The $38.15 million deal will focus on promoting Terra in various parts of the sports franchise’s headquarters and television network. The implementation of Terra’s stablecoin UST as an accepted currency in venue transactions is another area of interest, the baseball team said.
Terra Brand Enhancement
According to the official press release, Terra Community Trust’s (TCT) partnership with the Washington Nationals MLB franchise is a five-year deal. The exclusive collaboration received $38.15 million in funding from the Terra community.
This comes just a week after the organization requested 40 million UST to fund a Terra brand partnership with a sports franchise without revealing its name. Do Kwon, co-founder of Terraform Labs, the entity behind the Terra blockchain and DAO, stated that the identity will be revealed after the conclusion of the voting period and when the partnership is approved.
In accordance with Kwon’s initial proposal, Terra will assume sponsorship of the stadium’s home plate VIP lounge, which will be renamed “The Terra Club.” Additionally, the feature-intensive crypto brand includes in-stadium signage as well as sponsorship of “a five-part digital series” that will air on the sports franchise’s social media platforms.
“Push the Envelope”
It is billed as the first deal between a big-name sports franchise and a decentralized autonomous organization (DAO). Commenting on the development, Mark Lerner, the Nationals’ senior owner manager, said in a blog post.
“The Nationals continue to push the envelope. We are excited to partner with Terra to name our most exclusive club and explore bringing powerful new fan experiences to Nationals Park, including using the UST cryptocurrency to make purchases.”
Terraform executive Kwon also weighed in, stating that the approval of the sponsorship deal will pave the way for the community to engage and educate the public, including lawmakers in Washington, DC, about decentralized money and the underlying technology that powers it. .
As part of the deal, the Washington Nationals baseball team stated that it will explore in-stadium payments from the UST stablecoin. In fact, UST could be accepted as a payment method at Nationals Park starting next season.
CryptoPotato previously reported on Terra’s proposal to deploy $139 million across five different DeFi projects on Ethereum, Solana, and Polygon to power UST use cases.
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This post Terra agrees to a five-year deal with the Washington Nationals for $38 million
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