Sponsorship of sports and teams can have the potential to legitimising the cryptocurrency industry to the general public, according to Luke Ryan, head of content, Coinjar, an Australian cryptocurrency exchange, as reported by Cointelegraph.
According to Cointelegraph, in May, 2021, the exchange reportedly became the first cryptocurrency company in Australia to take responsibility for sponsorship of an Australian Football League (AFL) club through collaboration with the Melbourne Demons. At an Australian Crypto Convention, Ryan heaped praise of the AFL partnership which helped with the Australian cryptocurrency scenario.
“There’s a declaration of intent by the industry, not about ‘we sponsor this team, and then we got X number of new users’, it’s more about we sponsor this team because we want to show the world we’re companies with consequences, with plans and long term visions, and a way of showing that is to align ourselves with a presence,” Ryan added.
On the basis of information by Cointelegraph, Ryan stated his belief that sports partnerships help cryptocurrency companies get the opportunity to progress in terms of user base and adoption. Ryan highlighted that Coinjar’s reason behind partnering with an AFL team was for promotion of cryptocurrency.
“It’s a real ongoing question for cryptocurrency as a whole, how do we move out from this 5 to 10% that we now talk to, to the 20 to 50%, and we’ve started to think a bit more about what it might look like to start getting more actively involved in sponsorship,” Ryan stated.
Moreover, the partnership between Coinjar and the Melbourne Demons is expected to ensure that other teams and the AFL itself learned more about cryptocurrency. Furthermore, the AFL first 3,800 non-fungible token (NFT) collection in August sold out in less than 12 hours, and raised an estimated amount of $130,000 or more USD Coin (USDC).
(With insights from Cointelegraph)
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