Cloud9 aims to change crypto perception in esports with new deal
North American organization Cloud9 is hoping to change the perception surrounding cryptocurrencies and blockchain technology.
The basics: This is the latest in an ever-growing list of collaborations between esports organizations and crypto companies.
- Cloud9 has partnered with Blockchain.com, an exchange platform that has over $1 trillion in transactions since launching in 2011.
- The multi-year deal has been formed to "create a dialogue around financial literacy and cryptocurrency" in esports.
- Though financial details haven't been disclosed, the partnership will also be activated by the crypto company's logo being advertised on Cloud9 jerseys and social media profiles.
The landscape: While crypto adoption in esports has been rife in the past year, esports communities are still showing strong hesitance to accept such deals.
- TSM's headline, 10-year naming sponsorship from FTX is worth $210M.
- Fnatic is receiving $15M over five years from Crypto.com.
- Beckham-associated Guild Esports recently announced a $6.1M deal with Bitstamp.
The challenge: Even this partnership, which aims to clear up misconceptions and provide education surrounding cryptocurrency, received more negative responses than positive.
- While 100 Thieves just executed the only blockchain-fueled project to garner a mostly positive reception in esports, progress has been slow.
- It will take more than detailing the perceived positives of cryptocurrency and NFTs for community perception to change, Cloud9 and Blockchain.com will need to tackle topics such as environmental impact head-on.
- While community adoption may be years away, should it arrive at all, it's clear that crypto companies are providing much-needed revenue for esports organizations. Sponsorship has typically been the largest driver of income for orgs and the crypto sector is contributing a significant chunk of money to many of them.