MoonPay is continuing a push into sports, entertainment and culture this week. The crypto exchange and web3 infrastructure firm announced a new partnership with Clube de Regatas do Flamengo, one of Brazil’s largest soccer clubs. The two will be collaborating across a variety of verticals as a part of their multi-year deal, and the news comes on the heels of MoonPay activating around Halloween with entertainment partner, Universal Studios.
Let’s take a look at what we can expect from MoonPay and Flamengo in the months ahead.
MoonPay’s First Major Sports Push
The Universal partnership, paired with Fox Corporation, was established back in June, and was arguably one of MoonPay’s largest partners to date; the two are rolling out an in-person NFT scavenger hunt at Universal Studios locations. Additionally, the company partnered with powerhouse esports org, FaZe Clan, last year. MoonPay has been previously valued north of $3B and has capital investment from athletes and entertainers like Justin Bieber, Maria Sharapova, Drake, Paul George, and more.
However, this week’s deal is another new mile marker for the web3 platform, securing another major partner – this time outside of the U.S. – with Flamengo. MoonPay hasn’t been a frequent player in sports, making this week’s deal a new weapon in the platform’s arsenal as the firm’s first-ever sports club partnership. NFTs have proved to be a major focal point for MoonPay in recent months. Earlier this year, we covered MoonPay’s endeavor to build out NFT platform HyperMint.
FaZe Clan (NASDAQ: FAZE) went public this year, and partnered up with MoonPay last year. | Source: NASDAQ: FAZE on TradingView.com
With it’s new relationship with Flamengo, the Miami-based startup will look to assist the Brazilian club with NFT integration surrounding ticketing, loyalty programs, merchandise, and social media and other digital content. The three-year deal with the club will also include a jersey sponsorship with Flamengo Basketball. In a press release obtained by the Bitcoinist team, MoonPay co-founder and CEO Ivan Soto-Wright stated:
“NFTs and web3 technology have helped increase fan engagement and loyalty as well as create new revenue streams worth hundreds of millions of dollars for sports teams around the world… MoonPay’s partnership with Flamengo can take that innovation to a whole new level. We’re excited to work hand-in-hand with the team to transform the business of sports.”
We’ll see what the two can bring to Brazil, widely considered an aggressive market for both crypto and soccer.
Featured image from Pixabay, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
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