Terraform Labs CEO Do Kwon proposed the sponsorship at the start of the month, and the vote saw wide approval
Terra will gain branding rights in the home team’s ballpark
On February 1, Terraform Labs CEO Do Kwon submitted a proposal to sponsor a “household name” team in one of the four major American professional sports leagues. Yesterday, it was revealed that the tabled $40 million deal would be with The Washington Nationals baseball team in a five yearlong partnership.
As details about the team to be included in this partnership had not been provided initially, the announcement brought to a halt a week-long period of speculation.
“After much anticipation, we’re excited to announce that the [REDACTED] American professional sports partner of the Terra Community Trust (TCT) is the Washington Nationals MLB franchise!” a tweet from Terra read.
Promoting brand awareness and exposure
Following the conclusion of the agreement, Terra aims to reach a larger mainstream audience via enhanced brand awareness and exposure. The Terra community DAO will gain the exclusive seating naming rights of the home stadium’s VIP lounge. Located behind the home-plate signage, this part of the stadium shall be renamed the Terra Club and feature conspicuous branding on the seats and other various spots.
“Located directly behind home-plate, the Terra Club will be home to prominent Nationals fans holding a collective $1 trillion in market capitalisation (6 Fortune 100 companies and 8 Fortune 500 companies). These fans represent a new market for Terra both on the individual and institutional level,” the news released read.
In addition, there would feature Terra signage placed in highly prominent locations in the ballpark in the form of digital boards, flexible LED signage, and the flexible in-park television network. The agreement gives the Terra community rights to adjust the content displayed throughout the five-year period.
Also, fans will be allowed to complete purchases using UST at the home stadium, Nationals Park, from the start of the coming season.
“We are excited to partner with Terra to name our most exclusive club and explore bringing powerful new fan experiences to Nationals Park, including the use of UST cryptocurrency to make purchases.,” said the principal owner of the team Mark Lerner.
The Terra Community Trust (TCT)
As initially listed in the proposal, the DAO-approved partnership would see the creation of a new Guernsey Trust, the Terra Community Trust (TCT). With the Terra community as the beneficiary, this trust would execute the agreement alongside the baseball team.
This is the first of a kind deal for the Terra DAO, and given the overwhelming support a vote on the proposal received, the community believes in its viability. CEO Do Kwon says the agreement offers the community a new channel to engage with and educate the larger society.