Terra Partners With The Washington Nationals

February 13, 2022 5:41 pm Comments

Crypto advertisements are starting to be the norm now in the sports industry especially as the coming Super Bowl is expected to be filled with crypto ads.

Recently, the Washington Nationals have announced their partnership with Terra which could be a major historical record as this is the first time there was a partnership between a DAO (decentralized autonomous organization) and a sports franchise.

Terra is considered one of the first and largest DAOs in the crypto community and is best known for its stablecoin TerraUSD as well as its LUNA coin which is currently the 10th largest in market capitalization according to CoinMarketCap.

The deal includes details such as the fact that the Terra stable coin could be used as a payment method for the next baseball season.

Blockworks reports:

It’s a boon for the Terra Community Pool, one of crypto’s largest DAOs (decentralized autonomous organizations).

The Terra blockchain deploys algorithmic, decentralized stablecoins that underpin its ecosystem.

As part of the deal, the club space behind home plate will be renamed the Terra Club.

In addition to other in-stadium signage, Terra will sponsor a five-part digital series that airs on the Nationals’ social media platforms. Terra’s LUNA coin is the 10th-largest, according to CoinGecko, with a market capitalization of roughly $23 billion.

Stablecoin TerraUSD (UST) could be accepted as a payment method at Nationals Park next season, the team added.

A Terra spokesperson did not return a request for further comment.

Terraform Labs Founder Do Kwon had urged the Terra community to pay $38.15 million to a then-unnamed sports franchise in a Jan. 31 proposal.

The money would cover $7.5 million of annual fees for five years and $650,000 to cover construction, renovation and redesign costs.

The Terraform Labs founder also commented that this partnership could serve as education for everyone about what decentralization is all about, especially to the mainstream public and law policy makers in Washington.

This is not the first time a crypto-related entity had formed a major partnership with a sports franchise as well known entities such as FTX have also collaborated with Major League Baseball in the past.

Terraform Labs has also been a subject of scrutiny by the SEC in the past as it was involved in a SEC investigation similar to many other top cryptos like XRP.

This recent deal could help LUNA’s trajectory to resume a positive trend to truly recover from the crypto slump that 2022 started off with.

Yahoo shares:

The press release by the organization about the deal further stated:

“Terra will also be featured on in-stadium signage and will sponsor a five-part digital series that airs on Nationals social platforms. As part of the agreement, UST could be accepted as a payment method at Nationals Park as early as next season.”

The use of UST as a payment method could give some decent push to LUNA’s trajectory and make the network more vibrant in terms of activity. So, where could LUNA’s price go from here?

At press time, LUNA traded at $57.46 noting a mere 0.62% daily price rise and weekly gains of close to 16.58%.

Over the last five days, LUNA noted over 20% gains but the 9th ranked altcoin was still down 45% from its all-time high of $103 seen in December end.

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