Staples Center in LA to become Crypto.com Arena on Christmas
We got the iconic staples center, guess what gon na be no more its still gon na be there, but in name only the name is changing to crypto.com arena. Uh kiko, im kind of calling it top here. But let me just give some of the details: cryptocurrency company, they have paid 700 million dollars for the 20 year, naming rights of this deal and akiko. We were talking about this earlier in the morning, and this reminds me of 20 years ago the dot com boom, and we had so many stadiums renamed. We had so many super bowl commercials with tech companies come about and then it just kind of fritter away disappeared overnight. It just me jared or is it does? Does the dot com make, it seem a little old crypto.com? Why not just crypto, but i will say, as as an la native, a die, hard laker fan. This does hit a little close to home, of course, staples center. Anybody thats visited knows its home to the lakers clippers kings and sparks, but there seems to be a lot of outrage, but i will say that it feels like youre just swapping out one corporate name for another and in sports weve kind of grown accustomed to that. The stadium that you know is one thing shifts pretty quickly in 10 years or 20 years uh to another name, that is kind of the flavor of the day, and so its not necessarily surprising that crypto has now moved in.
I think its interesting that its a singaporean cryptocurrency exchange 700 million dollars over two or over 20 years. That is a huge, huge uh deal for aeg, which owns the arena. But you know going back to your point. I mean theres a lot of comparisons to what was happening during the dot com boom. You know i looked up when staples center first came about because remember this is this: was a brand new stadium or a brand new arena? They got the naming rights back in december of 97 for a hundred million dollars, a hundred million dollars for 10 years and now were talking about 700 million. So i think aeg is kind of the big winner on the other side of this. I want to know if aeg is going to take payment in crypto in bitcoin card. Of course they will, of course they will. I think this is just another example. This is a whole side issue. It looks like we got a little bit of time here, but you know what theres so much crypto wealth thats just being held in vaults. This is theres thats, a big part of the movement behind defy being able to get a yield on those crypto assets, but also being able to convert them into everyday assets. So we have people on this program: uh, theyre selling, uh residential property in manhattan, or even a commercial property leasing it for bitcoin for crypto payments and uh.
I think theres a lot of crypto on the side, not a common phrase, but im trying to introduce that now. Theres a lot of crypto uh on the side, just being ready to put to work here and im, not gon na call a top on crypto. Just because crypto.com buys the naming rights but um. This is something to keep an eye on. We see two or three of these deals uh. It might be over just temporary and jared if, if anybodys been following this space, this is not entirely surprising ftx. Of course, we saw all over the baseball playoffs. The branding was everywhere, theyve got the naming rights for the arena down in miami theyve also got the naming rights over uh for cal um berkeley and their stadium there. So this seems to kind of be. You know im just wondering if, if robin hood or a coinbase at some point looks to get naming rights as well, because it feels like theres a bit of a land grab with so many crypto companies looking to to get their brand out there um. You know the question is going to be 20 year contract here. Are we going to be talking about this 20 years from now? I think the most bullish people will say. Yes, in fact, this is kind of uh. You say its the top im, not calling it but itll be interesting to see how things look and, by the way that the name change happens on christmas day when the lakers play the next religion.