Miami Heat's Arena Partners with FTX Crypto Exchange
The American Airlines Arena, home to the Miami Heat, is about to get a little less 'American', which is not necessarily a bad thing at all! As a city trying to brand itself as one of the Crypto Capitals of the world, it's no wonder why executives at the Miami Arena are smiling big this morning as they wait for the final approval on a new arena naming rights deal with a foreign Cryptocurrency exchange, FTX. This is a remarkable deal in the making considering it will be the first Naming rights deal for a major arena/stadium in the exploding sponsorship category of cryptocurrency. The deal is reported to $119 million USD over 19 yrs.....a blockbuster exposure opportunity for FTX.
As Covid19 struck the world of sports sponsorships, we've seen a couple emerging categories step up to make deals, namely the sports betting outfits. While many believe sports betting and team affiliations are rife with conflicts of interest, cryptocurrency firms are exploring filling the gap and FTX and Miami are looking to be the catalyst that brings multiple copycats to the space. Here at HIG, we offer cryptocurrency business solutions, including payment settlements and NFT's to brands in the sports and fitness industries. Learn more here