A crypto-heavy NBA season comes to an end

Cryptocurrency brands spent more than $130 million on NBA sponsorship this season, up from less than $2 million last season. In just the last year, crypto jumped to the second highest spending sector in NBA sponsorships. The price of many cryptocurrencies has plummeted, with Bitcoin falling to just above $20,000 this week, down from an all-time high of nearly $69,000 in November. Meanwhile, a wave of layoffs has spread throughout the sector to brace for a possible prolonged economic downturn. "The influx of spending is like nothing we've ever seen before," says Peter Laatz, Global Managing Director at IEGa sports partnerships consultancy. "They were sort of spraying money everywhere," says Laatz of IEG. Source