Basketball teams are betting on crypto sponsors

Meta Force has become the sponsor of the basketball Partizan 3×3 team

The basketball team Partizan 3×3 secured a new sponsor in August of this year by signing a deal with the crypto company Meta Force. Now, the serbian black-and-white team proudly displays the Meta Force logo on their jerseys. This is part of a growing trend—teams in the NBA, for example, have been partnering with crypto companies like Crypto.com and Coinbase for several years. While some companies use these partnerships to legitimize their crypto brands and reach younger audiences, others expand their financial resources and enhance fan engagement through blockchain technologies.

Partizan 3×3 secures Meta Force as new sponsor

The press service of the Partizan 3×3 team announced  the signing of a naming, informational, and business partnership agreement. The team’s official name is now Partizan Meta Force, and the contract is valid for the current and following year.

Currently, among FIBA 3×3 teams, this is the only example of collaboration with a crypto company, although it is not uncommon within the broader FIBA family. In 2021, FIBA itself signed an agreement with the crypto company Bitci. The agreement not only offered premium brand visibility on the court but also allowed Bitci to develop and launch a special FIBA fan token.

The entry of crypto industry players into the sports sphere is quite logical. Sports events attract millions of active, young fans who are open to new technologies. For sports teams, the arrival of crypto companies has meant not only new sponsorship money but also new technologies for interacting with fans.

Speaking of sponsorship amounts received by sports teams, one of the largest naming deals comes to mind. In 2021, the cryptocurrency platform Crypto.com signed a 20-year contract with AEG, the owner of the home arena for NBA teams Los Angeles Lakers and LA Clippers, to rename the arena. What was once known as Staples Center is now Crypto.com Arena. This deal reportedly cost the cryptocurrency company $700 million.

How blockchain enhances fan engagement

In addition to money, sports clubs are gaining access to new technologies that fundamentally change the way they interact with their fan base. For example, in 2022, the NBA signed a multi-year contract with Sorare, the developer of the fantasy game NFT Fantasy NBA.

This game uses blockchain technology in its mechanism, providing fans with a new level of interaction with the league. Players create their own teams and compete with each other, building a lineup of digital collectibles based on NFTs representing their favorite players and teams, earning points based on the real-life performances of NBA players. The game already has nearly 5 million participants.

«Our partnership with Sorare will give NBA fans a completely new way to engage with our teams and players. With the evolving fantasy NFT platform, we see significant opportunities to expand our fan community and grow NBA basketball worldwide,» said NBA Commissioner Adam Silver when the agreement was signed.

Crypto industry’s deeper integration into sports

While major basketball leagues like the NBA and FIBA primarily interact with the crypto industry in the media and gaming space, their counterparts in other leagues are integrating even further into team operations. For instance, in the Big3 league, founded by musician and actor Ice Cube, there was the first deal where a crypto company purchased an entire basketball team, the Killer 3s.

The NFT project DeGods DAO now has control over the team. They can choose the CEO, president, and vice president. DeGods DAO also holds intellectual property rights to launch merchandise officially licensed by the team.

For DeGods NFT holders, the deal opened access to 500 whitelist spots, where NFT holders could mint one of 975 golden Killer 3 NFTs, each priced at $5,000. Ice Cube described this move as an excellent bridge between players and fans, as fans could directly own their favorite team.

«This is a time when, through blockchain, fans can actually buy part of any team in the Big3 or all the teams in the Big3,» explained Big3 founder Ice Cube.

Crypto sponsorships in other sports

It’s worth noting that basketball is not the only sport that welcomes new crypto sponsors. For example, the crypto project Choise.com recently signed a sponsorship deal with the reigning champions of the European League of American Football (ELF), the Vienna Vikings. In addition to branding, the club is looking forward to launching a special Crypterium VISA card collection in fan style to honor the players and officials of the Vienna Vikings.

Additionally, the famous football club Manchester United announced earlier this year the upcoming launch of player trading cards and a fantasy football game on the blockchain platform Tezos. This initiative, scheduled to launch soon, is part of the club’s partnership with Tezos.

The partnership between the Serbian team Partizan 3×3 and Meta Force highlights the growing trend of integrating the crypto industry into sports. This collaboration not only strengthens the positions of both parties but also opens up new opportunities for fan engagement.