Mercedes-AMG Petronas F1 Team strikes a deal with FTX exchange to display FTX branding on cars, drivers, with the possibility of an NFT collection and corporate social responsibility partnerships.
FTX set to benefit from corporate branding deal
FTX, a well-known global cryptocurrency exchange, has struck a deal with the Mercedes-AMG Petronas F1 Team. The deal will result in bold FTX branding on the Mercedes F1 cars and Team Mercedes’ drivers, Lewis Hamilton and Valteri Bottas. The Russian Grand Prix, set to be hosted on September 26, 2021, will be the first showcase of Team Mercedes updated FTX branding. The deal will span multiple seasons, and will include FTX branding on partner logos on trackside and hospitality facilities.
FTX looking to reach mainstream F1 fan base
Sam Bankman-Fried, founder and CEO of the FTX exchange, said that FTX is “thrilled” to partner with the current F1 champions, and seven-time Constructors’ Champions. FTX has spent over $345M in its partnerships with sports organizations, intended to expand its exposure to mainstream audiences by accessing fans across the world. Toto Wolff, Team Principal, CEO and co-owner of the Mercedes F1 Team, is excited to welcome FTX onboard, and envisages exciting and novel opportunities that FTX can bring to the global F1 fan base. NFT collections, FTX Pay, and corporate social responsibility initiatives are set to roll out at a later date. FTX Pay is a payment platform that allows users to receive payments in both fiat currencies and cryptocurrencies.
Sports teams show growing interest in crypto
Sports brands and teams have been making use of the blockchain in interesting ways in the year 2021. In August 2021, Ferruccio Lamborghini Museum launched NFTs, and Porsche and Motor Team McLaren entered the NFT space. FTX has recently partnered with Tampa Bay Buccaneers quarterback Tom Brady and his wife Gisele Bundchen in launching a commercial, and has become Major League Baseball’s official cryptocurrency exchange. As part of the MLB deal, all umpires will have the FTX.US logos on their sleeves, and MLB will advertise FTX on all its media channels.
With respect to naming rights deals, FTX recently signed a $210M naming rights deal with the e-sports organization TLM and a $135M naming rights deal with the Miami Heat’s arena, which will result in the arena being named the FTX Arena in the next NBA Season. Kevin O’Leary, investor and co-host of Shark Tank has also partnered with FTX to be their ambassador, in a multi-year deal which sees him promoting FTX to his international audience.
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