Learn how to – How is the NBA Making Use of Crypto?

Learn how to – How is the NBA Making Use of Crypto?.

In recent times, cryptocurrencies have become increasingly popular in the world of sport. Given the versatility and the wide range of possibilities that these assets open up, it is possible to see how categories such as the UFC and even Formula 1 have signed exclusivity agreements with digital platforms such as Crypto. With this in mind, what is the particular case of the NBA?

First, it might be worth looking at the virtual site of the sports. Like any other sport, basketball is happening online nowadays. That is not only for spectators, who can watch their favorite matches on live streams. Online betting platforms offer their users all kinds of NBA betting odds, so the fans can support their favorite team virtually. This makes it easy for basketball fans to follow up with the most important matches year-round.

Cryptocurrencies in the NBA

However, the link between digitization, crypto and the NBA goes even further than this. It is worth remembering how in 2021, Mark Cuban surprised the world when he announced the possibility of paying for tickets to his Dallas Mavericks team’s games with Dogecoin units, the cryptocurrency inspired by a meme. Shortly thereafter, the NBA would sign a sponsorship deal with digital asset firm Coinbase, all at a time when the league was projecting revenues of up to USD 10 billion during the 2021-2022 season.

In recent times, there has been much anticipation about the possibility of players starting to be paid for their services through cryptocurrencies units. Although until a few years ago this was unthinkable, the fact is that this year, Klay Thompson and Andre Iguodala, both players of the Golden State Warriors announced their willingness to receive part of their income in digital assets; something that eventually invites to conclude that we are in the presence of the stages of a trend that may well become generalized.

The NBA and NFTs

NFTs are one of the most controversial and hotly debated assets today. Thanks to Blockchain technology, it is now possible to secure and offer titles to things that until very recently were not susceptible to commercial activities. Just as Formula 1 did on the Crypto platform, the NBA has also taken a step towards NFTs via the Coinbase platform.

One of the ways in which the NBA is squeezing the potential of these technologies is precisely through Top Shot. Here, users have the ability to buy, sell and transfer highlights of NBA games. The options range from buying a particular shot to a specific pass or the final score of a game; things that can only be backed as authentic thanks to the virtues of the Blockchain.

Within the collectible moments that exist in the NBA, it must be said that these are classified into 4 categories based on their rarity, ranging from commons moments to those known as ultra-scarce, which are decisive to knowing the economic value of each of them. It is worth noting that these are now transferable to digital wallets without custody, something that guarantees users full control of the moments acquired. 

As can be seen, the NBA is one of the categories that have generated the most exposure to cryptocurrencies in recent years. Given the potential that exists in these assets, there seems to be no reason to think that the world’s top basketball league has already exhibited all its projects in the field of electronic currencies and non-fungible tokens.