This week, perhaps the biggest event in the crypto world is the convening of TOKEN 2049. With the end of Token 2049, the entire Singapore immediately switched from the crypto capital to the racing city.
The timing of the two major events was almost seamless, with Singapore going from crypto time to F 1 time instantly.
When the natives of the crypto world just finished the industry event and began to watch the speed and passion of F1, we made a slightly regrettable discovery- there were fewer teams with crypto elements.
During the last bull market, in order to usher in the mass adoption of encryption technology faster, almost all encryption giants in the encryption world invested heavily in sports sponsorship.
Giants represented by FTX are deeply involved in many fields of the sports industry. The NBA 's Miami Heat home court is even named FTX Arena.
Compared to the heyday of crypto sponsorship, this year’s Singapore F 1 race, although there is still a crypto element. However, the encryption elements on the venue have declined slightly, and it is difficult for us to see huge encryption logos on the venue.
(Singapore Airlines, DHL, etc. are all traditional industry giants)
Although F1 on this site lacks venue and race venue naming by the crypto industry, in the field of F1 sponsorship, the crypto industry is still an important team sponsor.
Unfortunately, due to the market environment, many crypto giants have already withdrawn from team sponsorship. Odaily Odaily is at the F1 site, detailing the changes in encryption marketing of the F1 team.
Among the F 1 teams, as early as 2021, each team has been dividing their territory. All 10 F 1 teams had crypto sponsors at one point.
Last year, F1 teams had a total of 16 crypto sponsors, according to Bloomberg data. This year, that number is down to 10.
Disappearing sponsors include: Velas , Fantom , Tezos , FTX, Floki, Vauld , Virtua . The newly added brand is CryptoDATA.
From the perspective of field division, exchanges are the “old money” in the crypto world as always. Any sponsorship activity has the exchange as its largest sponsor.
In 2022, four exchanges, OKX , Bybit , Binance , and Crypto.com, will participate in F1 team sponsorship. And these sponsorship activities have continued into this year.
(F1 racing car with encrypted logo speeding in Singapore at night)
The public chain is another major sponsor. Including Tezos, Velas, Fantom. With the crypto bear market baptizing, only Tezos currently remains on the sponsor list.
What’s more interesting is that the list of sponsors even includes the meme coin Floki. Of course, with the advent of the bear market, this sponsor also disappeared from the list.
It’s impressive how deeply connected the crypto and traditional worlds are. In order to obtain a stronger traffic entrance and enough Web2 exposure, the cryptocurrency industry is trying to become a top player in any traditional track.
What limits the expansion of the crypto world in the sports field is not only the arrival of the bear market, but also the unpredictable regulatory environment.
In 2022, France will regulate sponsorship of F1 events. During the F1 Monte Carlo Grand Prix, French regulators forced many F1 teams to delete or cover their crypto sponsor logos.
French regulators believe that cryptocurrency advertising is full of risks for investors, so the sponsorship fees of crypto giants were wasted during the French event only.
With the conclusion of TOKEN 2049, the F 1 Grand Prix has become the focus of Singapore. How much attention can the adoption of Web3 and encryption technology gain from cost-conscious sports sponsorship?
