It has logically not gone unnoticed in the world of cryptocurrency, but the fall of the giant FTX is about to upset a good number of areas, beyond the simple world of decentralized money. Entering bankruptcy during the month of November, the company FTX was until then the fourth active crypto exchange platform, yet valued beyond 30 million dollars a few days earlier.
For many, the almost unexpected fall of this recent behemoth should serve as a lesson and end the relationship between Bitcoin and crypto in general. If the lessons promise to be learned for FTX and the other major platforms in the sector, this liquidation has however worrying effects on other parts of the world economy and in particular, the American one.
Where sport is king with colossal financial stakes, cryptocurrency and its platforms have logically quickly established themselves. However, the cart seems to have been placed before the horse with certain contracts and as a result, many athletes and organizations are concerned. Back on an upheaval which should also change many aspects in the sports economy across the Atlantic.
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Caption: The sports world remains attentive to the fall of FTX
A fall that does not call into question certain models
Cryptocurrency may be an innovative sector, but a platform like FTX will not be the first or the last to fall. This concerns all investment models and areas since the dawn of time and this does not necessarily call into question – or at least as a whole – the principle of these currencies.
Today, many recognized platforms offer different means of payment to take part in entertainment and cryptocurrency has established itself in several of them, proof of the confidence of leading companies in sectors not originating from those of the cryptocurrency. Evolution should happen more rationally, but today crypto remains a growing part of the global economy. Ignoring it would be a mistake.
Massive losses for American champions
Let’s get out of the cliché with the idea of a sportsman who only performs well with the ball or whatever his sport! For a long time, the most prestigious of them have been able to surround themselves and above all, to be interested in real investments. However, the one advised to Tom Brady, Naomi Osaka or even Stephen Curry, does not seem to have been the most judicious in recent years! As savvy as these three star athletes from the North American continent may be, they recently lost a fortune.
For example, Tom Brady had invested $45 million a few months ago in the development of the FTX platform, immediately becoming one of the shareholders of this only a few years old company. The idea is the same for Osaka and Curry who will simply have undergone a risky placement.
Overall, the concern is greater for the leagues and certain American franchises (whether in the NBA, NFL, NHL or MLB) with a shortfall and a tarnished image following the fall of FTX.
The Miami Heat actively looking for a new sponsor
Without owning the hall where the franchise plays its matches, the Miami Heat is a faithful representative and the whole Florida city knows it. By getting a $ 135 million contract in June 2021 for the naming of the local hall, the Heat could claim $ 2 million a year. A significant financial input for one of the most popular NBA franchises.
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Caption: The Heat activates
However, it only took one season to see FTX disappear from the name of what was before that, the American Airlines Arena. In search of a new sponsor in collaboration with Miami-Dade County, the franchise finds itself facing a wall.
However, this concern may also extend to other franchises, other sports and above all, other cryptocurrency platforms in potential difficulty. Following the same principle and still with FTX, the overpowered Formula 1 team, Mercedes, had to end its partnership with the company while the team was in the middle of the race weekend.
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- Source: Plato Data Intelligence: Platodata.ai