The NBA’s Portland Trail Blazers will wear the encrypted logo for the next five years

The Portland Trail Blazers are an American professional basketball team that competes with the National Basketball Association (NBA) and is entering the cryptocurrency industry with a new partnership.

NBA Announce On Thursday, the Trail Blazers reached the alliance’s first jersey patch sponsorship program with StormX. StormX is a blockchain company that allows users to earn crypto rewards by completing microtasks or shopping online in partner stores around the world.

As part of the sponsorship agreement, the Trail Blazers will It is said that Starting from the 2021-22 season, for the next five years, the team’s jerseys will have the StormX logo on them. The two parties did not disclose the size of the transaction, but said they signed an “eight-figure contract”, including on-site brand promotion. According to sponsoring experts, jersey patch transactions average about US$10 million per year.

In addition to the jersey patch, StormX and the Trail Blazers will also collaborate to launch their first irreplaceable token, or NFT, based on the Game Day poster series, which is a series of unique designs provided by local artists for the Trail Blazers team . According to the announcement, the Trailblazers’ NFT will be released in the form of a digital collection of posters representing the team and will be launched in late July.

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Trailblazers president and CEO Chris McGowan stated that StormX will help “educate and inspire Rip City to revolve around cryptocurrency and earn cryptocurrency cashback.” StormX is created by Calvin Hsieh and the Portland Trail Blazers. Team fan Simon Yu was founded in Seattle with the mission of promoting financial independence. The company’s platform allows to earn crypto cash back from more than 800 stores in more than 170 countries/regions through Internet browser extensions.

“We are honored to be the first cryptocurrency company to sponsor a jersey, not only with such a high-quality team, but also with an equal status of the league,” Yu said.

The NBA has recently been expanding its pace of entry into the crypto and blockchain industries. In mid-June, the NBA Philadelphia 76ers Establish a marketing partnership Cooperate with major blockchain fan token providers Chiliz and Socios.