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Nexo invests hundreds of millions of dollars to sponsor F1 teams, a money-burning competition in crypto platform sports marketing
【ChainNews】The crypto lending platform Nexo has recently made another big move. Just a month after partnering with the Australian Open official, it signed a four-year sponsorship deal with the Revolut F1 team. Insiders revealed that this deal is worth tens of millions of dollars, and Nexo’s brand logo will be prominently displayed on the car paint, helmets of drivers and maintenance teams, sleeves, and other visible locations.
This sponsorship is not an isolated case. Last year, crypto exchanges and platforms invested a total of $568 million in sports events. Football remains the main focus, with nearly 60% of new sponsorship agreements directed towards the football sector. From the frenzy of the NFT boom to now breaking through with sports marketing, the crypto industry’s money is indeed shifting towards offline and traditional sports fields. Brand exposure, user psychology, long-term brand value… These traditional marketing principles are now essential lessons for Web3 platforms vying for recognition.
Web3 is really starting to learn from traditional finance, shifting from hype concepts to sports marketing. The transition is happening pretty quickly.
Australian Open, F1 in turn—what kind of game is Nexo playing here?
Sports marketing, if successful, is indeed more convincing than air coins, but the risks are still high.
Last year, over 500 million was spent on sports. If this money can truly earn user trust, it’s worth it; but I’m worried it might all be for nothing.
It is worth noting that if Nexo's decision to invest tens of millions of dollars is based on certain assumptions, they are not betting on F1 viewership numbers, but rather on the psychological game of traditional financial institutions regarding the compliance of Web3 platforms. From the perspective of on-chain governance proposals, such marketing expenditures should have been decided through DAO voting, but clearly, crypto platforms bypassed this step—hidden incentive misalignment issues within this will eventually erupt.
Nexo really has the cash, just finished the Australian Open and now investing in F1.
Investing 568 million in sports marketing—how much real progress can this money make...
Compliance isn't even sorted out yet, and they're already starting to build their brand, which is like closing the stable door after the horse has bolted.
But to be fair, traditional sports are indeed a gold mine, no wonder everyone wants a piece of the pie.
It seems you still have to spend money to get a seat at the table, the NFT approach is no longer workable
Nexo's move is good, showing your face is much more important than Dapp rankings
Is sports marketing just paying an IQ tax? Or can it really attract users...
Money flowing offline, this is what the true Web3 winter is all about
Spending over 500 million on sports, is it more cost-effective than mining?
Putting crypto labels on F1 tracks, traditional finance must feel really uncomfortable
A spending arms race, whoever spends more first wins?
Feels even more competitive than DeFi
Going global in the industry, this is how it’s done
Spending tens of millions on F1 just to put their logo on the cars—how much recognition do they lack?
Spending five or six billion on sports marketing—it's less about brand value and more about whitewashing themselves.
This wave of crypto marketing is indeed smart; instead of relying on price speculation, they’re focusing on sports. Pretty clever.
I'm just worried that after sponsorships, the project might crash again after going public, and then these racing ads will become a joke.
Sports marketing is expensive, but it seems much more cost-effective than the crypto circle's self-indulgence.
Crypto exchanges play this game all the time—burning money on marketing. Can users really make money?
It's sports marketing and brand value—basically, just trying to whitewash.
Nexo's recent moves will definitely attract attention in the crypto world, but it feels a bit overhyped.
This is called the wealth code—if you have money, you can tell stories.
Wait, why not use this money to protect user assets?
In the realm of sports event marketing, traditional finance has already played out, and crypto is starting to follow suit.
Over 500 million USD—how many users would need to be exploited to recover that?
Sponsorship fees are just going down the drain; they might as well give us the money.
Can sports marketing really whitewash the crypto image? I just don't believe it.
Last year, they spent 500 million on sports, and they have to keep going. Do they really have that much money?
So this is what they call "long-term brand value"? I think it's just the last crazy spree before cashing out through financing.
Crypto platforms have now learned the traditional marketing playbook. Sports sponsorships are indeed more "legitimate," but it feels a bit like whitewashing themselves.
Spending 568 million on sports... Is this figure real, or just another story?
I have to say, Nexo's marketing approach has changed. From NFT frenzy to offline sports, at least it's more pragmatic.
F1 exposure is there, but whether it can truly convert into users or just pure spending remains to be seen.
After the Australian Open and F1, both making moves within a month—this pace is quite aggressive. Are there more to come?
Traditional sports sponsorships are indeed easier to gain recognition than crypto hype, but whether users stay after the money is spent is the real key.
Wait, last year $568 million was spent on sports. How many projects would that be enough for? It feels like marketing is just covering up the product's own issues.
Nexo has consecutively partnered with the Australian Open and F1 within a month. This pace is really about grabbing the narrative. Everyone wants a piece of the traditional sports pie.
Basically, it's about spending money to gain recognition. The question is, can this wave really improve the industry's image? Or is it just another carnival for the gullible?