The Terra ecosystem’s decentralised autonomous organization (DAO) that governs Terra has signed a sponsorship agreement with the U.S. professional baseball club Washington Nationals of MLB.
1/ After much anticipation, we’re excited to announce that the [REDACTED] American professional sports partner of the Terra Community Trust (TCT) is the Washington Nationals MLB franchise!
Read the official press release here 👇https://t.co/hbmfQXOhEC
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) February 9, 2022
The five-year deal is worth $40 million.
In a statement, officials noted that this is the first such agreement between a sports franchise and DAO.
A sponsorship proposal with a large sports project unnamed for legal reasons was put to a vote by the community on February 1 by Terraform Labs founder and CEO Do Kwon. The support stood at 98.41%.
The deal envisions broad Terra branding at Nationals Park, including digital boards inside and outside the stadium, as well as advertising boards around the field and on the stands.
Under the agreement, a VIP lounge at the arena will be renamed the Terra Club. According to the press release, its residents include companies with a combined market capitalization of $1 trillion (six firms in the Fortune 100 and eight in the Fortune 500).
“These fans represent a new market for Terra, both at the individual level and on the institutional level,” the blockchain project noted.
The partnership is designed to boost Terra’s brand recognition. It also contemplates the use of the stablecoin UST to make purchases at Nationals Park starting next season.
Earlier, in 2021, in the United States the cryptocurrency derivatives exchange FTX bought the naming rights for $90 million to name the Miami Heat’s home arena.
The cryptocurrency platform Crypto.com signed a 20-year deal to rename Staples Center, home of the NBA teams the Clippers and Lakers, to Crypto.com Arena. The deal was worth $700 million.