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‘Crypto Winter’ and the Future of Sports Sponsorships
Steve Huff
Steve Huff is an Editor and Reporter at dot.LA. Steve was previously managing editor for The Metaverse Post and before that deputy digital editor for Maxim magazine. He has written for Inside Hook, Observer and New York Mag. Steve is the author of two official tie-ins books for AMC’s hit “Breaking Bad” prequel, “Better Call Saul.” He’s also a classically-trained tenor and has performed with opera companies and orchestras all over the Eastern U.S. He lives in the greater Boston metro area with his wife, educator Dr. Dana Huff.
Between 2020 and 2021, a cryptocurrency boom led several crypto-oriented companies to ink deals with athletic organizations like the NBA and UFC. One of the bigger deals was blockchain giant Crypto.com signing a $700 million deal with the Staples Center—one of the world's largest sports and entertainment venues—in Los Angeles. The Singapore-based company also signed agreements with the UFC and Formula 1 for promotion at various sports venues and on athletic equipment.
Crypto.com wasn't the only crypto company to extend its reach into sports or entertainment. In exchange for naming rights to the Miami Heat's arena for 19 years, FTX, a cryptocurrency derivatives exchange, paid $135 million. And in an exclusive deal, Coinbase became the exclusive cryptocurrency exchange for the WNBA, NBA, and NBA G League.
Rolling into 2022, there was little warning that crypto winter was coming.
Winter Is Here
In May, the major stablecoin TerraUSD lost its peg to the US dollar. In one day alone, TerraUSD lost $60 billion in value. After that, major crypto lender Celsius suspended withdrawals, citing liquidity problems. The company followed up by filing for bankruptcy.
They were just among the first dominos to topple in the crypto world, and many others soon fell. As a National Research Group (NRG) report about the state of the cryptocurrency industry noted, the market has gone "down over 70% from the highs it reached towards the end of 2021, and many of the most popular coins are trading at less than half of where they were at the beginning of the year."
As the NRG report also notes, the crypto market has undergone "dramatic" corrections before. Is the current crypto winter that different? And more importantly, will crypto winter freeze the budding love affair between entertainment, pro sports and cryptocurrency?
According to NRG, "crypto winter" has affected the public view of cryptocurrency in various ways.
For example, NRG reports that "70% of consumers feel they have at least a 'moderate' understanding of cryptocurrencies." If accurate, that’s a notable change from a YouGov survey conducted in June 2021 which found that 69% of Americans agreed with the statement, “I don’t really understand cryptocurrency.”
On the other hand, at least 61% of people surveyed said they were aware of the "crypto crash" or "crypto winter." It seems the heavy and negative news coverage of crypto winter over the last three months has considerably boosted consumer awareness—of the crashing market.
NRG notes, "This isn't a technological novelty anymore; increasingly, having some knowledge of crypto and how it works is seen as an element of baseline financial literacy."
Even though consumers have been exposed to a large number of crypto news stories, however, NRG reports that few bother to do deeper research. Bitcoin remains the most well-known name, and consumer awareness of other coins like ETH, Dogecoin or even popular meme coin Shiba Inu hasn't increased much since the beginning of 2022. Even with the media's attention to TerraUSD de-pegging from the dollar (arguably one of crypto's most significant events in recent memory), only 7% of consumers are familiar with the term "stablecoin."
Crypto Sponsorships Continue… Mostly
Crypto.com’s Al D’Agostino gave a succinct response to dot.LA when we reached out for further comment on the company's association with the Staples Center: "Crypto.com remains fully committed to its sports sponsorships. We are well financed and these are multiyear contracts, which will continue to play a crucial role in our mission to accelerate the world's transition to cryptocurrency."
While the New York Post reported in late June that FTX had backed out of sponsorship negotiations with the Los Angeles Angels, the crypto exchange has taken on new sponsorship obligations with a $210 million naming deal for pro esports team TSM, aka Team SoloMid.
But as recently as August 2, the Voyager cryptocurrency exchange backed out of a multi-year sponsorship deal with the U.S. National Women's Soccer League (NWSL). In addition, the exchange is facing bankruptcy after its CEO made millions at the 2021 peak of the cryptocurrency boom.
In comments accompanying its crypto winter report, NRG's Global Head of Insights, Marlon Cumberbatch, said "that the crypto crash hasn't done much to dampen Americans' enthusiasm toward cryptocurrencies – for investors, the recent crash is just the latest in a long series of ups and downs, rather than the start of a terminal decline."
Cumberbatch also offered advice on how companies as big as pro sports teams and small as local businesses might strategize to survive crypto winter. "Start engaging openly and constructively with policymakers," Cumberbatch said, "continue to invest in educating consumers about the technology and promote practical use cases for crypto…"
Cumberbatch also encouraged better cryptocurrency education for everyone. From the C-suite to the penny crypto investor in the street, people need to understand better what they're getting into. "Recent media coverage has done a lot to increase consumer awareness of crypto," he said, "it's not the same as increasing understanding. It's critical that consumers know enough about the technology to be able to make informed decisions and protect themselves from unnecessary risk."
Cumberbatch did not respond immediately after dot.LA reached out for specific comments about crypto company sponsorships such as the Crypto.com and Staples Center deal.
Where Do We Go From Here?
The NRG report on the general state of crypto did not predict doom and gloom but noted that the crypto landscape "is vast, complex, and constantly in flux."
"More than anything else," the report continued, "recent events in the crypto market have made it clear that there's a need to educate potential investors. Before they buy-in, it's vital that consumers understand the technology on more than just a surface level—and that they know enough about crypto to be able to make informed decisions and protect themselves from unnecessary risk. And today's leading crypto firms will have a pivotal role to play in facilitating that educational journey."
Cryptocurrency exchanges have benefited more from their sponsorships than the sponsored organizations, and at minimum, the crypto winter has put a dent in more multimillion-dollar deals for now. But if the National Research Group's report proves prescient, this may be a temporary lull in cryptocurrency-oriented companies paying big money for widespread name recognition. Crypto.com arena is here to stay…for now. If crypto winter gives way to a crypto spring, we could see more Coinbase stadiums and Bored Ape Yacht Club restaurants soon.
From Your Site Articles
- Credit Unions Are Getting Into the Crypto Game - dot.LA ›
- Staples Center Will Become Crypto.com Arena - dot.LA ›
- Winter is Coming for Crypto.com - dot.LA ›
- Crypto House on Sale in North Hollwood for $1.2M - dot.LA ›
- FTX and the End of the Lucrative Crypto-Sports Sponsorship - dot.LA ›
- TSM Has Suspended Its Partnership with FTX - dot.LA ›
- Trading Card Company Arena Club Raises $10 Million - dot.LA ›
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Steve Huff
Steve Huff is an Editor and Reporter at dot.LA. Steve was previously managing editor for The Metaverse Post and before that deputy digital editor for Maxim magazine. He has written for Inside Hook, Observer and New York Mag. Steve is the author of two official tie-ins books for AMC’s hit “Breaking Bad” prequel, “Better Call Saul.” He’s also a classically-trained tenor and has performed with opera companies and orchestras all over the Eastern U.S. He lives in the greater Boston metro area with his wife, educator Dr. Dana Huff.
steve@dot.la
Smart Shoes for Kids? Skechers Thinks So 👟
08:16 AM | August 01, 2025
🔦 Spotlight
Happy Friday, LA!
This week, Skechers may have just kicked off a new trend that’s bound to have parents and tech lovers talking. They've unveiled the "Find My Skechers" line, kids’ sneakers that come with a hidden compartment to securely hold an Apple AirTag. For $52 to $58, parents can now track their child’s shoes in real-time using the Find My app, giving a whole new meaning to "keeping an eye on things." While these tech-savvy kicks are already gaining attention, will they become the new norm in kids' footwear? And who’s next? Will Nike or Adidas be jumping on the AirTag bandwagon, or is Skechers setting the stage for a whole new wave of tech-integrated fashion?
But it’s not all smooth sailing. This innovation raises some interesting questions about privacy and surveillance. Are we crossing a line when we start tracking our kids’ every move through their shoes? While Apple’s anti-stalking features are in place to prevent misuse, it will be intriguing to see how other brands and parents respond to this new blend of fashion and tech.
What do you think? Could this become a must-have feature in the next generation of kids' gear, or is it a step too far? Let us know your thoughts!
🤝 Venture Deals
LA Companies
- LakeFS, a provider of Git-like version control for data lakes, has secured $20M in a growth funding round led by Maor Investments. The funds will support the company's expansion efforts and product development aimed at enhancing data engineering and AI initiatives within enterprise and public sector environments. - learn more
LA Venture Funds
- Sound Ventures co-led the $16.1M Series A funding round for Knit, an AI-powered consumer research platform. The funds will be used to accelerate product development, enhance AI capabilities, and expand global research operations. This investment underscores the growing trend of combining AI with human expertise to deliver faster, cost-effective, and high-quality insights for enterprise research. - learn more
- Anthos Capital co-led a $60M Series A funding round for Good Job Games, a mobile game developer known for creating casual and hyper-casual games. The investment, co-led by Menlo Ventures, will support the company's growth, enabling the expansion of its game portfolio and enhancing user engagement through innovative gameplay features. This funding marks a significant step in scaling Good Job Games’ operations and solidifying its position in the competitive mobile gaming market. - learn more
- Pinegrove Capital Partners participated in Ramp's $500M Series E-2 funding round, which values the company at $22.5 billion. The funds will be used to accelerate Ramp's AI-driven financial tools, aiming to enhance automation and efficiency in corporate finance operations. - learn more
- Riot Ventures participated in Oxide Computer Company's $100M Series B funding round, led by the U.S. Innovative Technology Fund (USIT). This investment will enable Oxide to scale its manufacturing capabilities, enhance customer support, and accelerate product delivery to meet the growing demand for on-premises cloud computing solutions. - learn more
- Rebel Fund participated in a $3.2M seed funding round for Caseflood.ai, a San Francisco-based legal tech startup offering AI-powered client intake solutions for law firms. The funds will support the development of Caseflood's advanced voice agent, Luna, which autonomously handles client interactions, including consultations and retainer signings, aiming to enhance conversion rates and operational efficiency for law firms. - learn more
- Smash Capital participated in Ambience Healthcare's $243M Series C funding round, co-led by Oak HC/FT and Andreessen Horowitz (a16z). The investment will support Ambience's expansion of its ambient AI platform, which automates clinical documentation, coding, and workflow tasks across over 200 specialties. The platform integrates directly with electronic health records, enhancing efficiency and compliance in healthcare settings. - learn more
- ARTBIO, a clinical-stage radiopharmaceutical company developing alpha radioligand therapies for cancer treatment, has secured $132M in a Series B funding round. The round was co-led by Sofinnova Investments and B Capital, with participation from Alexandria Venture Investments and other investors. The funds will support the advancement of ARTBIO's lead program, AB001, through Phase II clinical trials, and facilitate the expansion of its manufacturing and supply chain infrastructure. - learn more
- Rebel Fund participated in OffDeal's $12M Series A funding round, led by Radical Ventures, to support the company's mission of building the world's first AI-native investment bank. OffDeal aims to democratize access to high-quality M&A advisory services for small and mid-sized businesses by automating analyst tasks with AI, enabling efficient sell-side transactions. The funds will help scale OffDeal's technology-driven, advisor-led approach to facilitate successful exits for entrepreneurs. - learn more
- Sandbox Studios participated in a $3M seed funding round for Sarelly Sarelly, a Mexican cosmetics brand, with backing from U.S. investors like Wollef, Morgan Creek Capital Management, and Hyve Ventures. The funds will support Sarelly Sarelly's expansion into the U.S. market, including retail launches at Ulta Beauty and growth on digital platforms like TikTok Shop. - learn more
LA Exits
- NEOGOV, an El Segundo-based provider of HR and compliance software for U.S. public sector agencies, has been acquired by EQT and CPP Investments in a deal valued at over $3 billion. The acquisition will help NEOGOV expand its product offerings and grow its presence across North America. - learn more
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Creators Are Still Breaking Out on Instagram. Just Ask These 10 Rising Stars
02:09 PM | July 06, 2022
Photo by Brett Jordan on Unsplash
The rivalry between TikTok and YouTube gets a lot of attention lately, but don’t forget about Instagram.
The Meta-owned photo sharing platform remains one of the top downloaded apps, according to Apptopia, which collects and analyzes app data. Although the most popular creators these days are largely coming from YouTube and TikTok, Instagram is still producing stars, said Evan Britton, founder of Santa Monica-based Famous Birthdays.
“I think that it's hard for creators to get engagement on Instagram because there's no For You Page, per se,” Britton said, referring to TikTok’s recommendation feed that can help videos go viral. “But that said, Instagram is still enormous, and creators are breaking out on Instagram. And when creators get significant Instagram engagement, it's very meaningful because there's no For You Page.”
With that in mind, Famous Birthdays provided dot.LA with its latest list of creators that have recently seen a surge in popularity. The company, which launched a decade ago as a sort of Wikipedia-for-internet personalities, ranks online influencers based on activity on its platform, which it says is visited by tens of millions of users monthly. Using that data, Famous Birthdays identified 10 Instagram stars who jumped high in its rankings during June. In these cases, fans are not only watching and commenting on their videos, but are now taking time to look up their bios on Famous Birthdays.
The list, for example, includes DJ and fashion influencer Zack Bia, who attended the University of Southern California and served as creative director for a Los Angeles-based hospitality company called The h.Wood Group, according to his Famous Birthdays bio. Bia’s ranking rose from No. 2,907 on June 1 to No. 2,075 as of Tuesday.
Another creator named Sofia, who uses the Instagram handle @sofiacastillo_ to post modeling and travel photos, saw her Famous Birthdays ranking leap from No. 155,879 to No. 46,318 as of Tuesday. That happened at a time when she added nearly 31,000 followers, according to Social Blade, a social media analytics tracker.
The rankings—largely driven by search queries on Famous Birthdays’ website—are an indicator of fan engagement and a real-time measure of popularity and culture, Britton has said. The company sells its data insights to social media platforms, talent agencies and brands looking for clues about influencers on the rise.
Meta, the owner of Facebook and Instagram, is among the many companies trying to cut into Culver City-based TikTok’s dominance in the short-form video space. Instagram launched Reels in 2020 to similarly let creators make short videos edited with music and effects.
But the rising stars identified by Famous Birthdays are largely getting Instagram engagement the old-school way: by posting photos to their profiles. Unlike TikTok’s For You Page, fans have to follow creators on Instagram to see their pictures.
“It means that the creators have a strong connection with their fans on Instagram,” Britton said.
Here are 10 Instagram stars who had breakout months in June, according to Famous Birthdays (list sorted by highest jump in ranking):
- sofiacastillo shares modeling and travel photos. July 6 ranking: 46,318. (June 1 ranking: 155,879)
- Bre Sheppard is a lifestyle blogger who posts fashion and wellness content. July 6 ranking: 25,158. (June 1 ranking: 111,578)
- Mikhaila Peterson writes a health and food blog called Don’t Eat That. July 6 ranking: 22,044. (June 1 ranking: 45,821)
- Meredith Joy Good posts travel, food and fashion photos. July 6 ranking: 36,273. (June 1 ranking: 57,470)
- Karly Mathias posts videos of herself and her friends dancing. July 6 ranking: 11,611. (June 1 ranking: 30,204)
- Lillee Jean is a glamor model and aspiring actress who runs a makeup blog. July 6 ranking: 8,342. (June 1 ranking: 21,274)
- Savageshawn shares comedy and prank videos. July 6 ranking: 12,921. (June 1 ranking: 20,699)
- Kendalle Sands shares dance and lip-syncing videos. July 6 ranking: 1,417. (June 1 ranking: 2,501)
- Zack Bia is a fashion influencer, DJ and entrepreneur. July 6 ranking: 2,075. (June 1 ranking: 2,907)
- Andrew Davila is an internet personality who established himself on Instagram. July 6 ranking: 194. (June 1 ranking: 324)
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Christian Hetrick
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
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