Sports sponsorships are still in play for crypto firms

While the cryptocurrency fallout has triggered a wave of repercussions across multiple industries, the sports industry is still clinging to sponsorships, even as some of the biggest names in digital assets have pulled out of the deals.

From team uniforms and stadium naming rights to Formula 1 race car liveries and Super Bowl commercials, cryptocurrency firms have become a common sports marketing partner, with beer ads , snacks and kicks, Bloomberg reported Friday (September 2).

See also: Crypto Industry Expected to Spend Over $160 Million on Sports Sponsorships in 22

In February, before the crypto market began to crash, the industry was spending more on Super Bowl ads than on airlines, quick service restaurants and liquor companies, according to IEG, a sponsorship consulting firm, reports PYMNTS. Advertising during the Super Bowl is the most expensive television advertising slot, with a 30-second spot costing up to $7 million.

Worldwide, crypto companies have spent more than $2 billion on sports advertising or sponsorships for the NBA, Major League Baseball, Formula 1, and even the Drone Racing League, according to the Bloomberg report.

The cryptocurrency platform whale fin has a $23 million annual contract with the Chelsea Football Club. The company logo adorns the sleeves of team uniforms. Previously, the club was sponsored for many years by Hyundai Motor.

Read more: Crypto Winter Chills Industry Spending on Big-Ticket Sports Sponsorships

Industry money has been a star player for sports sponsorships, with Crypto.com’s $700 million deal for the naming rights to the Los Angeles stadium, formerly known as Staples Center, being the most big deal so far, PYMNTS reported. FTX has entered into a 19-year deal with Miami-Dade County in Florida for the naming rights to the former American Airlines Arena, home of the Miami Heat.

Cryptocurrency sports sponsorships are up around 7,100% in four years, with the top four crypto sports sponsorship deals worth around $1.2 billion combined last year, PYMNTS reported .

But as the sector has plunged in recent months, some deals have shifted south. Sponsored by Voyager Digital under a multi-year deal signed last year, the National Women’s Soccer League (NWSL) is now reportedly facing financial difficulties, PYMNTS reported last month. Voyager filed for bankruptcy in July.

Crypto.com has walked away from a five-year, $495 million sponsorship deal with Europe’s elite soccer league, the UEFA Champions League, Bloomberg reported.