We went from 16 Crypto sponsors in the last Formula1 to just 10 sponsors this time. This is how unsustainable business models fail.

Rogueofoz · 2023-10-07T17:21:08+00:00

The difference between bull and bear market

Tasigur1 · 2023-10-07T17:22:38+00:00

Velas, Fantom, Tezos, FTX, Floki, Virtua ...

Just ask yourself, how many coins/tokens would you buy from that list? 😉

risingcrow1o1 · 2023-10-07T17:28:49+00:00

Unpopular opinion, I’m glad CDC and Binance survived. Despite slashing card benefits, the businesses seem to be growing their presence quite well

Ben_Dover1234 · 2023-10-07T17:25:50+00:00

I think it is very impressive that crypto.com was able to splurge so much marketing spending and is still a successful and functioning exchange.

Makes you think how much they’ll spend in the next bull market.

Socialinfluencing · 2023-10-07T17:22:46+00:00

Yeah that 2021 bullmarket liquidity got stretched by companies hitting marketing into overdrive. The UFC was also quite promotional and Etoro got promoted in sports which was as a direct result of the crypto bullrun. Once profits dry up a bit you start to see the reality and that's that unless your business model doesn't only require hype and speculation you're not gonna wanna run ads and sponsorships year round.

NipeNighule · 2023-10-08T12:28:09+00:00

The company hacks and security levels of CEXs are a huge issue because that's how more companies fall and potential investors are now afraid to put their money in crypto companies.

vhanke · 2023-10-07T17:29:38+00:00

It's crypto winter, what do you expect. Wait for next bull and I want to see your surprised pickachu face

HappyMongday · 2023-10-07T17:48:38+00:00

kraken.com on the Williams?

DC600A · 2023-10-07T17:49:19+00:00

i remember crypto.com and WC in qatar last year. the glory days will return as crypto winter wears off.

kn0lle · 2023-10-07T18:15:48+00:00

Who the fuck knows Socios and Everdome?

-Monero · 2023-10-07T19:09:44+00:00

i don't remember when was the last time I watched F1 race

MotaNeedACar · 2023-10-07T23:04:31+00:00

As a fan of F1 and a crypto holder, I found it weird when I saw many platforms that I never heard of sponsoring F1 teams. We are talking about millions.
But I think that this clean of platforms is kinda good, because it shows that the ones who remained, can be solid and more reliable

Probably_notabot · 2023-10-07T17:49:24+00:00

Alfa Romeo should be ashamed of themselves. Floki?

GabeSter · 2023-10-07T17:29:34+00:00

I don’t think this shows how unsustainable something is.

Lots of companies do marketing, this just shows some projects simply exist for attention.

MadManD3vi0us · 2023-10-07T18:15:21+00:00

I can't believe Mercedes dropped the FTX sponsorship. Such a solid service LMAO

Y'all really needed the /s?

mladjenija · 2023-10-07T17:38:56+00:00

Opensea remains, it's good to know

Parush9 · 2023-10-07T17:50:17+00:00

Every Crypto related business made quiet abit of money during last run . Some of them went all out with spending & marketing . CDC & Coinbase both did some major marketings . Those who survive this winter and regulatory pressures will come out on top in few years .

Remarkable-Crew-7040 · 2023-10-07T17:52:07+00:00

Blockchains are businesses?

Wonzky · 2023-10-07T18:02:17+00:00

The problem with mass marketing like that is when things go sour (e.g. FTX), the marketing will forever be tainted by the negative experience

Even now, a lot of people will probably just think about the FTX collapse if they see marketing for a crypto exchange

OsChMoScH · 2023-10-07T18:03:12+00:00

Just wait what it looks like in a new bull run

raymv1987 · 2023-10-07T18:03:38+00:00

Also down from 2 NBA arena names to 1.

Kukuzahara · 2023-10-07T18:09:41+00:00

Crypto online casinos are booming probably because they manage to basically convert non crypto users to crypto users.

emailemile · 2023-10-07T18:17:12+00:00

Alpine got the best sponsor out of all of these. I'm happy for them, they're such an underrated car brand :)

middlemangv · 2023-10-07T18:17:13+00:00

Mercedes - FTX...

Lmao...

MaximumStudent1839 · 2023-10-07T18:31:56+00:00

It also goes to show how much these companies actually give a fuck about their current supporters.

OpenSea cancels royalties for creators because they claim it is unsustainable for their business model. But they keep taking a cut from each trade. Apparently, they don’t have enough money to give some back to creators but they got enough to sponsor these meaningless marketing events.

Bottom line, these companies treat the space like a greater fool game. They care about attracting more idiots coming into the space than taking care of the ones here.

italian_platypus · 2023-10-07T18:35:06+00:00

Half of those exchanges I've never even heard of. No surprise some were dropped.

Titozar13 · 2023-10-07T18:37:02+00:00

FTX came to sponsor Mercedes, how unfortunate it all is.

Riviera20 · 2023-10-07T18:39:48+00:00

10 sponsor considering we're in a bear market. I don't think this is a negative news. Let's see how many sponsors there will be in the next bull run

speedfire21 · 2023-10-07T18:39:55+00:00

Williams has Kraken as a sponsor this year, it's missing in the list.

Junnowhoitis · 2023-10-07T18:43:41+00:00

Don't forget why. Those are exchanges trying to sell their coins at the peak vs the bear.

craigmorris78 · 2023-10-07T18:43:46+00:00

Never thought there could be too much crypto but here we are

Consistent_Many_1858 · 2023-10-07T18:45:14+00:00

Next year there will be 5 sponsors at this rate. There are lots of shit projects who are just there to make quick buck.

mandemshakerman · 2023-10-07T18:48:24+00:00

Crypto sponsorships do nothing for price appreciation. Just confirmation bias narratives for people to get excited about on Reddit. Markets are forward thinking, everything else is just froth.

ItsAllJustASickGame · 2023-10-07T18:50:39+00:00

That's still 10 sponsors in a bear market. That's a win in my book.

Thefemaleboss2610 · 2023-10-07T18:50:47+00:00

Bear market everything down money to spare for advertising got to be lowered to survive

coinsRus-2021 · 2023-10-07T18:51:17+00:00

This should be expected

TheUwaisPatel · 2023-10-07T18:56:50+00:00

Kraken sponsors williams

kishorexk · 2023-10-07T18:56:56+00:00

Redbull and Bybit seems to be the best partnership out there.

tewsbeferneds78 · 2023-10-07T18:58:47+00:00

Well, the way FTX ended up I would say this is not necessarily a bad thing

--crypt0s-- · 2023-10-07T19:08:00+00:00

Note that none of this coins is in the first 50 for market cap. Floki as official sponsor of a F1 car is crazy 🤦🏻‍♂️

takeYourMOON · 2023-10-07T19:21:15+00:00

Ouch Mercedes 🫠

nonameattachedforme · 2023-10-07T19:29:34+00:00

This reminds me of the Superbowl leading indicator that many of those companies looking for attention rather than real profits would simply market on the Superbowl (Dot-com bubble) and crypto is following the same idea. We're seeing fewer big sponsorship deals (FTX, CDC) and this will hopefully lead to a better and more sustainable product for all.

Maikuboy · 2023-10-07T20:09:14+00:00

10 does not sound too bad. I would have expected zero.

Fluffy-Development86 · 2023-10-07T20:11:37+00:00

There's a lot of projects that sell their token like crazy to advertise themselves to the public. There's a reason why these tokens crash so hard (and obviously tokenomics plays an important role in that as well)

starhumanpanda · 2023-10-07T20:15:38+00:00

Its bear market thats why

soyelvorph · 2023-10-07T20:23:33+00:00

I remember seeing that Floki thing in Alfa Romeo.

Never get used to it.

DyingToBeBorn · 2023-10-07T20:33:02+00:00

You can add Kraken to Williams.

slickjayyy · 2023-10-07T20:34:24+00:00

We are literally in a recession lmao

beastmachine88 · 2023-10-07T20:35:54+00:00

Maybe its too confusing for rhe market. Its too many out there

badfishbeefcake · 2023-10-07T21:06:18+00:00

there is so many i dont know, what is Socio?

TittaDiGirolamo · 2023-10-07T21:06:27+00:00

Binance sponsors S.S. Lazio (soccer) in italian championship too.

harkt3hshark · 2023-10-07T21:28:21+00:00

Crazy, I know fantom, but what is virtua or velas?

DogeDan89 · 2023-10-07T21:41:57+00:00

We know where our money goes

NineHDmg · 2023-10-07T21:51:08+00:00

Sócios and crypto com

Both solid af

Cab000se · 2023-10-07T21:57:53+00:00

No, only bitcoin.

Quiet-Ad-3582 · 2023-10-07T22:03:11+00:00

Formula 1 is shit

Errant_Chungis · 2023-10-07T22:16:29+00:00

Seems like survival of the fittest/competition to me

minorthreatmikey · 2023-10-07T22:59:28+00:00

Only a 37.5% drop in sponsorships during the bear market? Damn that’s bullish

monaslab · 2023-10-07T23:01:14+00:00

Only the strong survive, just like shitcoins. Crypto.com still in there, my CRO bags eagerly await bullrun.

BruceFeee · 2023-10-07T23:03:30+00:00

on my area i went from 5 open pubs to 3, this is how fucking business fall.

i_reddit_at_reddit · 2023-10-07T23:10:16+00:00

I wonder why FTX stopped sponsoring??

CipherScarlatti · 2023-10-07T23:19:14+00:00

I don't get why companies were bothering to do this. It just makes no sense for crypto.

I know about Tezos, them paying Formula 1 to have thier logo on a car is stupid. It's not going to attract people to the ecosystem. And it doesn't add credibility if that is the next argument.

Altruistic_Box4462 · 2023-10-07T23:45:54+00:00

10? Thats better than I expected.

wato4000 · 2023-10-08T00:43:44+00:00

They will return in 12 months time 😁

harveytent · 2023-10-08T02:23:03+00:00

I’d prefer an exchange spend the money on security and regulation rather then advertising. Any exchange spending a fortune on advertising is one you should be very afraid of. Exchanges shouldn’t be rich. Most are not charging enough fees to justify a lot of spending.

why_so_many_lol · 2023-10-08T03:00:21+00:00

Although interesting, this is not a complete list if crypto sponsorship in F1. Crypto dot com paid for the name rights for the Miami GP this year, and a few others are missing, such as Kraken with Williams racing.

ra246 · 2023-10-08T06:29:10+00:00

Plenty stories within F1 of dodgy sponsorships. Have a google about the ‘Rich Energy F1 sponsor’ if you want to read something ridiculous.

aguspitillo · 2023-10-08T07:28:50+00:00

Not that I disagree with OP, but the provided sponsors list is somewhat innacurate. As an example, Fantom, Sui or Kraken are currently F1 sponsors.

Wrench555 · 2023-10-08T07:54:30+00:00

Alright atleast one industry/sport is waiting for the bull run just like us retailers.

BN_Boi · 2023-10-08T08:38:29+00:00

Not like anyone care about sponsors

Drei_849 · 2023-10-08T12:36:34+00:00

This will turn around in bullmarket, probably with some new names in the industry

Pibo1987 · 2023-10-08T16:01:15+00:00

The difference between a sustainable business model and money dumped in ad campaigns.

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