will see brand equity on their home, away and training kits.

Billy Sebell, CEO of the XDC Foundation, said in a statement:

“This partnership aims to bring the value of blockchain to the DC United fanbase to enhance their experience, encourage deeper engagement and connect the growing crypto ecosystem to the club.”

Sports and Crypto News: The NFL’s latest take on crypto sponsorship deals

This week, a new report from Sports Business Journal says the NFL is still proceeding with caution; Despite the huge success of Super Bowl trade execution by crypto companies like Coinbase, the tournament is not yet ready to go live.

Federation officials told SBJ they “hope” that a federation-wide crypto policy could be rolled out in the next 30 days, acknowledging the reality is “may or may not happen.”

The federation’s current hesitation is due to the lack of an existing regulatory framework, and SBJ reports that the federation has “more confidence in blockchain-based products that don’t require cryptocurrencies to operate,” citing an agreement with Ticketmaster to produce NFTs .

Now the alliance certainly has more opportunities to increase revenue without the association having to accept the level of risk that current crypto participation poses.

Sports and Crypto News: The First Metaverse Stadium?

Manchester City were once one of the more aggressive Premier Club teams and the club are now working with Sony’s VR team to build a “virtual replica of Etihad Stadium” which will serve as the club team’s virtual headquarters. The club have already set up a fan token with Chiliz and despite difficult relationships with potential blockchain partners, they are optimistic that Man City are still exploring new ways to engage with fans.

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