Portland Trail Blazers has signed a ground-breaking shirt sponsorship deal with cryptocurrency platform StormX.
Sports agency Wasserman Media Group helped broker the deal that saw Blazers become the first NBA franchise to sign a cryptocurrency jersey sponsorship pact.
Financial details of the agreement were not released but sources believe the contract is worth $10 million per year.
Portland Trail Blazers will create and launch its first NFT in collaboration with StormX in the coming days.
Blazers CEO Chris McGowan tagged StormX “revolutionary,” stating that the partnership will offer Blazers supporters more education “around cryptocurrency and earning Crypto Cashback.”
The number of cryptocurrency companies partnering with sports outfits has been on a steady rise.
Crypto.com and Formula 1 signed a deal worth $100 million on Tuesday. FTX inked a long-term deal to own the naming rights for the American Airlines Arena (Miami Heats’ home court).