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 Brazilâs 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.
Letâs take a look at what we can expect from MoonPay and Flamengo in the months ahead.
MoonPayâs First Major Sports Push
The Universal partnership, paired with Fox Corporation, was established back in June, and was arguably one of MoonPayâs 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 weekâs deal is another new mile marker for the web3 platform, securing another major partner â this time outside of the U.S. â with Flamengo. MoonPay hasnât been a frequent player in sports, making this weekâs deal a new weapon in the platformâs arsenal as the firmâs first-ever sports club partnership. NFTs have proved to be a major focal point for MoonPay in recent months. Earlier this year, we covered MoonPayâs endeavor to build out NFT platform HyperMint.
Whatâs Next?
With itâs 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:
âNFTs 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⊠MoonPayâs partnership with Flamengo can take that innovation to a whole new level. Weâre excited to work hand-in-hand with the team to transform the business of sports.â
Weâll see what the two can bring to Brazil, widely considered an aggressive market for both crypto and soccer.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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