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- According to the deal, StormX will have a presence on the Blazers’ game and practice jerseys, as well as in-arena signage, and will use the team’s intellectual property internationally
- StormX, according to Blazers CEO Chris McGowan, is revolutionary, and the collaboration will give Blazers fans with further bitcoin education and opportunities to earn Crypto Cashback
- Paul Allen Estate owns the squad, which Forbes estimates is worth $1.9 billion and generates $240 million in income
The Portland Trail Blazers announced on Thursday that they had reached an agreement with cryptocurrency platform StormX to become the NBA’s first cryptocurrency jersey sponsor. StormX will have a presence on the Blazers’ game and practice jerseys, as well as in-arena signage, and will leverage the team’s intellectual property globally, according to the agreement. In addition, StormX will develop the team’s first NFT, which will be released later this month. The StormX arrangement was negotiated with the help of the sports agency Wasserman Media Group. The deal’s terms were not disclosed. Sponsorship experts estimate that the multi-year arrangement will cost less than $10 million each year. The Golden State Warriors’ jersey patch, which is the most costly in the NBA, brings them over $20 million every season.
StormX is a cash-back or reward-based business strategy that allows consumers to earn bitcoin when they buy with leading brands. Transaction fees are how the firm generates money. StormX has 800 global partners and over 2 million users, according to the transaction announcement. A mobile version for Apple and Android devices is also available. In addition to providing an exclusive blockchain component, partnering with StormX positions the Blazers for the future of ticketing and fan data collection. Blockchains and the objects that are linked to the technology provide a one-of-a-kind, unhackable certificate of authenticity. StormX, according to Blazers CEO Chris McGowan, is revolutionary, and the agreement will provide additional education regarding cryptocurrency and earning Crypto Cashback to Blazers fans. This year, the Bitcoin industry has been active in sports sponsorships. Formula 1 and Crypto.com agreed to a $100 million contract on Tuesday, and FTX took over the Miami Heat’s arena moniker in March.
The contract is for 19 years and is worth $135 million. The issue is whether StormX will receive its money’s worth out of this sports collaboration. The Trail Blazers have a dedicated fan base and a strong market, but they are now dealing with image issues with the appointment of new head coach Chauncey Billups, who was accused of sexual assault in 1997. Billups was never prosecuted, and the complainant and Billups finally reached an agreement in 2000. Despite this, after introducing Billups on Tuesday, the squad received harsh press and social media responses. Damian Lillard’s future is also uncertain after the club failed to move past the first round of the NBA playoffs in 2021. If he’s traded, the Blazers’ patch may lose its worth. However, club management claim that the present PR difficulties are only temporary and will not affect the team’s future operations. According to Forbes, the Paul Allen Estate owns the squad, which Forbes estimates is worth $1.9 billion and generates $240 million in income.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
