Cryptocurrency exchange, FTX is closer to signing a deal to claim the naming-rights for team Miami Heat’s NBA stadium, according to reports. Should the deal go through, this will be the first major sponsorship deal between a sports team and a cryptocurrency exchange. Meanwhile, the NBA is purportedly forming an advisory group to explore how the league can use the blockchain, the technology underpinning cryptocurrencies, and NFTs. Miami Heat Stadium Could Change to FTX Arena The Miami Herald reported on March 13 that cryptocurrency exchange is reportedly in talks with Florida’s Miami-Dade County authorities over a sponsorship deal to rename the stadium of the NBA’s Miami Heat. Miami-Dade is closer to signing a cryptocurrency company to replace American Airlines as the naming-rights sponsor of the Miami Heat’s downtown arena — a deal that would deliver the NBA its first venue tied to bitcoin and other electronic currencies. https://t.co/7ubnDmSGTA — Miami Herald (@MiamiHerald) March 13, 2021 The arena has been named after its sponsor American Airlines since 1999. If the sponsorship deal is successful, the stadium would change its name to FTX Arena. Someone even registered on ftxarena.com and created FTX Arena accounts on Twitter, Instagram, and Facebook. The report read: “Miami-Dade County is getting closer to signing a cryptocurrency company to replace American Airlines as the naming-rights sponsor of the Miami Heat’s downtown arena, according to several sources a deal that would deliver the NBA its first venue tied to bitcoin and other electronic currencies.” The deal remains unconfirmed, and regulators still need to approve it. If green-lighted, the sponsorship will further spread cryptocurrency adoption. NBA Flocking to the Crypto Space The National Basketball Association (NBA) has long been associated with crypto projects, being a major player in the NFT space, working with Dapper Labs on Top Shot, which tokenizes short video clips of game moments. The Miami Heat even has a connection to Top Shot with shooting guard Tyler Herro providing the vocal introduction to new users on the platform. The project was launched in beta last year and went on to become immensely popular with over $1 million worth of NFTs sold per day last month.
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