In terms of the immediate impact, the deal includes title sponsorship of the premier club space behind home plate at Nationals Park, with Terra featured on in-stadium signage and sponsorship of a five-part digital series airing on Nationals social platforms.
The new Terra Club, formerly known as The Nationals Club, is the exclusive, climate-controlled indoor space located at field level directly behind home plate. The club offers all-inclusive food and beverages, featuring premium chef’s tables and a private bar with draft beer and house wine.
The news hook pushed by both sides is that the deal establishes a foundation for future blockchain and cryptocurrency applications for fans. Terra is a decentralized autonomous organization (DAO) that offers the ability to create and support cryptocurrencies while also offering its own cryptocurrency, TerraUSD, running on Ethereum.
“The Nationals continue to push the envelope,” said Mark Lerner, Nationals managing principal owner, via press release. “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.”
This is a long-term play, to be sure. Several sports teams accept cryptocurrency–the Dallas Mavericks, for instance, say they’re the largest Dogecoin vendor in the world, for what it’s worth–and even crypto enthusiasts and investors like Mavs owner Mark Cuban warn it could be a decade before crypto is widely used.
“This first-of-its-kind partnership between a DAO and a sports franchise opens a new world of opportunities for bringing crypto and DeFi to the masses,” said Do Kwon, the founder of Terraform Labs via press release. “By approving this sponsorship deal, the community has a new way to engage and educate the public, including the policy makers doing important work in Washington, D.C., about decentralized money and the burgeoning technology that underlies it.”