A sports fan may be aware of the appearance of new types of ads on courtside screens and athletes' social media accounts in recent months.
According to Bloomberg analysis, cryptocurrency companies flooded the sports world with $2.4 billion in sponsorship funds to sports marketing in the past 18 months.
Not only that, Bloomberg noted that a wide variety of leagues, teams and players have benefited from the sponsorship bonanza.
For example, the Dallas Cowboys, Golden State, Warriors and New York Yankees, Kevint Durant, Christiano Ronaldo and the Drone Racing League all have cryptocurrency offerings.
In addition, the purpose of such sponsorships and advertisements is intended to involve more people entering the cryptocurrency market, such as existing investors or attracting a small portion of the adult U.S. population.
This is because, a September 2021 Pew Research Center survey showed that almost 9 out of 10 Americans have heard of cryptocurrency, but only 16% have invested or traded in the digital asset.
He added that Pew found that men aged 18 to 29 are likely to use cryptocurrencies because the goal of the current generation is to make long-term investments and consider cryptocurrencies to be one of the important things in the future.
Also explained, the recent decline in the crypto market may not help further increase the number of investors because during the spring and early summer, cryptocurrency companies lost $2 trillion amid the market shift.
In context, the severe decline in the crypto market this year will test the willingness and ability of most companies to continue to invest money in leagues, teams and athletes including leading franchise owners will see crypto as one of the factors in the progress of the sports sector.
