Terra Signed Sponsorship Deal With MLB’s Washington Nationals

Time Stamp: February 9, 2022 3:30 PM
Source Node: 1169458

Terra signed a new sponsorship deal worth $40 million with the Major League Baseball’s Washington Nationals, ending the few weeks of speculation as we are reading further in our latest cryptocurrency news.

Terra signed a new sponsorship deal not long after crypto.com purchased the naming rights to the former Staples Center in Los Angeles. Terra inked a sponsorship deal with Washington Nationals using $40 million from the terra community members and investors. The initial steps towards the agreement started last month when the founder of Terraform Labs, Do Kwon, announced the funds will be raised to partner with a sports franchise.

Keeping up with his initial proposal, Terra said the $40 million will fund a five-year deal with the Nationals to form the Terra community Trust that will execute the agreement and be responsible for the blockchain and the crypto applications and branding. The deal includes creating digital series for the team’s social platforms and will add Terra’s signs and logos inside Nationals Park while also renaming Nationals Club and a premier seating area behind the main home plate, Terra Club. Mark D Lerner who is the managing principal owner of the Washington Nationals wrote:

“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.”

TerraUSD as the DAO algorithmic stablecoin launched back in 2020 and will be accepted for purchases in the ballpark starting from next season. TerraUSD is the 18th biggest crypto with a market cap of $11.26 billion while the Terra original coin ranks ninth with the market cap of $22.96 billion as per CoinMarketCap.com.

As recently reported, Ethereum killers are blockchain networks that use smart contracts to enable DEFI, NFTs, and other applications and it turned out that SOL, AVAX, and Terra all crashed during the January market crash. January has been quite brutal for BTC with the price dropping 20% since the start of the month but as bad as it was for BTC, things were much worse for other coins in the top 15 by market cap especially for the so-called Ethereum killers. With Ethereum-based innovations like DEFI, NFT, and blockchain-based games becoming in vogue in the past 18 months, there an increasing competition for the users.

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