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Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
American football quarterback Dak Prescott struck a multi-year deal with Blockchain.com as the crypto firm seeks to tap into the sports sector to boost crypto adoption. Under the terms of the deal, the Dallas Cowboys player will appear in various television, social media, and radio advertisements and events.
Prescott to Promote Blockchain.com Through Various Ad Campaigns
Dak Prescott, a National Football League (NFL) quarterback playing for Dallas Cowboys, inked a major deal with the cryptocurrency firm Blockchain.com. The partnership comes as a part of the company’s plan to expand its footprint in sports and attract more crypto users.
The partnership will see Prescott take part in different marketing projects including TV, radio, and social media advertisements, as well as other events. The size of the deal was not disclosed.
Blockchain.com and Dallas Cowboys already have an ongoing partnership, the first of its kind in American football, after the NFL eased restrictions on franchises partnering with crypto firms. The crypto firm’s CEO Peter Smith said NFL, the biggest sport in the United States, could play a pivotal role in the crypto space as countless platforms continue fighting for market share.
“What’s interesting to me about the NFL is that crypto hasn’t really been a part of it at all yet. It’s something we want to be first in.”
– Peter Smith, CEO of Blockchain.com
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Could Blockchain.com-Prescott Partnership Restore Declining Crypto TV Ad Budget?
The number of deals between cryptocurrency firms and celebrities has been on the rise in the past year, with the likes of Tom Brady, Matt Damon, and LeBron James all striking major deals in the industry. However, the blockchain and crypto companies have significantly reduced their spending on US TV ads recently due to a severe crypto sell-off that resulted in bankruptcies and collapses of major tokens.
Earlier this month, ISpot.tv Inc. reported that spending by the major crypto firms is down by 99.9% to $36,000 in July in the US. The figure marks the lowest spending value in more than a year and a half and is notably down from the peak of $84.5 million in February 2022.
As such, the deal between Blockchain.com and Dak Prescott comes at a critical period for the industry and could revive its presence in television. The partnership marks the latest in a series of big deals for Prescott, who previously teamed up with Apple, Nike, Campbell Soup, and others.
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About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.