Terra Has Signed A $40M Sponsorship Agreement With MLB’s Washington Nationals

The Terra community has approved a plan to form an exclusive agreement with a prominent sports team in the United States.

The proposal, which was originally presented by Terraform Labs, the firm behind the Terra blockchain, demanded 40 million UST from the Community Trust (TCT) in order to obtain a 5-year exclusive partnership contract that would see the platform brand exposed to millions of users.

The voting period finished on February 9th, with over 227 million votes cast in 48 hours, with more than 98% in favor of the idea.

In 2021, the crypto ecosystem witnessed dramatic expansion, enrolling hundreds of thousands of new members and watching the value of its native token LUNA explode. The platform’s proprietary stablecoin UST also witnessed a large gain in market capitalization last year, making it a credible challenger to older and more established competitors like USDC and DAI.

However, the blockchain is still relatively unfamiliar in the general market.

Terraform Labs, the firm behind the blockchain, came up with an ambitious and costly idea to further push Terra’s growth and onboard more new crypto users.

The corporation asked 40 million UST last week to establish a Terra brand agreement with a sports team in one of the four main professional sports leagues in the United States. 

While the proposal deleted the name of the sports franchise, stating that it would be released when the plan was approved and the agreement was finalized, many think that the value of the deal makes an MLB club a logical candidate.

A substantial portion of the Terra community feels that this may involve exclusive agreements to price the franchise’s event tickets in LUNA or UST, as well as offering advantages using Terra blockchain NFTs.

The platform’s $40 million collaboration beneficiary is yet to be named. While the proposal was approved earlier today, the franchise will not be identified until the agreement is formalized and the $37.5 million is transferred.

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