Cryptocurrency trades get ugly for teams and leagues

Cryptocurrency trades get ugly for teams and leagues

FTX, the crypto exchange that has been announced on the left sleeve and right chest of MLB referees since the 2021 All-Star Game, has always looked like a curious option for MLB to take over as the first unified advertiser in the field. For starters, encryption is still a new and unstable product, so why would you want to tie your cart to something so simple? Moreover, cryptography is often used to hide illicit transactions, which seems like the last thing you want to associate with rulers. I mean, if someone wanted to bribe a corrupt trustee, they would definitely do it with cryptocurrency.

Now it turns out that Texas – a state not usually known for its stringent corporate regulatory policies – is investigating whether FTX and its CEO He may have violated state securities laws. what a surprise. Perhaps FTX calls Rob Manfred as a witness to the character, which seems like a perfect match.

This isn’t the first cryptocurrency-related embarrassment that teams and leagues have had recently. In fact, it’s not the first one to include FTX! The company was set to become an advertiser for LA Angels sleeves next season but it is said The deal was withdrawn last June When the cryptocurrency market crashed. Given the investigation in Texas, perhaps the Angels should consider themselves lucky. (According to the same linked article, another crypto company reneged on a similar uni-advertisement deal with the NBA’s Washington Wizards around the same time.)

A similar situation appears to have unfolded in Portland, where the Trail Blazers’ relationship with crypto exchange StormX shriveled in a hurry. Last season, the Blazers proudly presented StormX as The first NBA cryptocurrency correction partner advertiser uni. It is said that the advertising deal was for five years, but that turned out to be a bit of optimism, because the Blazers Finish the deal No explanation a few weeks ago and we’re going now ad-free – And they are supposed to be without revenues that had been allocated a budget – while they are looking for a new advertiser. (Funny that players were still wearing the StormX patch For their annual photo shoot on Media Day Just four days before the team pulled the plug on the ad deal, potentially rendering the images unusable.)

Then there is Crypto.com, the exchange that bought the naming rights to the Lakers arena last december. Less than a year later, Crypto.com went through a serious round of layoffs (which the company initially described as amounting to 5% of its workforcealthough the truth is at least 40%) It is now Facing potential bankruptcy. according to this report:

In addition to walking again The company said its $495 million Champions League sponsorship last month also pulled back from its sponsorship of Los Angeles-based football team Angel FC. Ad age. It also backtracked on its sponsorship deal with the Esports Association for the Twitch streaming service.

No word yet on what Crypto.com’s declining fortunes might mean for 76ersbut this seems to be something to watch.

Announcing the names of fashion and stadiums/arenas is obnoxious enough without getting involved in the industry. I understand that anything related to cryptocurrency or blockchain is the current flavor of the month or something (remember how MLB tried to bribe me to promote NFTs a year ago?), but you’d think the million-dollar leagues and teams might as well. More careful with the people they deal with. Instead, it looks like they’ll end up with lots of eggs on their faces. Serve them properly.

(My thanks to Anthony Emerson for telling me about the FTX investigation.)


Element! Premium preview

My featured article on Substack this week is an interview with Daniel Horen, the artist behind Awesome Pop Fly Pop Shop, who has found a great place for nostalgia by combining vintage sports with vintage comic book art. I’ve been going to interview him for a while now, and it was a blast.

My Premium Substack subscribers will receive this article in their inboxes tomorrow morning. If you have not yet subscribed, You can do it here. (Didn’t you hear about my move from Bulletin to Substack? Additional details on that, including the “Pay What You Wish” subscription option, can be found here.)


(Pot) Hall of Truth

One of the more disturbing examples of ad creep in recent years was the 2018 initiative in which Domino’s Pizza was used Potholes fill in various American municipalities In exchange for an advertisement fee on the repaired road (top left). I thought about it when longtime reader Jason Heller told me about an artist from Chicago named Jim Bashour Which decorates the pits filled with beautiful mosaic motifs from famous paintings (such as Hopper’s paintings night hawks above right). It’s a really fun project – Pictures and additional information here. And it really highlights how cool the domino thing is in comparison.

(Big thanks to Jason Heller for this.)


#Cryptocurrency #trades #ugly #teams #leagues

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