Tag: Basketball

NBA Partners with Sorare for NFT-Based Basketball Fantasy Game

by Blockchain News

To enhance the fan experience and render more interaction, the National Basketball Association (NBA) has partnered with the web3 fantasy game platform Sorare.

In a statement, the NBA pointed out that the fantasy basketball game will allow fans to develop a lineup of NFT-powered digital collectables based on their favourite teams and players. 

Moreover, earning points will depend on NBA players’ real-life performance. Per the announcement:

“Sorare will launch the first officially licensed, free-to-play digital collectible-based fantasy basketball game, which will be released this fall for the NBA’s 2022-23 season.”

Through the strategic partnership, Sorare will be granted the right to use official NBA team and league logos on its products.

The NBA sees the basketball fantasy game as a stepping stone toward expanding its fan base, according to NBA commissioner Adam Silver.

He added:

“Our partnership with Sorare will give NBA fans an entirely new way to engage with our teams and players. With Sorare’s emerging NFT fantasy platform, we see significant opportunities to broaden our community of fans and grow NBA basketball around the world.”

By leveraging Sorare’s platform, the basketball fantasy game will be accessible to more than two million registered users across 185 nations.

Nicholas Julia, Sorare’s CEO and co-founder, pointed out:

 “The NBA has been at the forefront of digital experiences and collectibles, and our game gives basketball fans the ultimate sports entertainment experience, where they can play like a general manager, own their game, and foster real-world connections.”

By creating unique digital tokens and signing top leagues and clubs to its fantasy platform, Sorare seeks to boost digital assets and blockchain adoption in daily life. 

For instance, Sorare created an NFT-based fantasy baseball game after joining hands with Major League Baseball (MLB) earlier this year. 

Image source: Shutterstock

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NBA to Release 18,000 NFTs in the 2022 Playoffs

by Blockchain News

The National Basketball Association (NBA), a professional basketball league in the United States, will mint 18,000 dynamic non-fungible tokens (NFTs) on the Ethereum network for each player taking part in this year’s playoffs. 

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The NFT collection dubbed The Association will involve 240 players and 16 teams, each player being allocated 75 NFTs.

The NBA playoffs is the main postseason tournament held to determine the league’s champion. Therefore, this year’s edition will be commemorated using NFTs, given that they will have the capability of changing appearance based on a player’s on-court performance.  

Per the announcement:

“The Association NFTs are connected to live data feeds and computations for each respective team and player via Chainlink Oracle. This allows each player’s NFT appearance to change in an automated manner based upon the pre-set achievements that are written into the Galaxis smart contract.”

Furthermore, participants will have an equal opportunity to mint any player because the NFTs will be assigned transparently and randomly using Chainlink VRF. The report noted:

“The Association NFTs are being issued in a blind-mint, meaning that nobody will know which 2022 NBA Playoffs player they will receive prior to the reveal on April 22nd.”

The rollout of these digital assets coincides with the release of an NFT collection by the Golden State Warriors, one of the playoff teams.

The 2022 Playoff NFT Collection by Golden State Warriors has 2,000 limited NFTs minted on the Solana network using crypto exchange FTX.

NFTs are touted as game-changers that are revolutionising different sectors. For instance, the Dubai Police recently rolled out a set of NFTs comprising 150 free digital assets as part of a campaign to showcase security, innovation, and communication values.

Therefore, the Dubai Police became the first government entity in the United Arab Emirates (UAE) to develop digital assets to enhance policing.

Image source: Shutterstock

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Crypto Exchange FTX Inks International Rights Deal With NBA’s Golden State Warriors

by Dailyhodl

One of the world’s leading crypto marketplaces continues its push to take the industry mainstream by teaming up with one of professional basketball’s top franchises.

In a new announcement, the San Francisco-based Golden State Warriors say they have joined forces with FTX US as the team’s official cryptocurrency platform and distributor of non-fungible tokens (NFTs).

This is also the first time the Warriors have signed on with an international rights partner. Team president and chief operating officer Brandon Schneider says of the deal,

“Cryptocurrency has a well-established worldwide community and is going to continue to be a major part of the sports, media and entertainment industries.

In our conversations with FTX, we quickly realized our joint desire to innovate around cryptocurrency integration and adoption, including the role NFTs play in global fan engagement.”

Earlier this year, the six-time NBA champions became the first team in sports to release an NFT collection.

FTX US president Brett Harrison says it’s important for fans to be able to purchase collectibles on a trusted platform.

“The FTX US NFT platform will provide a leading, safe and secure venue for the Warriors international fan base to access exclusive collectibles from the franchise.”

The agreement follows on the heels of FTX launching an Ethereum-based NFT marketplace at the start of December.

Back in October, it was revealed that FTX had purchased commercial airtime during the upcoming NFL Super Bowl being played on February 13th, 2022.

CEO Sam Bankman-Fried spoke about FTX’s desire to bring crypto to the masses, saying,

“Our message throughout this year has been that crypto is safe, accessible and ready for the mainstream.

There is no bigger, more mainstream event to share a message like that than the Super Bowl.”

At time of writing the FTX Token (FTT) is up 2% to $39.41.

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NYDIG partners with Houston Rockets basketball franchise, plans to pay team in BTC

by Cointelegraph

The New York Digital Investment Group will be paying the National Basketball Association’s Houston Rockets franchise in Bitcoin as part of a partnership aimed at promoting crypto education and adoption.

In a Nov. 16 announcement, the Houston Rockets said the New York Digital Investment Group, or NYDIG, would become the team’s official Bitcoin (BTC) services partner and platform. As part of the partnership, NYDIG is planning to name some of the Rockets’ premium seating at the Toyota Center in Houston the ‘Bitcoin Suites.’

The deal with the NYDIG seems to be part of a larger strategy for Rockets owner Tilman Fertitta, who is also chairman and CEO of Landry’s Restaurant Group. Last week, the company announced it would be introducing a BTC rewards program for its restaurants and is already rolling out BTC payment options.

Through Landry’s and other ventures, Fertitta, worth an estimated $6.3 billion, also owns a few hotels and five casino resorts across the United States. There have been no reports of BTC or other cryptocurrencies being accepted at these venues at the time of publication. However, in June, Fertitta said his holding company planned to start validating blocks on the Akash Network.

Related: Dallas Mavericks fan wins $100K in Bitcoin at NBA shootout event

This year the crypto space has seen many major basketball franchises in the U.S. partner with companies dealing with digital assets and blockchain technology. In October, Voyager Digital inked a deal with the Dallas Mavericks in an aim to make crypto more accessible through fan engagement. Coinbase also recently signed a multiyear sponsorship contract with the NBA to be its exclusive crypto platform partner.