Terra and Washington Nationals Sign Sponsorship Deal
As part of the deal, the community behind the Terra project has committed $38.2 million in UST stablecoin over the next five years. In addition, the deal also includes creating a digital series for the team’s social platforms, adding Terra signs and logos inside Nationals Park, and renaming Nationals Club, a premier seating area behind home plate, Terra Club.
Earlier this month, Terra founder Do Kwon floated the idea of a $40 million proposal to the Terra community treasury to sponsor a major American sports team. However, at the time, he did not name the team.
“We are excited to partner with Terra to name our most exclusive club and explore bringing powerful new fan experiences to Nationals Park, including the use of UST cryptocurrency to make purchases,” said Mark D Lerner, managing principal owner of the Washington Nationals.
Terra is governed by a decentralized autonomous organization (DAO) which also produces the UST stablecoin. The blockchain project’s native LUNA cryptocurrency is the 10th-largest cryptocurrency with a market capitalization of roughly $23 billion.
Other cryptocurrency companies such as Crypto.com and FTX have also formed extensive sports partnerships. However, unlike Terra, those companies are centralized companies rather than community-led projects.