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NBA establishes blockchain committee

Smart move – NBA establishes blockchain committee

The basketball league already benefits from Bitcoin, Dogecoin and NFTs. Now it wants to explore the use of blockchain further.

Blockchain technology could soon become the most important new player in the NBA.

Accordingly, as the sports portal Sportico reported yesterday, some club owners of the world’s biggest basketball league have set up a special committee to advise on possible Bitcoin Profit applications of the technology.

The so-called „Blockchain Advisory Subcommittee“ includes Mark Cuban, Joe Tsai, Ted Leonsis, Steve Pagliuca, Vivek Ranadive and Ryan Sweeney, among others. The stated goal of this initiative is to „explore how blockchain technology can be used in the various business areas of the league“.

Two application areas that immediately stand out are ticket sales and digital trading cards. The processing of ticket sales via blockchain has now made considerable progress and is already being adopted.Mark Cuban, the owner of the former Nowitzki team Dallas Mavericks, particularly emphasises in this context the advantage that his club can also benefit directly from the use of blockchain in ticket sales on the secondary market, i.e. from fan to fan.

Crypto-tokens, which are based on blockchain technology, are currently the talk of the town, and a real hype has arisen around the associated non-fungible tokens (NFT). In the sports industry, the NBA in particular has been able to capitalise on this trend so far, as the digital trading cards called NBA Topshot have already turned over more than 250 million US dollars. Even some of the league’s basketball players have therefore already invested in the cooperation partner Dapper Labs.

However, in a feedback to Sportico, Cuban counters that the committee was not formed because of the huge popularity of NBA Topshot, but to work towards a broader application of blockchain technology.

Mark Cuban, who shares a close friendship with his former German star player Dirk Nowitzki, has made few friends in the crypto community so far. In the past, he has repeatedly criticised market leader Bitcoin and other cryptocurrencies. In the meantime, however, he seems to have acquired a taste for NFTs and crypto projects from the field of Decentralised Financial Services (DeFi), as he has recently had personal contact with them.

A few days ago, his club also became the first major company to introduce the popular „joke cryptocurrency“ Dogecoin in its own online shop as a means of payment for tickets and fan merchandise, which finally confirms his apparent change of heart.

In a recent tweet (see below), he now reveals that his organisation has already processed 20,000 transactions using the DOGE, which he claims makes the Mavericks the largest Dogecoin online retailer in the world.

The @dallasmavs have done more than 20,000 #Dogecoin in transactions, making us the LARGEST #DOGECOIN MERCHANT IN THE WORLD ! We thank all of you and can only say that if we sell another 6,556,000,000 #DOGECOIN worth of Mavs merch, #dogecoin will DEFINITELY HIT $1 !!!!
– Mark Cuban (@mcuban) March 6, 2021

The name Vivek Ranadive may also be familiar to some crypto investors. The owner of the Sacramento Kings, who only took over the team in 2013, is causing a radical shake-up in the league with innovative ideas both on and off the field. He is also incorporating cryptocurrencies and blockchain. For example, the Kings were the first club to accept Bitcoin as a means of payment. In addition, crypto-mining is carried out in the team’s hall.