The Philadelphia 76ers signed a new jersey patch deal with Crypto.com, Yahoo Finance has learned.
All four versions of the NBA team's jerseys will feature a Crypto.com patch on the front left shoulder. The partnership also includes the 76ers first NFT collection, which will be sold on Crypto.com throughout the NBA season, and advertising on broadcasts in various forms and on courtside LED Screens.
"We like to choose a partner on our patch that is integrated into our team business," Chis Heck, the 76ers President of Business Operations, said on Yahoo Finance Live (video above). "We think it makes it more authentic, and it's true to us serving what's in the best interest of our fans."
The move follows the Portland Trailblazers, which sealed the NBA's first cryptocurrency jersey patch sponsorship on July 1. (Terms of the Sixers or Trailblazers deals haven’t been release, but NBA jersey sponsorships typically average between $7-$10 million per year, according a 2020 report by The Athletic.)
Crypto advertising becomes more active in NBA, sports partnerships
In 2016, the Sixers became the first major American professional sports team to announce a jersey sponsorship when StubHub patches were added to jerseys.
Cryptocurrency-focused companies are increasingly active in the sports advertising space: Crypto trading exchange FTX recently aired an ad with seven-time Super Bowl champion Tom Brady and bought the naming rights to the University of California's football stadium.
Crypto.com, which offers methods for buying cryptocurrencies and NFTs among other endeavors, reports more than 10-million customers and has existing partnerships with Formula 1, UFC, the France- based soccer team Paris Saint-Germain, and the NHL’s Montreal Canadiens.
"We think it's going to take the sports world by storm much like social media did and the internet before that," Heck said. "So we're excited about Crypto.com."
This post has been updated with Heck’s comments on Yahoo Finance Live.
Josh is a producer for Yahoo Finance.