Portland Trail Blazer fan Simon Yu revealed that they are pleased to be the first crypto company to develop a jersey partnership with not only a high-calibre team but also a league of the same status.
With new cooperation, the Portland Trail Blazers, an American professional basketball team that competes in the National Basketball Association (NBA), is entering the cryptocurrency business.
The NBA announced on Thursday that the Trail Blazers have signed a deal with StormX, a blockchain business that allows users to earn crypto rewards by completing micro-tasks or buying at worldwide partner stores online.
Fresh, groundbreaking, revolutionary.
We’re excited to announce we are joining forces with @stormxio, the first cryptocurrency jersey patch partner in the NBA! https://t.co/hAHDdMABDA pic.twitter.com/ZWpmp9k2wr
— Portland Trail Blazers (@trailblazers) July 1, 2021
The Trail Blazers will allegedly use the StormX emblem on club jerseys for the next five years, beginning with the 2021-22 season, as part of the sponsorship contract.
The deal’s value was not disclosed, but the parties said they inked a “eight-figure contract” that included in-arena branding. Jersey patch deals average roughly $10 million per year, according to sponsorship specialists.
In addition to the jersey patch, StormX and the Trail Blazers will collaborate to launch their first nonfungible tokens, or NFTs, based on the Gameday Poster Series, a collection of one-of-a-kind artwork created by local artists for the Trail Blazers.
The Trail Blazers’ NFTs, which will be issued in the form of digital artifacts that look like the team’s posters, will be released later in July, according to the statement.
StormX will help “educate and motivate Rip City around cryptocurrencies and earning crypto cashback,” according to Trail Blazers president and CEO Chris McGowan.
StormX was formed in Seattle by Calvin Hsieh and Simon Yu, a Portland Trail Blazers fan, with the goal of increasing financial independence.
Through an internet browser extension, the company’s platform allows users to earn crypto cashback from over 800 businesses in over 170 countries.
Yu stated, “We’re pleased to be the first crypto company to develop a jersey partnership with not only a high-caliber team, but also a league of the same status.”
The NBA has recently increased its involvement in the crypto and blockchain industries. The NBA’s Philadelphia 76ers announced a marketing agreement with Chiliz and Socios, two major blockchain fan token suppliers, in mid-June.