StormX is a cryptocurrency platform that has partnered with the Portland Trail Blazers to create a jersey patch. The Portland Trail Blazers are a professional basketball team based in Portland, Oregon. The Portland Trail Blazers announced on Thursday that they had reached an agreement with cryptocurrency platform StormX to become the NBA’s first cryptocurrency jersey sponsor. The StormX will have a presence on the Blazers’ game and practice jerseys, in-arena signage, and will be able to utilize the team’s intellectual property abroad as part of the agreement. In addition, StormX will build the team’s first NFT, which will be available later this month. The StormX arrangement was negotiated with the help of sports agency Wasserman Media Group, and the terms of the deal were not made public. Sponsorship experts estimate that the multi-year arrangement will cost less than $10 million per year. The Golden State Warriors’ jersey patch, which is the most expensive in the NBA, brings in almost $20 million per season. StormX is a cash back or reward-based business model that allows consumers to earn cryptocurrency when they shop with leading brands. Transaction fees are how the company makes money. StormX has 800 global partners and over 2 million users, according to the deal announcement. A mobile version for Apple and Android devices is also available. The Blazers’ affiliation with StormX also includes an exclusive blockchain component that positions them for the future of ticketing and fan data collection. Blockchains and the things that are linked to the technology provide a one-of-a-kind, unhackable certificate of authenticity. Blazers CEO Chris McGowan called the StormX “revolutionary” in a statement, adding that the arrangement will provide additional education “about cryptocurrency and earning Crypto Cashback” to Blazers fans. This year, the Bitcoin industry has been active in sports sponsorships. Formula 1 and Crypto.com agreed to a $100 million contract on Tuesday, and FTX took over the Miami Heat’s arena moniker in March. The contract is for 19 years and is worth $135 million. The question is whether StormX will receive their money’s worth out of this sports relationship. Although the Blazers have a dedicated fan base and a strong market, they are now dealing with image issues following the hire of new head coach Chauncey Billups, who was accused of sexual assault in 1997. Billups was never charged, and the complainant and Billups eventually reached an agreement in 2000. Despite this, after introducing Billups on Tuesday, the squad received unfavorable press and social media criticism. Damian Lillard’s future is also uncertain after the club failed to go past the first round of the NBA playoffs in 2021. If he’s traded, the Blazers’ patch may lose its worth. However, club administrators claim that the current PR concerns are only temporary and will not affect the team’s future operations. According to Forbes, the Blazers are owned by the Paul Allen Estate and are worth $1.9 billion. The team reportedly generates $240 million in income./n
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