Many cryptocurrency enthusiasts will agree that investing in digital currencies comes with risks. Those able to keep up with the ups and downs of buying and selling crypto may have enjoyed a boost in their finances in the past few years. However, aside from directly buying and selling digital currencies as investments, it’s also important to pay attention to the latest crypto news to help keep you informed before making any investment decisions.

Most recently, former and legendary small forward for the Chicago Bulls, Scottie Pippen, made headlines for his claims of having met the elusive Satoshi Nakamoto — also known as the unidentified creator of Bitcoin. In September, Scottie had posted on X (formerly Twitter) that Satoshi teased potential Bitcoin prices from November 2024 to him in a dream. While the outlandish prediction mostly drew laughs and amusement from fans and other Internet users, the six-time NBA Champion wasn’t too far off. In November, Bitcoin surged to $70,200, which is a slight dip from Scottie’s X announcement claiming that one Bitcoin would be worth $84,650.

Whether or not the Bulls legend truly has a spiritual, dream-based connection with Satoshi Nakamoto is certainly up for debate. Still, this isn’t the first time that professional basketball and cryptocurrency have intersected. In this post, we’ll take a look at some of the ways cryptocurrency is transforming the NBA:

Crypto NBA betting

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For many sports fans, betting is an essential aspect of keeping up with the NBA. Nowadays, many NBA fans enjoy betting on their favorite teams by predicting match outcomes in the hopes of earning sizable winnings. Even Canadian rapper Drake is no stranger to this practice. The rapper previously made headlines for betting $500,000 in favor of the Mavericks for the 2024 NBA Finals. While we know how that wager turned out (spoiler alert: Celtics ended up winning), it’s a testament to just how ingrained NBA betting is in the basketball fan community.

In recent years, sportsbooks have begun offering cryptocurrency as an alternative and more secure means of betting. Reputable crypto sports betting platform Thunderpick is one such site, covering matches from different sports and leagues. For NBA fans looking for something to do during off-seasons, for example, Thunderpick also offers betting odds and lines for other basketball tournaments, including FIBA games and the European Basketball Championship (EuroBasket). Aside from offering increased privacy and security, crypto sportsbooks like Thunderpick also provide anonymity and speedier transactions for NBA bettors looking for quicker payouts.

Venue partnerships

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Another way cryptocurrency has made its presence known in the NBA is through venue partnerships. One of the biggest examples of this is the renaming of the renowned Staples Center into the Crypto.com Arena. This deal was signed in November 2021 after AEG, the owner and operator of the arena, announced a 20-year naming rights deal with Crypto.com, a Singapore-based crypto exchange platform. The deal was dubbed one of the largest naming rights agreements in sports history. Also known as the home of the Los Angeles Lakers, the team recently announced they would unveil a commemorative statue of legendary coach Pat Riley, joining previous iconic commemorations including Kobe Bryant, Magic Johnson, Shaquille O’Neal, and Kareem Abdul-Jabbar.

As part of the naming agreement, Crypto.com also became the official cryptocurrency partner of the Lakers and the Kings. While it may not seem like a significant partnership, partnering with known NBA venues, especially those as famous as the former Staples Center, is also great marketing for crypto exchanges and platforms. In a previous post detailing Lebron James’ momentous night against the Denver Nuggets — the night he hit the record-breaking 40,000 points — the Crypto.com arena is named immediately for hosting the iconic game. For other crypto exchanges looking to reach wider audiences, there’s no better way to do so than to name an iconic NBA venue after their company.

More crypto sponsorships

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Aside from naming venues after crypto companies, many digital asset companies, such as the crypto exchange platform Coinbase, are also partnering directly with or sponsoring NBA teams. Most recently, Coinbase struck a deal with the Golden State Warriors NBA team, a significant move in the wake of former exchange FTX’s collapse. As part of the deal, Coinbase’s branding would be featured prominently across the Warriors’ Chase Center arena and the team’s limited-edition merchandise. Coinbase also announced that they would run on-chain giveaways and game-day activations for Warriors fans.

Coinbase’s union with the Warriors is only one of many crypto partnerships and sponsorships in the professional sporting world. According to data from CoinGecko, crypto companies have forged three times as many sports-related deals as they did in 2023. Previously, Coinbase had also announced partnerships with other major sporting bodies, including the Canadian Football League and the Nike Melbourne Marathon Festival. Coinbase also has existing deals with the Women’s NBA, NBA G League, and NBA 2K League.

NBA-themed NFTs

Finally, another important aspect of the rise of cryptocurrency is the popularity of non-fungible tokens (NFTs). Popularly regarded as limited edition artworks to be “minted”, NFTs also include other digital assets, including digital content and video. Due to its flexibility, there are many uses for NFTs in the sporting world, especially the NBA. In 2022, the Chicago Bulls unveiled a brand-new set of NFT artworks paying homage to the legendary team’s rich heritage by reimagining its iconic logo. The Bulls employed the services of 23 prominent NFT artists, each one featuring their re-interpretation of the infamous brand identity to form “The Aurochs” collection.

Sponsored by Coinbase, the platform announced that proceeds from the NFT collection would be split four ways: the artists and the Bulls receiving 40% each, the NBA receiving 10%, and the rest reserved for Chicago-based nonprofit charity, After School Matters. Other NBA teams and organizations have also invested in providing NFTs for fans and enthusiasts. This includes the officially licensed NBA Top Shot NFTs, which allowed users to collect official NBA collectibles based on their favorite teams and players.

While there’s no telling where cryptocurrency will take us, its impact on the NBA and the rest of the sporting world is undeniable. Between crypto company logos on jerseys and NBA merchandise and arenas being named after crypto platforms, there has certainly been a surge in sport-related crypto dealings. Ultimately, this can help make crypto more accessible to wider audiences, offering alternative means of making money for sports fans worldwide.