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Exchange FTX and Golden State Warriors Sign $10 Million Partnership Involving NFTs

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The cryptocurrency exchange FTX and the Golden State Warriors, popular basketball team of the National Basketball Association (NBA), announced this Tuesday (14) an unprecedented partnership involving the launch of NFTs.

Although the official value of the deal has not been disclosed, CNBC claims the sponsorship is US$ 10 million.

According to a statement, from now on, the FTX will be the Warriors’ official cryptocurrency and NFT platform. The agreement provides for the release of non-fungible franchise tokens in early 2022.

Golden State Warriors to launch NFTs

According to the statement, the partnership marks the first international rights partner for the Warriors. This means that the team and FTX will have a visible presence in the market, including logo and image.

Currently, the exchange is the fifth largest in the world in terms of trading volume, according to CoinGecko.

“Cryptocurrencies have a well-established worldwide community. They will continue to be an important part of the sports, media and entertainment industries. In our conversations with FTX, we quickly realized our shared desire to innovate around cryptocurrency integration and adoption, including the role NFTs play in global fan engagement.” said Warriors president Brandon Schneider.

Also according to the announcement, the partnership will be celebrated with a donation of 3 BTC to three non-profit organizations. The beneficiaries, which address educational equity, are: Self-eSTEM, Mission Bit and Techbridge Girls.

“Through our partnership with Stephen Curry, we were introduced to the Warriors organization and are excited to partner with a franchise that aligns with our core values,” said FTX US President Brett Harrison.

As Harrison pointed out, FTX will provide a safe space for Warriors fans to access exclusive collectibles.

FTX in the sporting environment

This is not, however, the first time that the exchange invests heavily to bring its brand to the sports market. After all, in April, another NBA team, the Miami Heat, announced a $135 million partnership with the platform

The deal included changing the name of the club’s headquarters to Arena FTX Arena for the next 19 years.

Additionally, earlier this year, FTX struck a five-year deal with MLB, America’s top league baseball. The partnership foresaw, among other things, the exposure of the brand on the referees’ uniforms.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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