The Washington Nationals are diving into the cryptocurrency craze — potentially to the tune of $40 million in sponsorships from Terra, a cryptocurrency community.
The deal is being billed as a first-of-its-kind sponsorship between a decentralized autonomous organization, or DAO, and a sports franchise. A DAO is a group that maintains a blockchain and operates it with community-adopted rules in a transparent fashion and is not influenced by a central government. That autonomy is something crypto proponents point to as one of its selling points.
At the heart of the deal is Terra taking the title sponsorship of the all-inclusive club space behind home plate at Nationals Park, an area formerly known as The Nationals Club. Terra will also get in-stadium signage and sponsor “a five-part digital series” that will air on the Nationals’ social media platforms.
The deal also paves the way for UST, Terra’s stablecoin, to be accepted as payment at the ballpark as early as the 2023 season.
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Read the full story from the Washington Business Journal.
