FTX U.S. Has Signed Yet Another Sports Marketing Deal

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FTX U.S. will partner with Washington D.C.’s Monumental Sports and Entertainment. 

FTX U.S. Partners With Washington Sports Teams 

FTX can’t stop partnering with major sports teams.

The leading crypto exchange’s U.S. arm announced it had signed a sports marketing deal with Monumental Sports and Entertainment Monday, following a string of other high profile partnerships in the sports sector.

Monumental Sports and Entertainment is one of Washington D.C.’s largest sports companies, overseeing the NBA’s Washington Wizards, the NHL’s Washington Capital, and the WNBA’s Washington Mystics. It also owns Capital One Arena, the home venue for the three teams. 

Though full terms of the deal were not disclosed, the agreement makes FTX U.S. the firm’s crypto exchange partner and exclusive NFT partner. 

The MSE partnership is not the only sports marketing deal the FTX brand has signed this year. Only last week, FTX U.S. linked up with the Golden State Warriors in a $10 million deal. It’s also partnered with college football and basketball teams and, perhaps most notably, paid $135 million to get the naming rights to Miami Heat’s stadium for the next 20 years. The exchange also reached an agreement to feature on MLB umpire jerseys and has enlisted Tom Brady, Shohei Ohtani, and Bored Ape Yacht Club member Stephen Curry as official ambassadors. 

While FTX was the first crypto exchange to make a big splash in the sports industry, others have followed their lead this year. Crypto.com bought the naming rights to LA’s Staples Center in a mammoth $700 million deal last month, adding to its partnerships with UFC and Formula 1. Coinbase has also sponsored the NBA and last week joined forces with Kevin Durant for an ambassador deal. 

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

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FTX U.S. Now Lists Ethereum NFTs

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FTX U.S. has rushed ahead of Coinbase to open trading for Ethereum NFTs. 

FTX U.S. Adds Ethereum NFTs 

FTX U.S. is looking beyond Solana for its NFT marketplace. 

The leading exchange announced it had begun trading Ethereum NFTs Wednesday, adding to the selection of Solana-based tokens that have been available on the platform since it launched in October. 

The exchange launched the update with a host of the most sought-after Ethereum collections, including Bored Ape Yacht Club, CrypToadz, Doodles, and World of Women. Additionally, a Nov. 23 teaser posted by FTX suggests that CryptoPunks and Cool Cats are due to appear on the marketplace in the future. 

FTX.US jumped onto the NFT bandwagon by rolling out its marketplace with support for Solana NFTs in October, around the time Coinbase announced its plans to launch a similar offering. Coinbase NFT is due to land sometime before the end of the year, and it will also support Ethereum NFTs (it’s currently unclear whether it will offer NFTs on Solana). 

While a move to adopt Ethereum should help the exchange go up against Coinbase, it still has several other competitors to contend with. Arguably the biggest is OpenSea, the NFT marketplace that’s dominated the space throughout the year. The leading marketplace hit $10 billion in trading volume last month, far surpassing any of its competitors. FTX.US’ NFT marketplace differs from OpenSea in that it holds custody of each token, similar to how centralized exchanges hold other crypto assets. FTX.US also charges only 2% sale fees, whereas OpenSea takes 2.5%. 

Centralized exchanges and other major firms have been rushing to adapt to developments in the crypto market this year as NFTs and the Metaverse take center stage. Last month, Asian market leader Kucoin announced a $100 million Metaverse fund, weeks after Facebook revealed it would be rebranding to Meta. The Big Tech giant will now focus on “bringing the Metaverse to life,” Mark Zuckerberg said in a video unveiling the update. 

Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

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