Why Crypto.com Spent $700 Billion to Put Its Name On A Building

Hint: It's all about location and history
Divad Sanders
January 14, 2022
Staples Center physical signage change expected by June 2022 © Crypto.com

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Brands live and die on their name.

A company’s reputation is determined by what people think of them at any particular time. Meta (previously Facebook) changed its name last year heavily due to a shift in direction. The company had evolved into more than just a social media platform.

Without a doubt, Facebook’s public scrutiny in the years preceding the name change played a role. The platform has become the scapegoat for all that is wrong with social media today.

The name change may have saved the company from future criticism.

Stadiums like the Staples Center are controlled by larger corporations such as Anschutz Entertainment Group (AEG). Every few decades, sponsors purchase the naming rights of the stadium. Staples spent $116 million in a 20-year deal to have their name on the arena.

cryptocurrency, blockchain, nft, crypto, technology
Photo by David Vives on Unsplash

Crytpo.com has replaced Staples as the stadium sponsors over the next 20 years in a deal worth $700 million. Get ready for the Crypto.com Arena! Why would a company spend nearly a billion dollars to put its name on a building?

It’s not about the building. It’s about history.

Major investments in brand

When you think of the Staples Center, office supplies and printer ink is not the first thing that comes to mind. The stadium has housed world-famous teams, particularly the Los Angeles Lakers, who have featured larger-than-life players such as Magic Johnson, Kobe Bryant, and now LeBron James.

cryptocurrency, blockchain, nft, crypto, technology
Beyonce Grammy performance at Staples Center (2014) Photo: Kevin Mazur / Wire Image

The arena is synonymous with NBA championships, massive music performances, and is considered a rival to New York City’s Madison Square Garden in many respects. That’s not by accident.

The best brands don’t lead with product. They lead with experience.

Let’s be honest, there is nothing sexy about Staples. Office supplies may be the most mundane items on the market. Staples was willing to spend hundreds of millions of dollars to put their brand in the face of mainstream America.

Surprisingly, Staples is not headquartered in Los Angeles. Their headquarters are located in Massachusetts. They rose to prominence as the leading brand in office supplies by becoming a fixture in American society in a way that people care about. Crypto.com intends to do the same.

cryptocurrency, blockchain, nft, crypto, technology
Matt Damon with Crytpo.com

Crypto.com is a website that allows users to buy and sell cryptocurrency. Their task is no longer simply “how do we make cryptocurrency enticing?” Their new way of thinking must be, “How can we encourage people to buy and sell with us?”

A partnership with Matt Damon and having their name connected with one of the world’s largest stadiums is an excellent place to start.

It’s all in the name

These brand name changes and company launches are the first time that the public is witnessing a transition into the era of Web3 and the evolution of the internet.

The metaverse, cryptocurrencies, and blockchain technology all follow their own set of rules. Regrettably, the vast majority of people are uninterested in learning more about them. They haven’t realized the significance yet.

However, we have reached a point where these are no longer concepts or ideas. People are getting paid in bitcoin instead of dollars. Over time more and more people will adopt this technology into their lives.

cryptocurrency, blockchain, nft, crypto, technology
Miami Mayor Francis and New York City Mayor Eric Adams to take their next checks in bitcoin.

As that time comes, what will people do to get more information? They’re going to Google terms like “metaverse” and “cryptocurrency”. Guess which companies will appear first in that Google search? Meta and now Crytpo.com.

These brand names are not just to make a company sound cool. It’s about owning the property behind the products and services they sell.

Meta, a metaverse company.

Block, a blockchain company.

Crytpo.com, a cryptocurrency company.

You can expect to see more name changes in the future and further integration of these products into our daily lives.

Consider the companies I mentioned. Make your brand synonymous with solutions, and expand your business in the direction that people are heading.

What is the name of your company? Does it still suit your brand’s future?

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