The Portland Trail Blazers, an American professional basketball team competing in the National Basketball Association (NBA), are entering the cryptocurrency industry with a new partnership.
The NBA announced Thursday that the Trail Blazers had landed the league’s first jersey patch sponsorship program with StormX, a blockchain company that allows users to earn crypto rewards by doing micro-tasks or online in global partner stores shop.
Fresh, groundbreaking, revolutionary.
We are excited to announce that we are teaming up with @stormxio, the first cryptocurrency patch partner in the NBA! https://t.co/hAHDdMABDA pic.twitter.com/ZWpmp9k2wr
– Portland Trail Blazers (@trailblazers) July 1, 2021
As part of the sponsorship deal, the Trail Blazers will reportedly wear the StormX logo on their team jerseys for the next five years, starting with the 2021-22 season. The parties did not disclose the scope of the transaction, but stated that they signed an “eight digit contract” including in-arena branding. Jersey patches sell for an average of $ 10 million a year, according to sponsorship experts.
In addition to the kit patch, StormX and the Trail Blazers will also work together to launch their first non-fungible tokens or NFTs based on the Gameday Poster Series, a series of unique designs by local artists for the Trail Blazers team. The Trail Blazers’ NFTs will be released in the form of digital collectibles representing the team’s posters and will be rolled out later in July, according to announcement.
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Chris McGowan, President and CEO of Trail Blazers, said StormX will help “educate and motivate Rip City about cryptocurrency and earn crypto cashback.” StormX was founded in Seattle by Calvin Hsieh and Portland-raised Trail Blazers fan Simon Yu with the aim of strengthening financial independence. The company’s platform makes it possible to earn crypto cashback from more than 800 stores in over 170 countries via an internet browser extension.
“We are honored to be the first crypto company to sponsor a jersey not only with such a high-profile team but also with a league of the same format,” said Yu.
The NBA has recently expanded its entry into the crypto and blockchain industry. In mid-June, the NBA’s Philadelphia 76ers entered into a marketing partnership with the major blockchain fan token providers Chiliz and Socios.