Bitcoin-related ETFs have debuted on the New York Stock Exchange. And despite all the headwinds, the crypto industry is hot.
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Earlier in 2021, FTX (the #3 crypto exchange platform) put its name on the home of the Miami Heat. This is not the first cryptocurrency going after stadium naming rights. This deal is putting the value of the Lakers long-term brand and franchise at risk.Īll is not gloomy for this deal. And the mushrooming of riskier and more dubious altcoins or “shitcoins” are contributing to the volatility of the industry. Experts and lawsuits continue to compare it to Ponzi schemes. Cryptocurrencies around the globe are facing governmental backlash-in 2021, the US, UK, China, India, and South Korea, among others have all announced regulations to curtail or oversee the use of such exchanges. With over 10,000 cryptocurrencies, the industry is ripe for consolidation and failures-meaning most of the existing brand names will not survive into the future. In its short 5-year history has already changed its name, having started as Monaco. For the brand, the past is non-existent, and the future is uncertain. Founded in 1947, it has proven its staying power over three quarters of a century. And linguistically having a URL for a name is a mouthful. Loyal fans are vowing to continue using the former name. Twitter is abuzz with jokes calling the arena “The Crypt”-it doesn’t help that the Lakers have the oldest roster in the league. Sure, the venue operator AEG will pocket $700M for selling the 20-year naming rights and is expected to invest in refurbishing the building to match the state-of-the-art arena of hometown rivals, the LA Clippers.īut the brand impact on the Lakers franchise is already proving to be negative.
FORTUNE FAVORS THE BRAVE MATT DAMON MEME CRACKED
Indeed, following the naming rights announcement, ’s coin, called CRO, rallied and cracked the top 20 cryptocurrencies by market value.īut there is little brand equity to transfer in the reverse direction.
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The brand will benefit immensely, gaining immediate credibility, respectability, and awareness from its association with the Lakers brand. In this case, the brand equity flow is decidedly one-way. Both sides should gain, with each adding missing brand attributes and value to the other. Successful brand partnerships must be mutually beneficial. In the absence of a distinct positioning, the brand simply signals what most people think of superficially when it comes to cryptocurrencies: spectacular growth, but somewhat shady, and shadowy. It is trying to make noise by signing sponsorships with multiple sports teams (Ultimate Fighting Championship, Formula 1), and getting Matt Damon to feature in advertising.īut the brand doesn’t have any distinct personality of its own-it uses an unoriginal theme of “Fortune Favors the Brave”, and its messaging has jumped on the Web3 bandwagon of giving power back to the people. And you think of winning-17 championships, tied for most in the NBA.īy contrast, is far from being a leader in the world of cryptocurrency-it is merely #9 in terms of volume among crypto exchanges. You think of star power-the 2021 home opener was attended by Jack Nicholson, Adele, Kevin Hart, and Lil Wayne, among others. When you think of the Lakers brand, you think of “Showtime”-an entire era and style of basketball as entertainment. The brand has consistently attracted the cream of basketball talent, from Kareem Abdul-Jabbar and Magic Johnson in the 1980s, to Kobe Bryant and Shaquille O’Neal in the 2000s, to LeBron James, Anthony Davis and Russell Westbrook today. Closely associated with Hollywood, it stands for stardom and leadership.
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The Lakers brand is about glamour and style. From a brand perspective, the deal violates three basic principles of partnerships and is the marketing equivalent of a flagrant foul. The news of the renaming of the Staples Center, home of the Los Angeles Lakers, to Arena has sparked outrage, nostalgia, and memes. Nikhil Gharekhan, Managing Partner, Presciant