A partnership between Terra and Major League Baseball’s Washington Nationals was announced weeks after Terra introduced a funding proposal.
As part of the $38.15 million agreement, Terra will promote its stable coin, UST, in various areas of the baseball club’s home stadium and TV network. The team said that the stable coin would also be implemented as an accepted currency in-venue transaction.
Terra proposed a $139 million investment in five different DeFi projects across Ethereum, Solana, and Polygon to help UST’s use cases.
Increasing Terra’s brand awareness
Terra Community Trust’s exclusive collaboration with the Washington Nationals MLB franchise is a five-year deal. The Terra community contributed $38.15 million towards the project.
A week earlier, the organization had asked for 40 million UST to fund a partnership with an unnamed sports franchise. Terraform Labs co-founder Do Kwon said that the identity of the DAO will be revealed after the voting period has ended and the partnership has been approved.
Following Kwon’s proposal, Terra will sponsor the ballpark’s VIP lounge at home plate, which will be named “The Terra Club.”
Aside from in-stadium signage, crypto branding will also be integrated across the franchise’s social media platforms through a sponsored “five-part digital series”.
“Push The Envelope”
The deal is being hailed as the first between a professional sports franchise and a decentralized autonomous organization (DAO). Speaking on the development, Mark Lerner, managing principal owner of the Nationals, said in his blog.
In addition to securing the naming rights to our most exclusive club, the Nationals will explore new ways to bring powerful fan experiences to Nationals Park, including using UST cryptocurrency to make purchases.”
Know also added that Terraform’s sponsorship deal will allow the community to engage and educate the public, including Washington, D.C. policymakers, about decentralized money and the underlying technology behind it.
The Washington Nationals baseball team stated that it would investigate the use of the UST stable coin for in-stadium payments. UST could even be accepted at Nationals Park as early as next season.