Blockchain infrastructure company Chain has entered into an undisclosed-sum advertising and promotional partnership deal with NBA team the Miami Heat to become their “official Web3 and blockchain infrastructure partner.”
According to a press release shared with Decrypt, Chain and the Miami Heat intend to collaborate with the ambition of “bridging the gap between the sports industry and Web3 technology” for the audiences of both brands.
The tie-up will also see Chain’s logo added to the Miami Heat shooting jersey, while Chain CEO Deepak Thapliyal plans to engage with the local community of Heat fans through programming events, as well as digital content across social platforms.
Things are HEATing up this fall. Chain is proud to announce a partnership with the @MiamiHEAT as their official Web3/Blockchain infrastructure partner. Read more: https://t.co/7mgQVHPmAR pic.twitter.com/FhBeabooAp
— Chain (@Chain) October 31, 2022
“As part of this newly formed partnership, we want to engage the South Florida communities and Heat fans to help expand the Chain brand while continuing to tell the story of blockchain technology”, stated Thapliyal.
Chain, which was acquired by the Stellar Development Foundation's commercial arm Lightyear in 2018, declined to disclose any information regarding the financial sum or contract length of this agreement with Decrypt.
Chain-ging the Game
Blockchain and crypto firms have been on a sports sponsorship spree over the last year. Chain itself has partnered with other sports teams; in September, the company entered a four-year agreement with Kraft Sports + Entertainment to become the official blockchain and Web3 sponsor for NFL team the New England Patriots and its associated brands.
The Miami Heat have also engaged in lucrative cryptocurrency deals, most notably entering into a historic 19-year partnership with crypto exchange FTX in April this year to rebrand the stadium as the FTX Arena. At the time, FTX CEO Sam Bankman-Fried told Decrypt that the sponsorship deal, “has penetrated more than everything else we've done combined, in terms of people's perception of us.”
Speaking to Decrypt, Thapliyal said that Miami Heat has, “demonstrated a great level of understanding and openness toward this new form of digital currency.”
But amid the crypto bear market, some crypto sports deals have fallen through; in August, cryptocurrency exchange Crypto.com reportedly pulled out of a $495 million deal to sponsor the UEFA European Champions League at the “last moment.”