Tezos Scores Deal With Manchester United

By Kevin • February 4, 2022 2:14 pm • Comments

Manchester United, one of the world’s most popular football teams, will be announcing a partnership with the blockchain platform Tezos.

Tezos is currently ranked 46th on CoinMarketCap when accounting for total market cap value and is currently valued at a total of around $2.6 billion.

The deal between the two companies is recorded to be a $27 million deal where the Tezos logo will be put on the team’s uniforms as well as future collaboration with the team for other metaverse of web3 projects.

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This is not the first time that Tezos has been investing in sponsorships as the blockchain has been growing in popularity steadily for the past few years.

CoinTelegraph reports:

Tezos has made a heavy investment in sports sponsorships. In May 2021, RedBull racing announced Tezos as its official blockchain partner.

Tezos built its first nonfungible token (NFT) fan experience, which was launched in November later that year.

A similar announcement by McLaren Racing a month later saw Tezos as its official technical partner in a multi-year deal across its Formula 1, Indycar and esports teams, and the Tezos network was used in the launch of McLaren’s NFT collection in October 2021.

Manchester United is in the top tier of pro-English football dubbed the English Premier League (EPL).

It joins several other EPL clubs that have either penned sponsorship deals or fan token partnerships.

The blockchain platform Tezos focuses specifically on energy efficient transactions given that transactions on other popular platforms consume a lot of energy.

The platform runs on its native token Tez which is currently traded at major cryptocurrency exchanges worldwide.

The blockchain company is hoping that this sponsorship will continue to help establish their reputation within the emerging crypto industry as it continue to expands and also grow into the metaverse or web3 spaces.

Tezos has also taken a step into NFTs before with their largest marketplace Hen had been launched previously and investors expect that this partnership may also include NFTs in some fashion as well.

CoinSpeaker shares:

Tezos is backed by the Tezos Foundation. It is a blockchain or a type of decentralized computer network like Ethereum.

There have been arising concerns of blockchain requiring a huge computer power in its transactions, which emits carbon.

Interestingly, Tezos appears as an energy-efficient platform, and United perfectly conducted its due diligence before finalizing the deal.

Tezos came under serious challenge in the NFT industry after the chain’s largest marketplace HEN crashed.

However, it stood above those challenges to cement its position as one of the best in the industry.

With a market cap of $3 billion, Tezos is currently trading at $3.8 per coin and ranked as the 39th biggest crypto according to the CoinMarketCap rankings.

 

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