Amid Crypto Winter, the crypto exchange MoonPay, with a reported valuation of $3.4 billion, announced a new sponsorship agreement with Clube de Regatas do Flamengo, one of Brazil’s largest soccer clubs. The Campeonato Serie A club has signed a wide-ranging agreement. The deal, brokered by Sportfive agency, aims to boost Flamengo’s revenues and fan engagement by leveraging NFTs and Web3 to support its ticketing, marketing, merchandise, and social and digital media.
MoonPay’s CEO and co-founder, Ivan Soto-Wright, said that “NFTs and web3 technology have helped increase fan engagement and loyalty as well as create new revenue streams worth hundreds of millions of dollars for sports teams around the world.”
The MoonPay deal comes amid crypto winter while other crypto exchanges like Crypto.com are laying off a significant portion of their staff and resigning from sponsorship deals. Crypto.com allegedly cut the scope of sponsorship agreements inked with major sports organizations, including Los Angeles’ Angel City Football Club, the 2022 FIFA World Cup in Qatar, and esports tournament host Twitch Rivalseal.
