NBA: Portland Trail Blazers to wear StormX logo
As a part of a five year sponsorship agreement, the Portland Trail Blazers will deploy StormX advertising patches on their jerseys beginning with the 2021-2022 season.
The Trail Blazers to launch tokens
StormX, a crypto cashback provider, and the Portland Trail Blazers, an American professional basketball team, signed a partnership that would make players wear the StormX logo on their jerseys for the next five years beginning with the 2021-2022 season.
At this point, the parties haven’t revealed any information on the size of the deal. However, it was mentioned they signed an “eight-figure contract”. As sponsorship experts say, on average jersey patch contracts amount to around $10 million (~£7.23 million) per year.
What is more, StormX and the Trail Blazers are planning to launch their first non-fungible tokens (NFT) based on Gameday, a series of posters designed by local designers exclusively for the team. The Communications Manager also stated that the Trail Blazers’ NFTs will be issued as digital collectibles in July.
According to Trail Blazers President and CEO, Chris McGowan, StormX will introduce the Trail Blazers to the crypto world, motivating them to earn crypto cashback. StormX founder Calvin Hsieh and the team’s fan Simon Yu will also launch an internet browser extension to promote cryptocurrencies in more than 800 stores across over 170 countries.
Yu congratulated the company on that step highlighting that StormX was the first crypto company to form a jersey sponsorship with a team of such high caliber.
As we can see, The NBA is making progress in exploring the crypto world. In mid-June, NBA’s Philadelphia 76ers signed a partnership agreement with Chiliz and Socios, major blockchain fan token providers.
As recent events show, sport clubs and crypto companies seem to find common ground and stand ready to cooperate. StormX and the Trail Blazers collaboration is only a small part of what is yet to come.
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