The former home of the Seattle SuperSonics is still stuck with the branding of KeyBank, despite the bank not having paid for naming rights since 2011, 3 years after the Sonics left town in 2008.
The reason: it would cost the City of Seattle $200,000 to remove all the branding- even without replacing it. Meanwhile, KeyBank enjoys free publicity during the various events that are still being held, including concerts, WNBA, NCAA and others. Yet, the events aren’t big enough to attract another sponsor, which would cost it an estimated $400,000 annually. Not helping matters is the general expectation that no suitable professional sports team will move to the city in the foreseeable future, a phenomenon itself partially driven by the absence of plans for a modern arena.
So the branding remains on at the aging venue, which was opened in 1962 and renovated in 1995, at a total cost of $95 million to the City and Sonics.
The idea: Boost Bitcoin’s brand by renaming the site to Bitcoin Arena. Bitcoin donations are now being raised for the cause. Cryptocurrencies such as bitcoin, litecoin and dogecoin have proven useful for donation campaigns in the past, including those of the sporting variety.
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The annual NCAA Bowl in Florida was renamed as the Bitcoin St. Petersburg Bowl in a bid to promote Bitcoin. The rebranding was a result of a 3-year deal between BitPay and ESPN, although the arrangement appears to have since been terminated by the latter.
Some Bitcoiners may also derive satisfaction from taking a little away from a traditional financial institution getting a free ride- over and above the free ride it already gets with its clients’ money.
Perhaps the increased publicity will eventually pay off in the form of higher bitcoin prices, although donors will lose out on the bitcoins they’re giving away.
Thus far, the campaign has attracted a grand total of 0.035 BTC ($9.87) out of a sought 3,500 BTC ($981,890), or 0.001% of the goal.