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The Portland Trail Blazers are the first NBA team to land a jersey patch deal with a cryptocurrency platform.
StormX, which has 800 global partners and more than 2 million users, will sport its brand throughout the arena and on team jerseys. StormX will also create the first NFT for the Trail Blazers.
Terms of the deal were not disclosed, but sponsorship experts have reportedly suggested that the deal, the first of its kind, is likely to be under $ 10 million per year.
The Golden State Warriors have the biggest NBA jersey patch deal at $ 20 million per season. Only three of the league’s 30 teams do not have a patch contract.
Cryptocurrency is flooding the sports industry these days.
Earlier this week, Formula 1 announced a five-year, $ 100 million partnership with Crypto.com. The New York Giants teamed up in May with Grayscale, one of the world’s largest digital currency asset managers. The Miami Heat accepted a 19-year contract. , a $ 135 million naming rights deal with FTX in April. The Montreal Canadiens signed a one-year deal with Crypto.com in March.
IEG estimates that the NBA has achieved a record $ 1.46 billion in sponsorship this season.
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Sources 2/ https://frontofficesports.com/crypto-comes-to-nba-jerseys-for-first-time/ The mention sources can contact us to remove/changing this article |
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