The Portland Trail Blazers are the first NBA team to land a jersey patch deal with a cryptocurrency platform.
StormX, which has 800 global partners and more than 2 million users, will feature its branding throughout the arena and on the team’s jerseys. StormX will also create the first NFT for the Trail Blazers.
Terms of the deal were not disclosed, but sponsorship experts reportedly suggest the first-of-its-kind deal likely falls somewhere under $10 million per year.
The Golden State Warriors have the largest NBA jersey patch deal at $20 million per season. Only three of the 30 teams in the league do not have patch deals.
Cryptocurrency is flooding the sports industry these days.
- Earlier this week, Formula 1 announced a five-year, $100 million partnership with Crypto.com.
- The New York Giants teamed up with Grayscale in May, one of the world’s largest digital currency asset managers.
- The Miami Heat agreed to a 19-year, $135 million naming rights deal with FTX in April.
- The Montreal Canadiens signed a one-year deal with Crypto.com back in March.
IEG estimates that the NBA made a record $1.46 billion in sponsorships this season.