Crypto Adoption within Sports Grows – Headlined by Formula 1, NASCAR, Tom Brady, and More

From Football to Boxing, Racing, and more – Crypto adoption is on the rise within sports.  This has been no more apparent than over the past few weeks, as multiple examples have occurred involving marquee names like Tom Brady and Formula 1.

Formula 1

Crypto.com is fast becoming a force to be reckoned with.  Building off an achievement which saw the company partner with the iconic Aston Martin Formula 1 team, Crypto.com has now one-upped this with a $100M sponsorship deal with Formula 1 itself.

The deal, which involves the 2021 Global Sprint Series, sees not only branding opportunities, but opportunities for NFTs as well.  Furthermore, both Formula 1 and Crypto.com noted a mutual goal of becoming carbon-neutral within a short period of time.

Formula 1 Director of Commercial Partnerships, Ben Pincus, commented,

“We are thrilled to announce Crypto.com as a Global Partner and lead partner of the Sprint event as we bring this exciting new format to fans for the first time this year. We will rely heavily on their expertise as we explore the world of cryptocurrency, an area we are very interested in, and this will be the first time as a sport we are able to offer fans the opportunity to explore this exciting world as we further increase our digital presence.”

Landon Cassill

Staying on the topic of racing, adoption is being seen not just through team sponsorships in Formula One, but NASCAR as well.  In a 20-race sponsorship deal with Voyager and Hedge, NASCAR driver Landon Cassill was recently paid in Litecoin (LTC).  This decision to accept Litecoin extended beyond sponsorship dues, to include Cassill’s regular pay.  This process will see regular pay seamlessly converted to Litecoin through Hedge, and subsequently sent to Cassill’s Voyager account.

Landon Cassill stated,

“… Hedge is a really unique product that fits me very well, as I have been exploring ways to run my payroll through cryptocurrency. I’m excited to use the product for myself and have them on my racecar all season!”

Tom Brady

Moving beyond racing, digital assets have also caught the attention of arguably the NFL’s G.O.A.T – Tom Brady.  In a deal also involving Brady’s wife and supermodel, Gisele Bündchen, the pair have officially acquired equity in FTX.

In addition to acquiring an equity stake in FTX, Brady and Bündchen are expected to take on roles as ambassadors for crypto.  This will see the undertaking of various branding and charitable initiatives.  For their work, each will receive crypto as compensation.

Tom Brady stated, “It's an incredibly exciting time in the crypto-world and Sam and the revolutionary FTX team continue to open my eyes to the endless possibilities…This particular opportunity showed us the importance of educating people about the power of crypto while simultaneously giving back to our communities and planet. We have the chance to create something really special here, and I can't wait to see what we're able to do together.”

Notably, this is was not the first indication of Tom Brady’s interest in digital assets.  Months ago, the future hall-of-famer updated his public profiles with BTC ‘Laser Eyes’, indicating his belief and support for the network.  In the time since, he has gone on to speak favourably on the asset on various occasions.

Social Knockout

While not on the same scale as a $100 million deal with Formula 1, or a partnership with one of the NFLs greatest players of all time, examples of crypto adoption have begun to expand into sports within the United Arab Emirates (UAE).  An upcoming combat event dubbed ‘Social Knockout’ looks to capitalize on the recent phenomenon of social influencers trying their hand at professional sports. The event, which was made possible with help from the Dubai Sports Council, is expected to be ‘organized completely through cryptocurrency transactions’.

Social Knockout, which will also see various NFTs auctioned off, is headlined by Rashed Saif Belhasa – a social media influencer known as ‘Money Kicks’, boasting over 5 million subscribers across platforms.

Social Knockout CEO, Tam Khan, commented,

“This is a league that is unlike any in the world. We’re starting things out with a bang, and we’re proud to be the first to use cryptocurrency only for our transactions, which is in line with the government’s directive to turn Dubai into a leading digital economy and a destination of choice for all sporting enthusiasts”.

Past Examples

The above examples of crypto adoption within sports are just those from recent weeks.  They will see crypto placed front-and-centre, for millions to see on a constant basis.  This however is a trend that has been building for a long while now.  To learn more about previous instances involving the NBA to NFTs, player salaries, and more, click HERE.