How Crypto.com kicked Staples out of its iconic arena

The Future. When Staples took the title of LA’s famed home to the Lakers, Clippers, and Kings, they were a powerhouse business with an essential role in people’s lives. Fast forward to 2022: office supply stores are out and the cryptoverse is in. Enter a $700m naming rights deal that changed the Staples Center into Crypto.com Arena.

For the fans?

While many lament the loss of the landmark Staples logo that’s tied to legendary team wins, data suggests that sports fans are 2-3x more likely to be interested in crypto than the average person. In favor of the fans (and the business deals), arena owners and teams are cashing in on the cryptoverse’s takeover of the industry.

• Crypto company FTX recently took over the naming rights for the home of the Miami Heat, previously American Airlines Arena.
• Crypto-asset broker Voyager Digital works with crypto-savvy athletes including Gronk and NASCAR driver Landon Cassill to connect their brand with Millennials and Gen Z.
• And to top it all off, the NBA has a league-wide deal with Coinbase.

A household name

The crypto-fication of sports sponsorships shows the industry’s rise to mainstream recognition. Consumers who are not yet acquainted with crypto will begin to align the industry with their favorite teams. But these name changes are more than a logo on a building — they indicate the start of a new era, one where the cryptoverse is becoming a household topic of conversation.