Crypto firms lately signing various deals with organizers and sports events for the sake of sponsorship and advertisement which eventually raise awareness about the crypto brand
- Previously crypto exchange firms Crypto.com and Binance have made several sports sponsorship deals, now blockchain network Terra crypto is entering the space.
- Sports and tournaments are the events with a huge number of eyeballs which are often seen as a great advertisement opportunity
Terra Luna crypto community has agreed to a sports sponsorship engagement deal worth $40 million. It’s likely to be a first-of-a-kind event when a DAO voted to spend for a sponsorship. The network has asked community members that are terra luna token holders to vote their responses if a deal is to be made or not.
It turned out that terra LUNA (coin) holders agreed to a five-year sponsorship of $38.5 million with one of the sports leagues among the ‘big four’ sports leagues are MLB, NBA, NFL, and NHL. However, the exact name of the team has not been disclosed yet. But NBA is the most likely option, MLB and NHL can also be considered to be an option and NFL has the least chance. The proposed funding will be taken from the community pool.
The proposal was presented to the Terra community by the founder of Terraform Labs, Do Kwon himself. Terra Luna network is mostly considered to be centralized for various reasons, like holding most LUNA tokens by TFL wallets that is Terraform Lab’s wallet. But this step can be seen as an effort of the network to establish itself as a decentralized network.
Although today in its present state Terra might not be considered as decentralized as it should be as other cryptocurrencies networks, the team is continuously putting efforts to be one.
The recent announcement is one part of a three-part announcement by the Terra Luna Foundation Guard. That consisted their goal is to be a leading decentralized stablecoin with huge sponsorships, the second idea to be bold for essential growth, and last stated as inspiring the DAO governance creativity to make them realize their full potential.
Nowadays it’s nothing new to see crypto firms, exchanges, and trading platforms go for signing sponsorship deals with sports teams and even sports events. Crypto.com has been active in such activities from the sports sector till last year. The firm has made a sponsorship deal with Angel City FC, a US professional soccer team. Binance has also teamed up with Portuguese football team FC Porto for sponsorship in exchange for providing a platform for the team’s Fan Token.
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The post <strong>Now we might see </strong><strong>Terra (Luna)</strong><strong> in a sport sponsorship deal soon </strong> appeared first on The Coin Republic: Cryptocurrency , Bitcoin, Ethereum & Blockchain News.
Source: https://www.thecoinrepublic.com/2022/04/03/now-we-might-see-terra-luna-in-a-sport-sponsorship-deal-soon/
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