Terra (LUNA) Holders Approved a Multi-Year Million Dollar Sports Sponsorship Deal
Do Kwon, the founder of Terraform Labs made a fresh proposal to the Terra community this week, allowing LUNA holders to vote on a new five-year, $38.5 million sponsorship with an unknown team in one of the United States ‘big four’ sports leagues (MLB, NBA, NFL, NHL).
It appears to be the first time a DAO (or similarly structured entity) has had a collective vote to engage in sponsorship in sports history. The proposal is the second of three significant announcements made under the new Terra campaign.
Terra's 'Luna Foundation Guard,' announcement was just a few weeks ago, and it was the first part of a three-part announcement.
The proposed funding comes from the community pool and the proposal is built around a few key elements: the first is the narrative, which is based on the idea that the leading decentralized Stablecoin machine securing sponsorship of this caliber is representative of a larger 'DeFi to the masses' movement. The second concept is that being brave is necessary for progress. The third key element is perhaps best articulated in the proposal itself: 'stimulating DAO governance inventiveness to fulfill its full potential.'
The NBA is the most likely target, with the MLB and NHL both being viable options, and the NFL has a low chance of showcasing the franchise involved in this arrangement.
