Terra Signed Sponsorship Deal With MLB’s Washington Nationals

Terra signed a new sponsorship deal worth $40 million with the Major League Baseball’s Washington Nationals, ending the few weeks of speculation as we are reading further in our latest cryptocurrency news.

Terra signed a new sponsorship deal not long after crypto.com purchased the naming rights to the former Staples Center in Los Angeles. Terra inked a sponsorship deal with Washington Nationals using $40 million from the terra community members and investors. The initial steps towards the agreement started last month when the founder of Terraform Labs, Do Kwon, announced the funds will be raised to partner with a sports franchise.

Terra is one of the largest DAOs in the cryptocurrency industry.

Terra has experienced a meteoric rise as a market leader.

𝐓𝐞𝐫𝐫𝐚 𝐢𝐬 𝐚 𝐠𝐫𝐨𝐮𝐧𝐝𝐛𝐫𝐞𝐚𝐤𝐢𝐧𝐠 𝐩𝐚𝐫𝐭𝐧𝐞𝐫 𝐨𝐟 𝐭𝐡𝐞 𝐖𝐚𝐬𝐡𝐢𝐧𝐠𝐭𝐨𝐧 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥𝐬.

🔗 // https://t.co/ESel7phptn pic.twitter.com/MzQ3UxzMpc

— Washington Nationals (@Nationals) February 9, 2022

Keeping up with his initial proposal, Terra said the $40 million will fund a five-year deal with the Nationals to form the Terra community Trust that will execute the agreement and be responsible for the blockchain and the crypto applications and branding. The deal includes creating digital series for the team’s social platforms and will add Terra’s signs and logos inside Nationals Park while also renaming Nationals Club and a premier seating area behind the main home plate, Terra Club. Mark D Lerner who is the managing principal owner of the Washington Nationals wrote:

“We are excited to partner with Terra to name our most exclusive club and explore bringing powerful new fan experiences to Nationals Park, including the use of UST cryptocurrency to make purchases.”

1/ After much anticipation, we’re excited to announce that the [REDACTED] American professional sports partner of the Terra Community Trust (TCT) is the Washington Nationals MLB franchise!

Read the official press release here 👇https://t.co/hbmfQXOhEC

— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) February 9, 2022

TerraUSD as the DAO algorithmic stablecoin launched back in 2020 and will be accepted for purchases in the ballpark starting from next season. TerraUSD is the 18^th biggest crypto with a market cap of $11.26 billion while the Terra original coin ranks ninth with the market cap of $22.96 billion as per CoinMarketCap.
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com.

As recently reported, Ethereum killers are blockchain networks that use smart contracts to enable DEFI, NFTs, and other applications and it turned out that SOL, AVAX, and Terra all crashed during the January market crash. January has been quite brutal for BTC with the price dropping 20% since the start of the month but as bad as it was for BTC, things were much worse for other coins in the top 15 by market cap especially for the so-called Ethereum killers. With Ethereum-based innovations like DEFI, NFT, and blockchain-based games becoming in vogue in the past 18 months, there an increasing competition for the users.