According to the latest reports, a team from the National Basketball Association (NBA) has formed a new partnership with a cryptocurrency company. The name of the particular team from the NBA is Portland Trail Blazers. With the new partnership, the Portland Trail Blazers have stepped into the cryptocurrency industry for at least five years if not permanently.
The announcement around the partnership between the Portland Trail Blazers and the cryptocurrency company has been made by NBA on Thursday, July 1, 2021.
The reports confirm that the cryptocurrency firm that has formed a partnership with the Blazers is StormX. StormX is a company that is based on the blockchain system, which lets users earn rewards in the form of cryptocurrencies. The users can win these rewards by doing shopping at the global stores partnered with the platform or by completing micro-tasks.
The report reveals that it will be the first-ever sponsorship program for the company in which there will be a jersey patch in the league.
As part of the partnership, the Portland Trail Blazers will be wearing the logo for the cryptocurrency firm StormX on their jerseys. Further details reveal that it is not going to be a small-term deal but a long one that is going to last for five years.
Throughout the partnership, the team will be wearing the logos of the StormX cryptocurrency firm on their jerseys. As part of the agreement, the team would start wearing the logos on their jerseys at the beginning of the season 2021-2022.
For now, the size of the deal has not been disclosed by either of the parties so it is expected that the price of the deal will be closed in near future. For now, they have only hinted that the contract has been formed at a price worth eight figures.
As part of the partnership, StormX would not only be able to get its logos on the team’s jerseys but also the arena branding. However, the arena branding will be carried out internally and not internally. According to historical data, the jersey patch deals have been formed between by team and sponsors at around $10 million per year.
In addition to the jersey patch deal, Trail Blazers and StormX have formed yet another partnership. As a result of the partnership, both entities will be working together to introduce the non-fungible tokens (NFTs).
The non-fungible tokens would reportedly be based on the series for the Gameday Poster. The poster series features posters for the Trail Blazers team, which would be developed by local artists. Furthermore, the companies would be working together to introduce digital collectibles for the team in the form of NFTs.