On February 9, the Washington, D.C.-based American professional baseball team, the Washington Nationals, announced that the team had partnered with Terra, the open-source blockchain platform and Decentralized Autonomous Organization (DAO ). The Washington Nationals say the team is a “leading innovator” and “constantly introduces new technology to improve the fan experience.”
Washington Nationals sign long-term deal with Terra
Major League Baseball (MLB) team, the Washington Nationals, has partnered with the blockchain platform and DAO Terra, according to an announcement released by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the UST algorithmic stablecoin issued on the Terra blockchain will be “accepted as a form of payment at Nationals Park starting next season.”
“The Nationals continue to push the envelope,” Washington Nationals principal owner Mark D. Lerner said in a statement. “We’re thrilled to partner with Terra to name our most exclusive club and explore the possibility of bringing powerful new experiences to Nationals Park fans, including the use of UST cryptocurrency to make purchases.”
Terra and its native token terra (LUNA) have come a long way in the past 12 months and today LUNA ranks 11th in terms of crypto market capitalization. Year-to-date, LUNA has climbed 794% in value against the US dollar. The blockchain platform and DAO Terra have the second largest TVL (total value locked) in decentralized finance (defi) at $14.44 billion. Terra’s stablecoin, UST, is the fourth-largest USD-pegged stablecoin by crypto market capitalization, with 11.2 billion UST in circulation.
“This one-of-a-kind partnership between a DAO and a sports franchise opens up a whole new world of opportunity to bring crypto and challenge to the masses,” explained Do Kwon, the founder of Terraform Labs, in the partnership announcement with the Washington Nationals. The Terra founder added:
By endorsing this sponsorship deal, the community has a new way to engage and educate the public, including policymakers doing important work in Washington, D.C., about decentralized money and the emerging technology that drives it. underlies.
Exclusive “Terra Club” and $40 million, 5-year contract
Last year, Crypto.com acquired the naming rights to Los Angeles’ iconic Staples Center and changed the stadium’s name to Crypto.com Arena. MLB already has a crypto partner, as it signed an agreement with FTX as part of a long-term agreement, making FTX the official crypto exchange brand of MLB. MLB has also worked with non-fungible token (NFT) digital collection company Candy Digital. The agreement between the Washington Nationals and Terra will transform the exclusive “Nationals Club” into “Terra Club”.
The Terra Club has an air-conditioned area located on the pitch level directly behind home plate and club members enjoy all-inclusive food and beverage. “Guests with tickets to Terra Club can dine in the dining room or enjoy food and beverage delivery to their seats without missing a second of the on-court action,” the Washington announcement concludes. Nationals.
According to the agreement introduced by Do Kwon, it is a five-year partnership for 40 million dollars. “The partnership agreement with the franchise in one of the major American professional sports leagues represents an unprecedented and revolutionary opportunity to capitalize on the entry of a family-owned and respected franchise into the Terra community,” said the founder of Earth at the time.
What do you think of the agreement between the Washington Nationals and Terra? Let us know what you think about this topic in the comments section below.
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