In late 2022, Formula 1 had a big problem:&nbsp;Over <a href="https://www.thesponsor.com/another-formula-1-crypto-sponsor-crashes-out-leaving-830-million-in-unpaid-bills/">$245 million</a> in crypto sponsorship money vanished.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/zcnwqed-_qjfK_ZoOm8Ft1Y7TARficaNq173aTclJ-UD5V6yMERDxrsVEGNwNx26rvg7sA_Wh1jMocc0_9PV_324eTMLsm2l4kqVwKLAASjhYp-zyaZz3vCz5zx9XMZE-lilsSznDJh_qJukKPKqado" alt=""/><figcaption class="wp-element-caption">Graphic by Crystal Le</figcaption></figure>



F1 wasn’t alone; trust between sports and crypto was shattering globally. With more than 40 different crypto deals collapsed in 2022, an estimated <a href="https://www.thesponsor.com/another-formula-1-crypto-sponsor-crashes-out-leaving-830-million-in-unpaid-bills/">$1 billion in total sponsorship value was lost</a>.&nbsp;



Why then, did McLaren stick with Official Primary Partner OKX as 25% of crypto deals (sponsorship, partnership, etc.) in the sport were terminated?



<h2 class="wp-block-heading">Surely it must be the money, right?</h2>



Running a Formula 1 team costs hundreds of millions of dollars, meaning sponsorships are vital to keeping the lights on. With companies willing to spend millions to get their logos featured on cars, merchandise, and other assets, each sponsor can be a key differentiating factor in how many wins a team ultimately tallies across a season.



McLaren knows the importance of sponsors all too well, having struggled to sign sponsors across much of the 2010s, only recently showing signs of life under CEO Zak Brown’s leadership, which inked OKX as a new official primary partner in 2022. As a team that hasn’t won a title since <a href="https://www.youtube.com/watch?v=3pKsxtzfVbQ">Lewis Hamilton’s victory in 2008</a>, the sponsorship has been a welcomed contribution. In the time since it began, McLaren has raced to ten podium finishes (including the recent Piastri-Norris double podiums in Japan and Qatar). The team is eyeing a return to glory while donning the OKX brand prominently on its cars.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/wkNxcpkDVtdx0GuK_I0msDbmKSMAa1M8AZvacpUOJipwQeb0jPRwMcJ8TqauJgRiy45IwXKbx1KlmbGXs8rv0DQLa9BetNt0zLaRvXFcb_9WlZIOi9OpWBks_P12IDeOke91yqzqwQZvOc5LRV2SwF0" alt=""/><figcaption class="wp-element-caption">Lando Norris racing during the Mexico City Grand Prix | Source: <a href="https://www.formula1.com/en/latest/article.norris-enjoys-best-ever-stint-as-he-climbs-from-p17-on-the-grid-to-fifth-in.3V2Wrb6D0MnLJu76mRxzX1.html">Formula 1</a></figcaption></figure>



While the OKX money has certainly positively impacted the team’s efforts, there’s plenty of evidence to suggest that McLaren stuck with the sponsorship for other reasons, including context provided directly by the team.



<h2 class="wp-block-heading">Proven dedication to Web3</h2>



In recent years, McLaren has demonstrated a heavy interest in Web3 technology outside of its sponsorships. In 2021, the team launched the <a href="https://mclarenracingcollective.com/">McLaren Racing Collective</a>, a “global community of collectors and fans” that can experience the brand through collectible NFTs. Today, the team continues to engage with the fans through its <a href="https://collectibles.mclaren.com/">collectibles site</a>, a hub where fans can collect NFTs for a chance to unlock exclusive rewards, like tickets to a 2024 race and a virtual meet and greet with Zak Brown.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/IVk7xOcg88GYCNFEPK6tGefM4IXJdStSf5LBjJAvSbTuUoEW-rxCQEmJ9ZCkwaDzViTTG9G3kbbbb8G9cT_ALjobpMMOxo5IC0dDHkO17Ou3NyHpvzD9QjFtG2TVm1MjFNj7GmFaZ0BTJBJAuW-qv-E" alt=""/><figcaption class="wp-element-caption">British Grand Prix collectible | Source: <a href="https://objkt.com/asset/mclaren-f1-team-23-collectibles/11">objkt</a></figcaption></figure>



As it pertains to OKX, McLaren remains steadfast in its commitment to the relationship and is looking to continue its work to educate fans on the potential of Web3 tech, while also leveraging it to enhance how they experience McLaren.&nbsp;



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“OKX has been a fantastic supporter of McLaren Racing, having joined us ahead of the inaugural Miami Grand Prix in 2022. As an Official Primary Partner of our Formula 1 team, OKX has been instrumental in bringing new and existing fans closer to McLaren. From special liveries to fan zones, OKX has found creative ways to connect with racing fans and bring a piece of its own world to F1. Our partnership has led by example, using our united platforms to educate individuals on the world of Web3 and crypto.”
<cite> — Matt Dennington, McLaren Racing&#8217;s Executive Director, Partnerships &amp; Accelerator</cite></blockquote>



McLaren’s push forward into the future of Web3 and continued use of NFTs, despite mainstream media <a href="https://www.rollingstone.com/culture/culture-news/nfts-worthless-researchers-find-1234828767/">claims that the technology is dead</a>, is indicative of the McLaren Racing spirit of innovation and drive toward excellence.&nbsp;



It’s bravery on display, and it’s working.



The McLaren F1 2023 season collectibles are owned by over 600,000 unique wallets and have generated 8.62k in volume on the Tezos blockchain. Its partnership with OKX exposes millions of fans to the world of Web3 in a positive way — one that funnels them to a cutting-edge platform that provably prioritizes transparency, user safety, and education.&nbsp;



<h2 class="wp-block-heading">A pioneering path forward</h2>



During a time when trust between sports and crypto was damaged, McLaren&#8217;s steadfast commitment to its partnership with OKX and dedication to Web3 technology charted a bold path forward. While financial stability is crucial in Formula 1, McLaren&#8217;s choice to stay with OKX transcends mere monetary gains — the team is committed to building a brighter future for its fanbase with novel experiences only possible through the power of blockchain.



This decision is a testament to McLaren&#8217;s visionary leadership and its determination to foster innovation. McLaren&#8217;s unwavering embrace of crypto and NFTs, despite mainstream skepticism, has not only yielded impressive results in terms of adoption but has also positioned the team as a pioneering force at the intersection of sports and blockchain technology, setting a compelling example for the future.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Those keen on journeying with a pioneering entity into the crypto future should explore signing up for OKX. To stay updated on their ongoing innovations, be sure to follow OKX on <a href="https://twitter.com/okx">X</a> and join their <a href="https://discord.gg/e6EyvM5QwM">Discord community</a>.



<a href="https://www.okx.com/">This content is sponsored by OKX</a>.

Formula 1

Why McLaren Racing doubled down on crypto when competitors abandoned it

Ben Strack

Another crypto company is moving into the Formula 1 arena.



Web3 infrastructure firm Mysten Labs is linking up with Oracle Red Bull Racing — a team featuring drivers Max Verstappen and Sergio Perez that has had six wins in six 2023 races.&nbsp;



The company declined to disclose the terms of the multi-year deal.



Led by former Facebook employees, Mysten Labs <a href="https://blockworks.co/news/mysten-labs-launches-blockchain-platform-sui">introduced layer-1 platform Sui</a> last year. The blockchain’s mainnet went live on May 3, 2023.&nbsp;



Adeniyi Abiodun, Mysten Labs’ co-founder and chief product officer, told Blockworks that working with the racing organization allows the company to introduce Web3 technology capabilities to an entirely new audience.&nbsp;



“Oracle Red Bull Racing, with its global fanbase, offers an excellent use case for the kind of community engagement that our decentralized technology allows,” he added.



“Immersive experiences” stemming from the partnership are set to be announced in the coming weeks.&nbsp;



“The Sui Network and the team behind it are the best possible partners to help Red Bull use the latest peer-to-peer technologies to build a deeper, more fulfilling connection with the supporters of our racing team,” Red Bull Racing Team Chief Christian Horner said in a statement.&nbsp;



The new partnership comes after a <a href="https://blockworks.co/news/formula-one-nft-tickets">new NFT ticketing system debuted</a> around last weekend’s Monaco Formula One Grand Prix — the latest example of the crypto and racing worlds colliding.&nbsp;&nbsp;



Crypto.com <a href="https://www.formula1.com/en/latest/article.formula-1-announce-crypto-com-as-inaugural-global-partner-of-the-f1-sprint.ozYI9zd0622tZyvroYhcM.html">became</a> the first crypto sponsor of Formula One in 2021 as part of a reported $100 million deal and became a title partner of Formula One’s Miami Grand Prix race in February 2022.



Crypto exchange OKX revealed a <a href="https://blockworks.co/news/crypto-exchange-okx-inks-f1-mega-deal">partnership with McLaren Racing</a> in May 2022 as part of a multi-year deal worth “hundreds of millions,” a spokesperson told Blockworks at the time.



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Sui Blockchain Creator Inks Deal With F1’s Red Bull Racing Team

A new NFT ticketing system is set to debut around this weekend’s Formula One event, as fans of the racing league continue to get a glimpse of crypto and its underlying technology.&nbsp;



Attendees of the Monaco Formula One Grand Prix, which runs from May 26 to 28, are able to receive an NFT ticket issued on the Polygon blockchain.&nbsp;



“The ticketing platform combines the robust security of Ethereum with the forge-proof uniqueness of NFTs to enhance ticket authenticity and prevent counterfeiting while providing fans with lasting digital mementos,” Urvit Goel, head of global business development at Polygon Labs, said in a statement.



The new NFT ticketing platform comes as NFT use cases have <a href="https://blockworks.co/news/mastering-nfts">continued to emerge</a> despite search interest in the sector plummeting from a year ago.&nbsp;



It is a result of a three-way partnership between NFT marketplace Elemint, Web3 firm Bary and Platinium Group, the largest ticket operator for Formula One Grand Prix events.



Platinium Group Chief Operating Officer Bertrand Labays told Blockworks in an email that the company has “a profound belief” in the significant role NFTs will play in the sports realm, calling Platinium’s decision to embrace blockchain technology “imperative.”&nbsp;&nbsp;&nbsp;



“We are delighted to introduce to our VIP clients this NFT ticket solution, which not only grants access to unparalleled experiences, but also transforms into truly unique memorabilia [that unlocks] perks — forever encapsulating the essence of this extraordinary moment,” Labays added.



The NFT tickets are set to offer other benefits in the future, such as post-race experiences or ticket discounts for future Grand Prix events.&nbsp;



Using NFTs in the ticketing space continues to gain steam.&nbsp;



Web3 company YellowHeart launched an NFT ticketing platform in October 2022, and tech startup TravelX more recently began helping Argentinian airline Flybondi <a href="https://blockworks.co/news/nft-airline-tickets-revolutionize-travel">offer NFT tickets</a> to travelers.



Viewers of Formula One races have grown accustomed to crypto in recent years as large industry players have gravitated to the sport.&nbsp;



Crypto.com <a href="https://www.formula1.com/en/latest/article.formula-1-announce-crypto-com-as-inaugural-global-partner-of-the-f1-sprint.ozYI9zd0622tZyvroYhcM.html">became</a> the first crypto sponsor of Formula One in 2021 as part of a reported $100 million deal. The company then became a title partner of Formula One’s Miami Grand Prix race in February 2022 after signing a nine-year deal with the racing league.&nbsp;



Crypto.com Chief Marketing Officer Steven Kalifowitz previously told Blockworks that reaching “Super Bowl-size” audiences via live sports like Formula One was critical amid a fractured media landscape that has people watching content at different times.&nbsp;&nbsp;



Crypto exchange OKX revealed in May 2022 that it <a href="https://blockworks.co/news/crypto-exchange-okx-inks-f1-mega-deal">partnered with McLaren Racing</a> in a multi-year deal worth “hundreds of millions,” a spokesperson told Blockworks at the time. 



Later in the year, Formula One <a href="https://blockworks.co/news/web3-patents-companies-filing">filed crypto-related trademarks</a> for its F1 abbreviation, signaling potential Web3 plans.



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Crypto Already Visible at Formula One Events. Now Cue NFT Tickets.

Shalini Nagarajan

With digital assets on the upswing once more, businesses across the board have been locking down blockchain-related patents anew.&nbsp;



Filings for US — and international — patents or trademarks related to cryptocurrency sectors, including <a href="https://blockworks.co/tag/blockchain">blockchain</a> initiatives and <a href="https://blockworks.co/tag/nft">NFT</a> enterprises, are one main means for <a href="https://blockworks.co/news/fico-blockchain-usage-patented">companies to secure related intellectual property</a>. And potentially gain a competitive advantage in the meantime.&nbsp;



As mainstream tech giants, including <a href="https://blockworks.co/tag/amazon">Amazon</a>, hop on the NFT bandwagon, the industry has been parsing the possibility of a spring-to-summer surge in exclusive access to events and collections. 



That could turn passive customers into active players, according to Gökçe Güven, CEO of Web3 tooling platform Kalder. The goal of ratcheting up engagement and branding loyalty could apply to both individual NFT creators and big brands.&nbsp;



“Blockchains and blockchain-based systems are poised to unlock a wide variety of use cases that we probably haven’t even thought of yet,” Güven told Blockworks. “But those use cases need to be structured in a way that incentivizes the individual creator to participate, and this includes legal and regulatory systems.”



While crypto initiatives continue to develop broadly, patents and tradements are on the rise in terms of enforcing the verification that NFTs inherently provide on the blockchains they’re based on, according to Nihar Neelakanti, the chief executive of carbon-backed NFT maker Ecosapiens.&nbsp;



“Trademarks and NFTs are like Cinderella and the magic slipper – a natural fit,” Neelakanti said.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
Added Neelakanti: “NFTs and other digital assets are the best technology to verify identity anywhere on the web and through any transaction, and in that sense, a trademark enhances and enforces the technical protection an NFT may provide through a legal framework.”
</blockquote>



Here’s a snapshot of five businesses with brand recognition that have recently filed patents for Web3 offerings. Companies often file for patents with no expectation of employing a product in the immediate future.&nbsp;



<h2 class="wp-block-heading">Haribo&nbsp;</h2>



German candy maker Haribo has taken a leap into the world of NFTs.&nbsp;



The gummy bear maker registered an NFT-related trademark <a href="https://tsdr.uspto.gov/documentviewer?caseId=sn79336702&amp;docId=ORC20230410174534#docIndex=0&amp;page=1">application</a> with the US Patent and Trademark Office on April 25. The company filed for a number of applications related to “digital collectibles in the nature of downloadable multimedia files.”&nbsp;



Those sectors, per the filing, include “downloadable audio and video recordings, digital avatars and cartoons relating to confectionery.”&nbsp;&nbsp;



<h2 class="wp-block-heading">FICO&nbsp;</h2>



Global analytics software firm <a href="https://blockworks.co/news/fico-blockchain-usage-patented">FICO recently hit a patent jackpot</a>. Not only was it awarded 12 patents, but its use of blockchain for data and model governance was also patented.



FICO, the company behind its popular FICO Credit Score product, has long been a resource used by lenders to assess people’s creditworthiness and decide whether they are suitable for loans or credit cards.



Scott Zelda, the company’s chief analytics officer, has said that blockchain technology has practical value-adds in terms of AI, analytic governance and conducting audits.



FICO’s new patent is all about keeping track of how machine learning models are created, used and monitored. It’s using a “shared ledger.”



<h2 class="wp-block-heading">Fujitsu</h2>



In March, Japanese electronic giant Fujitsu <a href="https://blockworks.co/news/fujitsu-files-trademark-crypto">filed a trademark application</a> covering scores of services, including crypto trading.&nbsp;



The filing for Fujitsu made possible the company’s ambitions to dive into everything from money exchange to digital asset management — on top of brokerage services for crypto.



<h2 class="wp-block-heading">Fidelity Investments</h2>



Boston-based investment management firm <a href="https://blockworks.co/tag/fidelity" target="_blank" rel="noreferrer noopener">Fidelity</a> Investments broke new ground by filing trademark applications in December that indicated <a href="https://blockworks.co/news/fidelity-trademarks-hint-at-big-banks-vying-for-metaverse-customers">plans to service customers in a virtual world</a> powered by digital currencies. 



Three patent applications showed Fidelity’s plans to explore marketing, placements, recruiting and referral services for investment and financial planning in the metaverse. It was also looking into creating an NFT marketplace where one can buy, sell and trade digital goodies.



Read more: <a href="https://blockworks.co/news/fidelity-doubles-down-metaverse">Fidelity Doubles Down on Metaverse With Financial Literacy Experience</a>



<h2 class="wp-block-heading">Formula One</h2>



In the fourth quarter of 2022, auto racing league Formula One <a href="https://tsdr.uspto.gov/documentviewer?caseId=sn97620234&amp;docId=APP20221008081326#docIndex=2&amp;page=1">filed</a> a number of crypto-related trademarks for its “F1” abbreviation, changing from NFTs to retail stores for virtual goods.



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Fidelity

These 5 Companies Have Filed Web3 or NFT Patents

<div id="highlights-block_6282bf96cbaae" class="highlights">
 <ul>
 <li>Crypto companies&#8217; latest deals are part of an effort to develop mainstream awareness of their brands internationally</li>
 <li>Binance, WhaleFin, Tezos, OKX and Crypto.com are a few of the companies that are investing in sponsorships all over the world</li>
 </ul>
 
</div>



Crypto markets may be down, but trading platforms are still pouring truckloads of money into sport sponsorships.



Last week, Binance, the world’s largest crypto exchange, <a href="https://www.binance.com/en/blog/markets/binance-is-the-new-exclusive-crypto-sponsor-of-brasileir%C3%A3o-421499824684903828" target="_blank" rel="noreferrer noopener">announced</a> that it would be the exclusive crypto sponsor of Brasileirão, the leading soccer tournament in Brazil, for the next three years. As with other markets, Binance Launchpad will be used to develop NFTs and fan tokens, digital assets that offer interactivity and benefits for holders.



The sponsorship is “important to help expand crypto adoption and generate positive impact for our users, the crypto and blockchain community and society as a whole in Brazil,” Changpeng “CZ” Zhao, Binance CEO, said in a statement.



In Brazil, the company is already a sponsor of other major clubs such as Santos FC.



Crypto companies hope to reach more retail investors through soccer clubs with huge global reach via broadcast deals and social media accounts numbering in the millions of followers.



Binance’s investment in Brazil included an acquisition, pending approval from the central bank, of Sim;paul Investimentos, a Brazilian exchange that already has regulatory authorization in the country. Recently, Brazil’s Senate approved a draft bill to create rules for crypto in the country.



Binance, earlier this year, <a href="https://www.binance.com/es-AR/blog/community/la-asociaci%C3%B3n-del-f%C3%BAtbol-argentino-presenta-a-binance-como-nuevo-main-sponsor-global-y-fan-token-oficial-421499824684903342" target="_blank" rel="noreferrer noopener">became the main global sponsor</a> of the men&#8217;s national soccer team in Argentina, where soccer passion is as big as it is in Brazil. The five-year deal marks the first time that the exchange sponsored a national team. Argentina will play in FIFA’s World Cup later this year in Qatar.



In Portugal, another country known for its love of soccer, the 2022 championship winner FC Porto, also counts Binance as a sponsor. The terms of the deal were not disclosed. Binance and the renowned soccer club jointly launched a token called FC Porto Fan Token, which lost 74% of its value in the last month, going from $14 to just $1.40.



In Italy, Binance sponsors Lazio, which ranks in fifth place in Serie A, the Italian soccer championship.



And Binance is not alone. WhaleFin, a trading platform for digital assets, will pay 20 million pounds to sponsor Chelsea Football Club’s shirt sleeve in the next season, according to the <a href="https://www.ft.com/content/9f0c4272-a1ff-47cf-8bd6-4c90f1cd2843" target="_blank" rel="noreferrer noopener">Financial Times</a>. Previously, another Premier League team, Manchester United, struck a sponsorship deal with blockchain platform Tezos. Manchester City, which won the British championship this year, has a global sponsorship deal with crypto exchange OKX.



Although soccer is an obvious option for sponsorship deals in Europe and South America, other sports are in the running for crypto dollars. Cryptocurrency exchange Crypto.com, which counts <a href="https://cms.blockworks.co/crypto-com-cmo-on-how-company-went-from-app-to-global-brand/" target="_blank" rel="noreferrer noopener">actor Matt Damon</a> among its hired marketing guns, became Formula 1’s global partner in 2021 in a deal worth $100 million, according to <a href="https://www.cnbc.com/2021/06/29/formula-1-strikes-100-million-cryptocurrency-sponsorship.html" target="_blank" rel="noreferrer noopener">CNBC</a>, and more recently launched a nine-year deal Miami Grand Prix’s as official title partner.



Later this year, Crypto.com will also be one of the many <a href="https://cms.blockworks.co/crypto-com-adds-fifa-world-cup-sponsorship-to-sports-marketing-strategy/" target="_blank" rel="noreferrer noopener">World Cup official sponsors</a>, alongside companies such as Qatar Airways, Adidas, Coca-Cola, Wanda, Hyundai and Visa.



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Argentina

Latest Crypto Sponsorships: Binance Goes To Brazil, WhaleFin Partners With Chelsea FC

<div id="highlights-block_6270f2b2a2cff" class="highlights">
 <ul>
 <li>OKX has more than 20 million users across 180 markets</li>
 <li>Miami Grand Prix title sponsor Crypto.com became the first cryptocurrency sponsor of Formula 1 last year</li>
 </ul>
 
</div>



The upcoming Formula 1 race in Miami — already carrying the name of a crypto company — will also have a team sponsored by a competing firm in the space.



Ahead of the Crypto.com Miami Grand Prix on May 8, exchange OKX has partnered with McLaren Racing in a multi-year deal worth “hundreds of millions,” a spokesperson told Blockworks.



OKX branding will appear on McLaren cars during the event, as well as on the suits and helmets of McLaren F1 drivers Lando Norris and Daniel Ricciardo.&nbsp;



“We choose our partners on the basis we can provide fans and users with meaningful experiences; we aren’t simply interested in brand exposure,” OKX Chief Marketing Officer Haider Rafique told Blockworks in an email. “We want to invest in the fans as well as our partners and lay a strong foundation for long-term future collaborations.”



The deal comes shortly after Rafique joined OKX from competing exchange Okcoin. Before Okcoin, he was head of growth for Blockchain.com and was a head of product marketing at Microsoft.&nbsp;



Rafique was a special adviser to the OKX executive team earlier this year and helped drive a multimillion-dollar <a href="https://www.mancity.com/news/club/manchester-city-official-cryptocurrency-exchange-partner-okx-63781936" target="_blank" rel="noreferrer noopener">partnership agreement</a> with Manchester City. The company announced last month he will build a global marketing team to make crypto mainstream and lead the company’s international expansion efforts.



OKX is the second-largest<a href="https://t.nylas.com/t1/13/4o5yb89j2dw4ujinc1ct9szs9/0/8751de503f1dc461fa4533165db5a8ae9bcc4b706237a3f337cf6fccbbee9ad8" target="_blank" rel="noreferrer noopener"> exchange by trading volume</a>, according to data compiled by Blockworks, and reports having more than 20 million users across 180 markets.



Crypto.com became the first cryptocurrency sponsor of Formula 1 in a reported $100 million deal, <a href="https://blog.crypto.com/formula-1-r-announce-crypto-com-as-global-partner-and-inaugural-partner-of-the-f1-sprint-series/" target="_blank" rel="noreferrer noopener">the company announced last June</a>. It revealed in February that it would be the title sponsor of the Miami Grand Prix. 



Still, the deal is the first of its kind, an OKX spokesperson said, noting that no other crypto company has been the largest partner to a Formula 1 team before. Bybit in February <a href="https://www.redbullracing.com/int-en/oracle-red-bull-racing-gears-up-to-the-next-level-as-bybit-joins-the-charge" target="_blank" rel="noreferrer noopener">became a “top tier ally”</a> of Red Bull’s F1 team, behind title partner Oracle.   



“In a rapidly-evolving field, OKX is a long-established crypto brand that brings innovation, analytics and accuracy to accomplish great things,” McLaren Racing CEO Zak Brown said in a statement. “The first-ever Miami Grand Prix is the perfect occasion for us to launch this significant partnership, through which we will collaborate with OKX to take our fan experience to all new levels.”



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Daniel Ricciardo

Crypto Exchange OKX Inks F1 Mega Deal

<div id="highlights-block_62041a180a97c" class="highlights">
 <ul>
 <li>Stablecoin TerraUSD (UST) could be accepted for payments at Nationals Park next season</li>
 <li>Crypto.com is set as the title sponsor of May Formula One race in Miami after becoming the first crypto sponsor of the racing organization last year</li>
 </ul>
 
</div>



As all eyes are on crypto advertisements slated for the Super Bowl, more players in the space are looking toward other sports to build brand awareness.



The Washington Nationals will partner with Terra, the Major League Baseball team said Wednesday — in what the team billed as the first deal between a DAO and a sports franchise.



It’s a boon for the Terra Community Pool, one of crypto’s largest DAOs (decentralized autonomous organizations). The Terra blockchain deploys algorithmic, decentralized stablecoins that underpin its ecosystem.



As part of the deal, the club space behind home plate will be renamed the Terra Club. In addition to other in-stadium signage, Terra will sponsor a five-part digital series that airs on the Nationals’ social media platforms. Terra’s LUNA coin is the 10th-largest, according to CoinGecko, with a market capitalization of roughly $23 billion.



Stablecoin TerraUSD (UST) could be accepted as a payment method at Nationals Park next season, the team added. A Terra spokesperson did not return a request for further comment.



Terraform Labs Founder Do Kwon had urged the Terra community to pay $38.15 million to a then-unnamed sports franchise in <a href="https://agora.terra.money/t/community-funding-proposal-for-redacted-sports-partnership/3962" target="_blank" rel="noreferrer noopener">a Jan. 31 proposal</a>. The money would cover $7.5 million of annual fees for five years and $650,000 to cover construction, renovation and redesign costs.



“By approving this sponsorship deal, the community has a new way to engage and educate the public, including the policy makers doing important work in Washington, D.C., about decentralized money and the burgeoning technology that underlies it,” Kwon said in a statement.&nbsp;



The deal is the latest in a string of partnerships between crypto companies and professional sports teams. Software platform and decentralized infrastructure provider Ankr <a href="https://cms.blockworks.co/sacramento-kings-nba-franchise-partners-with-ankr/" target="_blank" rel="noreferrer noopener">made a deal</a> with the NBA’s Sacramento Kings in October, while <a href="https://cms.blockworks.co/voyager-digital-partners-with-dallas-mavericks/" target="_blank" rel="noreferrer noopener">Voyager Digital partnered</a> with the Dallas Mavericks later that month.



Crypto exchange FTX partnered with Major League Baseball last year, which resulted in the league’s umpires adorning their uniforms with an FTX patch.



Terra’s deal came the same day Crypto.com said it would sponsor what will be known as the Formula One Crypto.com Miami Grand Prix in May. A Crypto.com spokesperson declined to disclose the cost.



Crypto.com <a href="https://cms.blockworks.co/crypto-com-cmo-on-how-company-went-from-app-to-global-brand/" target="_blank" rel="noreferrer noopener">capped off a marketing-heavy 2021</a> by purchasing the naming rights to the former Staples Center in Los Angeles as part of a 20-year, $700 million deal. Before that, the firm became the first cryptocurrency sponsor of F1 in a reported $100 million deal.



The company’s chief marketing officer previously told Blockworks that reaching “Super Bowl-size” audiences through F1 is even more important amid a fractured media landscape that has people watching content at different times.



The crypto platform is set to run an advertisement during the Super Bowl. A spokesperson for the company declined to comment further.



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