Chain, a blockchain infrastructure company, is considering the Miami Heat, an NBA team, as their Web3 and blockchain infrastructure partner. The company has entered into an undisclosed-sum advertising and promotional partnership deal with the team.
According to a press release covered by Decrypt, blockchain infrastructure company Chain, and the NBA team, the Miami Heat intends to collaborate with the ambition of filling the gap between the sports industry and Web3 technology. They are trying to do this for both Chain and the Miami Heat audiences.
If the deal is successful, the Chain’s logo will be added to the Miami Heat shooting jersey. While Deepak Thapliyal, the CEO of Chain, has plans to engage with the local community of NBA team fans. He intends to do this engagement with digital content across social platforms and programming events.
Chain is the company, in 2018, was acquired by the Stellar Development Foundation’s commercial arm, Lightyear. Chain’s CEO Deepak said that as part of this newly formed partnership, they want to engage the South Florida communities and Heat fans to help expand the Chain brand. He indicated that he would execute this plan by telling the story of blockchain technology.
However, the company did not share any information about this agreement’s financial sum or contract length.
It’s not the first partnership between crypto or blockchain firms in the sports industry, but in recent years, many other crypto firms have done the same job. For example, Chain signed a four-year agreement with Kraft Sports + Entertainment in September. The company did this to become the official blockchain and Web3 sponsor for the NFL team, the New England Patriots.
In April, the FTX crypto exchange signed a 19-year partnership deal with the Miami Heat to rebrand the stadium as the FTX Arena. However, there are also deals between crypt firms and the sports industry, which failed. As Crypto.com reportedly pulled out of a $495 million deal at the last moment, which they had to sponsor the UEFA European Champions League.
