NBA lands first crypto jersey sponsorship

The National Basketball Association (NBA) now has its first cryptocurrency jersey sponsorship, thanks to the Portland Trail Blazers agreeing to terms with crypto platform StormX.

On Thursday, the team announced the development, saying that the crypto company will have a brand presence on its game and practice jerseys as well as on in-arena signage. Moreover, StormX will also have control over the team’s intellectual property, creating its first NFT which is expected to be available this month.

Wasseman Media Group played a role in the negotiations for the StormX agreement and while the terms of the deal were not revealed, sponsorships experts say a multi-year deal isn’t more than $10 million per annum.

What StormX brings to the table?

The crypto platform operates similarly to a cash-back or reward-based business model, allowing its users to earn cryptocurrency when they shop with top brands, with the company earning revenue from transaction fees.

As part of the deal announcement made by the Portland Trail Blazers, it was noted that StormX currently has 800 global partners and more than 2 million users. It also has a mobile application for Apple and Android devices.

Moreover, in partnering with StormX, the NBA team is provided with an exclusive blockchain component that positions it for the future ticketing and collecting fan data.

A revolutionary partner

Chris McGowan, Chief Executive Officer of the Blazers, said in a statement that StormX is “revolutionary” and their deal with them will give the fan base more education “around cryptocurrency and earning Crypto Cashback.”

This year, the crypto space has been very active with sports sponsorships. Just last Tuesday, Formula 1 agreed to a $100 million deal with Crypto.com while FTX took over the naming rights for the Miami Heat in March through a deal for 19 years, valued at $135 million.

 

Image courtesy of Cointelegraph News/YouTube

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