Crypto.com is paying $700 million over 20 years to rename the building, according to the Associated Press. To put the number into perspective, the entire stadium was built for a cool $375 million.
Fans who spoke with Eyewitness News were shocked over just how big the naming-rights deal is worth. "Insane" and "aggressive" were just some of the words used to describe it.
Meanwhile, social media users reacted to the news by immediately nicknaming the venue "The Crypt."
Still, the question remains if the new name will stick after all the memories made at Staples Center, including Lakers championships and other high-profile events.
"People will still call it the Staples Center," said one person who spoke to Eyewitness News.
The venue will officially change its name Dec. 25 when the Lakers play the Brooklyn Nets in the NBA's annual Christmas showcase.
The Associated Press contributed to this report.