The Portland Trail Blazers, an American professional basketball team that participates in the National Basketball Association (NBA), is moving into the crypto industry through a new partnership.

The National Basketball Association (NBA) announced Thursday that Trail Blazers has launched the league’s first-ever jersey patch sponsorship program with StormX, a blockchain company that allows users to earn crypto rewards by completing microscopic photos or shopping at global online partner stores.

As part of the sponsorship deal, the Trail Blazers are said to be putting the StormX logo on their teams’ jerseys over the next five years, starting with the 2021-2022 season. The parties did not disclose the size of the agreement, but said they had signed an “eight-figure contract,” including for the brands in the arena. According to care experts, a patch on a T-shirt makes an average of about $10 million a year.

In addition to the T-shirt patch, StormX and Trail Blazers will also collaborate to issue the first non-financial tokens, or NFTs, based on the Gameday Sticker Series, a series of unique designs from local artists for the Trail Blazers team. Released as digital collectibles representing the team’s posters, the NFT Trail Blazers will be released in late July, according to the post.

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Chris McGowan, President and CEO of Trail Blazer, said StormX will help “educate and motivate Rip City about cryptocurrency and earn crypto cashback.” StormX was founded in Seattle by Calvin Hussey and Simon Yu, a fan of Trail Blazers who grew up in Portland with the goal of increasing financial independence. The company’s platform allows you to earn cryptocurrency from more than 800 stores in more than 170 countries through a browser extension.

“We are honored to be the first crypto company to sponsor a jersey, not only with a team of such high caliber, but also with a league of the same size,” Yu said.

The National Basketball Association (NBA) recently expanded its transition into the crypto and blockchain industry. In mid-June, the Philadelphia 76ers of the NBA entered into marketing partnerships with major blockchain fan token providers Chili’s and Socius.

Source: CoinTelegraph