Tuesday, June 28, 2022

The Portland Trail Blazers have signed a patch deal for the NBA’s first cryptocurrency form

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Portland Trail Blazers uniform patch with StormX crypto-currency platform.

Source: Portland Trail Blazers

The National Basketball Association supported the first crypto-currency form after the Portland Trail Blazers crypto-platform StormX reached an agreement, the team said Thursday.

Under the deal, StormX will participate in the Blazers ’game and brand uniforms, using in-field recordings and the team’s intellectual property internationally. StormX will also create the team’s first NFT to be released this month.

Sports Agency Wasserman Media Group StormX assisted in negotiations on the deal and there were no terms of the deal. At the same time, sponsorship experts estimate that the multi-year deal will not exceed $ 10 million a year. The Golden State Warriors earn about $ 20 million a season for their most expensive form in the NBA.

StormX allows users to work with cryptocurrency when shopping with the best brands, such as money back or premium-based business models. The company earns revenue from transaction fees. When the deal was announced, StormX had 800 global partners and more than 2 million users. The company also has a mobile app for Apple and Android devices.

The adaptation to StormX also has an exclusive blockchain component that places the Blazers to collect tickets and collect fan information in the future. What is attached to the blockchain and technology provides a unique and indestructible certificate of authenticity.

In a statement, Blazers CEO Chris McGoven called StormX “revolutionary” and added the deal would allow Blazers fans to “work around cryptocurrency and Crypto Cashback.”

The crypto-currency space has been actively involved with sports sponsors this year. On Tuesday, Formula 1 agreed to a $ 100 million deal with Crypto.com, and FTX named the arena for the Miami Heat in March. The contract is for 19 years and is valued at $ 135 million.

The question is whether StormX will get its money’s worth in this sports partnership.

The Blazers have loyal fans and a supportive market, but they are resilient right now image problems In 1997, after hiring a new head coach, Chauncey Billups, who was accused of sexual assault. Billups was never charged and eventually filed a lawsuit in 2000. negative headlines after the presentation of the Billups on Tuesday and the reaction of social media.

Also, the future of franchising star Damian Lillard is still uncertain as the team failed to advance to the first round of the 2021 NBA playoffs. If it is put up for sale, the value of the Blazers patch could drop. But club leaders insist that current issues related to PR should not affect short-term and future team business.

The blazers are owned by Paul Allen and are valued at $ 1.9 billion ForbesThe club also claims to have generated about $ 240 million in revenue.

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