The crypto world has observed significant growth over the years. It has managed to attain almost every industry that exists. The presence of digital assets in the sports industry has been influential. Throughout 2021 and 2022, the number of cryptocurrency platforms sponsoring football players, clubs, UFC players, basketball clubs, and even Formula 1 racers. One particular exchange was advancing its presence in the industry, untethered by the bearish market.
OKX snapped a deal with Manchester City back in March 2022. Observing its very first sports partnership, OKX declared a global partnership with Manchester City men’s and women’s teams. Nevertheless now, OKX chose to upgrade its presence on the football field. As a result, the exchange indicated that it would be the club’s official training kit partner as well.
OKX and Man City Deal
This new deal is anticipated to go on throughout the upcoming 2022-2023 season. While the details concerning the finances involved in the deal remain uncertain, sources indicate that it is worth over $20 million.
Is crypto slowly making a comeback in the sports industry?
The recent bear market that took over the crypto world was damaging in many ways. From layoffs to a lack of effective partnerships, dark times were upon the industry. Regardless, certain exchanges continued with development plans and dodged layoffs. OKX was one among them.
While other organizations decreased their working staff, OKX announced that it intends to increase its staff by 30 percent. The latest deal with Man City further reveals that the exchange is unfazed by the bears.
Some people named this year’s Super Bowl ‘Crypto Bowl’. The expansive crypto ads lit up the industry in a mainstream light. A Nielsen Sports report also implied that crypto sports collaborations would surge as high as $5 billion in less than a decade. In addition, the report also indicated that crypto sports sponsorships will grow by 778% in the next five years.
We will have to wait and see if OKX’s latest deal contributes to the resurrection of crypto in the sports industry.
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