Blockchain technology could soon become an integral part of the world’s largest basketball league.
A group of NBA’s richest and most influential team members is forming a committee to investigate cases of blockchain use in the NBA, according to a report by Sportico yesterday.
The Blockchain Advisory Subcommittee includes Mark Cuban, Joe Tsai, Ted Lyonsis, Steve Pagliuca, Vivek Ranadev, and Ryan Sweeney. According to Sportiko, the goal of the subcommittee is to “explore ways to integrate the blockchain into the league’s activities.”
Two obvious potential uses include tickets and collectibles. Blockchain-based ticket sales have made great progress and now have an active user base, and Copan Marc, in particular, has expressed support for the use of blockchain so that his team can take advantage of second-hand sales and scalping.
Likewise, blockchain-based acquisitions have found an unusually narrow market for products to cater to the highlights of the NBA and government-driven fans. The NBA Topshot venture with its bargaining rise over the Flow blockchain attracted more than a quarter of a billion in sales. Additionally, the company considers many NBA players as investors.
However, Kubansk said in a statement to Sportico that the committee was not formed in response to the rising popularity of NBA Topshot, but focused instead on the broader applications of blockchain technology.
Cuban is now a household name for members of the crypto community. Despite the earlier history of degrading digital currencies, they have now adopted them, especially Ethereum protocols and tools like NFT. After the inconclusive release of NFT, network investigators found his address and discovered that the billionaire possesses multiple DeFi tokens.
According to a recent tweet, his decision to accept Dogecoin to buy Mavericks tickets and merchandise appears to have been successful:
Fans may also recognize Vivek Ranadiv, the owner of the Sacramento Kings. After buying the team in 2013, it came up with a number of technological and radical ideas, including playing 4v5 defense and creating an app to allow fans to vote on the next match. In terms of blockchain, he was also an early adopter of ticket cryptocurrencies and invented mining in Kings Square.