Every FTX Arena fan receives a free NFT during opening match

Promotion estimated to have cost $150,000

FTX logo                                 
FTX cryptocurrency coin - Photo:Shutterstock
                                

Every spectator who attended the basketball season opening match between the Miami Heat and Milwaukee Bucks on the 22 October at the FTX Arena received a free non-fungible token (NFT).

Each fan received a “You in, Miami?” T-shirt with a QR code on the back, which when redeemed through FTX US Marketplace gave fans access to a limited-edition Opening Night FTX Arena NFT.    

Cryptocurrency exchange, FTX bought the naming rights to the Miami Arena – formerly the American Airlines Arena – in March this year. The National Basketball Association (NBA) approved the deal in April and the name was officially changed in June.

Miami Heat and Milwaukee Bucks are both NBA teams in the league’s Eastern Conference Central Division, with Miami Heat claiming victory by 137 to 95.

Some fans receive $500 worth of crypto

One section of fans sitting in the arena also received $500 (£363) worth of cryptocurrency. It has not been specified which crypto fans received. The giveaway has been estimated to have cost FTX $150,000 (£109,012).   

As part of the “You in, Miami?” campaign, FTX US announced that Udonis Haslem, three-time World Champion Miami Heat legend, has joined as an official ambassador for FTX.

Brett Harrison, president of FTX US, said: “Miami is a growing home of the cryptocurrency industry in the United States. We are looking to integrate ourselves into the fabric of this community in order to not only best support the local crypto movement, but all the diverse cultural and economic enterprises that make Miami unique.

“Given his commitment to the Miami Heat and the city, partnering with Udonis Haslem was an obvious choice. We are looking forward to working alongside him to serve the community and further our efforts to make crypto more accessible to any audience in the US.”

FTX valued at $25bn after fundraiser

Recently, FTX raised $420.7m (£304.5m) in series B-1 fundraising, bringing the value of the company to $25bn (£18bn).

The round saw investors from Ontario Teachers' Pension Plan Board, via its Teachers' Innovation Platform, Temasek, Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital, Lightspeed Venture Partners and funds and accounts managed by BlackRock.

FTX also announced that in addition to the B-1 fundraise, Temasek had taken part in the previously announced series B and updated the total amount of that raise from $900m to $1bn.

FTX believes the amount raised in the series B-1 fundraiser is “testament to the company's continued growth and will allow FTX to expand into new jurisdictions, improve upon its current offerings, and further establish itself as a marketplace leader”.

Further reading: Coinbase and the NBA announce multiyear partnership

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