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Crypto.com currency ‘up 70%’ after LA arena deal

Crypto.com’s currency, CRO token, surged almost 70% in the wake of the platform’s naming rights deal for AEG’s Staples Center, according to a new report.

The 20-year deal with the Singapore-based cryptocurrency company is reportedly worth US$700 million (€622m), with all of the 20,000-cap venue’s external signage to be replaced by June 2022.

However, Forbes reports the coin’s value has risen 69.9% since last week’s announcement that the 20,000-cap Los Angeles venue is to be renamed the Crypto.com Arena from 25 December following an agreement brokered by AEG Global Partnerships. The news prompted Meltem Demirors, chief strategy officer at CoinShares International, to say the deal had already paid for itself more than a dozen times.

The deal paid for itself – 13x over

“Crypto.com put $700M into a 20 year sponsorship, and the resulting PR doubled its token price and led to a $9B run-up in market cap the deal paid for itself –13x over,” she tweeted, “difficult to untangle token distribution and who benefited, but smart token marketing strategy!”

The new relationship will result in the first name change in the venue’s 22-year history and will also see Crypto.com featured prominently across the venue with large-scale, premium branding and signage.

“We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world,” said Crypto.com co-founder and CEO, Kris Marszalek.

Opening its doors in 1999, the downtown Los Angeles arena is home to the NBA’s LA Lakers and LA Clippers and the NHL’s LA Kings and LA Sparks and hosts over 240 major high-profile events a year, including 19 of the last 21 Grammy Awards shows. Upcoming concerts include Enrique Iglesias & Ricky Martin, Bad Bunny, Justin Bieber, Imagine Dragons and the Bud Light Super Bowl Music Fest series.

Earlier this year, Crypto.com became the first crypto platform to partner with an F1 team (Aston Martin), the first to partner with an NHL team (Montreal Canadiens), and the first to partner with a professional sports league (Lega Serie A).

 


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OneRepublic ‘first major US act to accept Bitcoin for gig’

OneRepublic has become the first major-label US act to accept the cryptocurrency Bitcoin as full payment for a concert, according to the band’s reps.

The payment was for an intimate acoustic show at historical venue, Haydn Hall, outside of Vienna, Austria, on 16 November.

The Grammy award-winning band used peer-to-peer Bitcoin payment app, Strike, to accept payment for the gig, which is said to have sold out in a matter of minutes.

“My band and I are so happy to be a part of something that we believe is, without question, the future of how payments are transacted for unlimited amounts of assets, performances, services, purchases, music, etc. around the world,” says OneRepublic singer Ryan Tedder, whose interest in the NFT space is well documented.

“Without question, [this is] the future of how payments are transacted for unlimited amounts of assets around the world”

“Whether it’s artists using NFTs to fund albums with their fans or bands being paid for concerts in crypto, music & tech go hand in hand. With that in mind, it only made sense for us to take the next logical step. I also have an upcoming private concert in December I’m planning on taking Bitcoin for.”

The live music industry is increasingly adopting cryptocurrency for varying purposes. Recently, it was announced that AEG’s Staples Center in Los Angeles is to be renamed the Crypto.com Arena as part of a new 20-year naming rights deal.

Elsewhere, Universal Music Group has formed an ‘NFT supergroup’ made entirely out of digital apes, which will perform across and participate in video games, virtual-reality apps and the metaverse.

Live Nation is also capitalising on the trend by collaborating with artists to launch digital collectable NFT ticket stubs.

Kings of Leon, Grimes, Shawn Mendes, Steve Aoki, Quavo, Lil Baby, 2 Chainz, Jack Harlow, Tory Lanez, Linkin Park’s Mike Shinoda, 3lau, Ozuna are among the artists who have released collections of NFTs.

 


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LA’s Staples Center to be renamed Crypto.com Arena

AEG’s Staples Center in Los Angeles is to be renamed the Crypto.com Arena as part of a new 20-year naming rights deal.

The deal with the Singapore-based cryptocurrency platform, reportedly worth US$700 million (€618m), according to the FT, was brokered by AEG Global Partnerships and comes into effect from 25 December, with all of the 20,000-cap venue’s external signage to be replaced by June 2022.

“This partnership represents the fastest-growing cryptocurrency platform and the biggest sports and live entertainment company in the world converging to drive the future of sports and live entertainment as well as the incredible legacy of this arena for decades to come,” says Todd Goldstein, chief revenue officer of AEG.

“It marks an exciting new chapter in the history of our company and our respective industries, and we couldn’t be more thrilled to have such a visionary partner like Crypto.com supporting our global fan base and local community.”

As exclusive naming rights partner, Crypto.com plans to engage fans through premium branded areas of the arena including a 3,300 sq. ft activation space at the building’s entrance, as well as dedicated activation areas on the main concourse and throughout the adjacent LA Live campus.

The new relationship, which will result in the first name change in the venue’s 22-year history, will also see Crypto.com featured prominently across the venue with large-scale, premium branding and signage throughout the interior and exterior.

This partnership is about the future

“This partnership is about the future,” adds Dan Beckerman, AEG president and CEO. “AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live. We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come.”

Crypto.com has committed to becoming carbon negative by the end of 2022 by offsetting more carbon than is generated by all activities across the organisation. Earlier this year, the company became the first crypto platform to partner with an F1 team (Aston Martin), the first to partner with an NHL team (Montreal Canadiens), and the first to partner with a professional sports league (Lega Serie A).

Opening its doors in 1999, the downtown Los Angeles arena is home to the NBA’s LA Lakers and LA Clippers and the NHL’s LA Kings and LA Sparks and hosts over 240 major high-profile events a year, including 19 of the last 21 Grammy Awards shows. Upcoming concerts include Enrique Iglesias & Ricky Martin, Bad Bunny, Justin Bieber, Imagine Dragons and the Bud Light Super Bowl Music Fest series.

 


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