NBA’s Portland Trail Blazers to wear crypto logo for next five years

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The Portland Trail Blazers, an American professional basketball team that competes in the National Basketball Association (NBA), is moving into the crypto industry through a new partnership.

NBA announce On Thursday, Trail Blazers secured their first-ever jersey patch sponsorship for the league with StormX, a blockchain company that allows users to earn crypto rewards by completing small tasks or shopping at global online partner stores.

As part of the sponsorship deal, Trail Blazers . will It said Placing the StormX logo on the team’s jerseys for the next five years, starting with the 2021-22 season. The parties did not disclose the size of the deal but said they had signed an “eight-figure contract” including brands within the arena. According to sponsorship experts, jersey patch deals average about $10 million annually.

In addition to the jersey patch, StormX and Trail Blazers will also partner to release non-perishable tokens, or NFTs, based on the Gameday Sticker Series, a series that features unique designs from local artists for the Trail Blazers team. NFTs Trail Blazers will be released in the form of digital collectibles representing team posters, later in July, according to the announcement.

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Chris McGowan, President and CEO of Trail Blazers, said StormX will help “educate and motivate Rip City about cryptocurrency and earn cryptocurrency.” StormX was founded in Seattle by Portland-based Trail Blazers enthusiast Calvin Hsieh and Simon Yu with the goal of promoting financial independence. The company’s platform allows to earn cryptocurrency from more than 800 stores across more than 170 countries via a web browser extension.

“We are honored to be the first crypto company to sponsor the jersey not only with a team of such high caliber, but also with a league of the same stature,” Yu said.

The National Basketball Association (NBA) has recently expanded its move into the crypto and blockchain industry. In mid-June, Philadelphia 76ers into the NBA I entered into a marketing partnership With the main fan token providers on the blockchain, Chiliz and Socios.