This week, perhaps the biggest event in the crypto world was the convening of TOKEN 2049. With the conclusion of Token2049, the entire Singapore swiftly transitioned from the crypto capital to the city of racing.
The timing of the two major events almost seamlessly connected, and Singapore immediately shifted from the crypto moment to the F1 moment.
Just as the indigenous people of the crypto world had finished the industry summit and began to enjoy the speed and excitement of F1, we made a somewhat regrettable discovery—the number of teams with crypto elements has decreased.
During the previous bull market, in order to accelerate the widespread adoption of crypto technology, almost all crypto giants heavily invested in sports sponsorship.
Represented by FTX, these giants deeply engaged in various sectors of the sports industry. The home court of the NBA's Miami Heat was even named FTX Arena.
Compared to the peak period of crypto sponsorship, this year's Singapore F1 race still has crypto elements. However, the crypto elements on the track have somewhat declined, and it has become difficult to see large crypto logos on the track.
(Singapore Airlines, DHL, and others are traditional industry giants)
Despite the lack of track naming and venue naming by the crypto industry in this F1 event, the crypto industry remains an important sponsor for the teams in the F1 sponsorship field.
However, regrettably, due to market conditions, several crypto giants have long since withdrawn from team sponsorship. Odaily Star Daily is on the scene at the F1, counting the changes in crypto marketing for F1 teams.
In the F1 teams, various factions had already been dividing their territories since 2021. At one point, all 10 F1 teams had crypto sponsors.
According to Bloomberg's data, last year, F1 teams had a total of 16 crypto sponsors. This year, that number has dwindled to just 10.
The disappeared sponsors include: Velas, Fantom, Tezos, FTX, Floki, Vauld, Virtua. The new brand that has joined is CryptoDATA.
From the perspective of sectoral division, exchanges are the "old money" of the crypto world as always. Any sponsorship activity has exchanges as the biggest backers.
In 2022, OKX, Bybit, Binance, and Crypto.com have participated in F1 team sponsorship. And these sponsorship activities have continued into this year.
(F1 race cars with crypto logos speeding through the night in Singapore)
Public chains are another major sponsor. This includes Tezos, Velas, and Fantom. With the baptism of the crypto bear market, currently, only Tezos remains on the list of sponsors.
Interestingly, the sponsor list even includes Floki, a meme coin. Of course, with the arrival of the bear market, this sponsor has also disappeared from the list.
Impressively, the connection between the crypto world and the traditional world is becoming deeper. In order to gain more traffic and sufficient exposure in Web2, the crypto industry is attempting to become a top participant in any traditional race 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 issued regulations regarding sponsorship activities at F1 events. During the F1 Monaco Grand Prix, the French regulatory authorities forced many F1 teams to remove or cover up their crypto sponsor logos.
The French regulatory authorities believe that crypto advertising poses risks to investors, so during the period when the event is held in France, the sponsorship fees of crypto giants have been in vain.
With the conclusion of TOKEN2049, the F1 Grand Prix has become the focus of Singapore. How much attention can Web3 and crypto technology gain from the sports sponsorship that spares no cost?
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