Terra (LUNA) Strikes $40M Sponsorship Deal With Washington Nationals

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Crypto organizations partnering with sports clubs have been quite a marketing phenomenon over the last year.

Just last year, Crypto.com bought the naming rights to the former Staples Center in Los Angeles, triggering a rally for its native token CRO. Yet again, as another large-cap alt, Terra (LUNA) has announced a sponsorship deal with Major League Baseball’s Washington Nationals.

What’s The Deal?

As per a recent announcement by Terra, the decentralized autonomous organization (DAO) governing the ecosystem has struck a sponsorship deal with the Washington Nationals, a professional baseball team in the US.

According to the announcement, the deal includes:

“Title sponsorship of the premier club space behind home plate at Nationals Park and establishes a foundation for future blockchain and cryptocurrency applications for fans.”

Talks about the deal had begun last month itself when the co-founder of Terraform Labs, Do Kwon, announced that funds would be raised to partner with a yet-to-be-named professional sports franchise.

Terraform Labs is the company behind the Terra blockchain and DAO and the subject of an ongoing SEC investigation. The deal was first floated to Terra token-voters earlier this month, while the $40 million pitch from Kwon denominated in Terra’s UST was passed on February 8.

The press release by the organization about the deal further stated:

“Terra will also be featured on in-stadium signage and will sponsor a five-part digital series that airs on Nationals social platforms. As part of the agreement, UST could be accepted as a payment method at Nationals Park as early as next season.”

The use of UST as a payment method could give some decent push to LUNA’s trajectory and make the network more vibrant in terms of activity. So, where could LUNA’s price go from here?

LUNA Price Action

At press time, LUNA traded at $57.46 noting a mere 0.62% daily price rise and weekly gains of close to 16.58%. Over the last five days, LUNA noted over 20% gains but the 9th ranked altcoin was still down 45% from its all-time high of $103 seen in December end.

For now, with the global crypto market cap back at $2.05 trillion noting a 2.67% increase over the last day, most altcoins started to gain price. Bitcoin’s price was back above $46,500 while ETH noted 5% daily and close to 22% weekly gains.

Despite the larger market noting much higher gains, LUNA didn’t see high price upticks. Nonetheless, in the near term, a spike in trade volumes presenting higher retail interest could indicate crowds flocking back to LUNA and aid a price rally.

This article was originally posted on FX Empire

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