BIG3.com, the league co-founded by rapper and actor Ice Cube in 2017, has begun to rethink team ownership by utilizing the capabilities of blockchain technology, specifically non-fungible tokens (NFTs).
Last month, BIG3 announced it will sell NFT collectibles representing ownership positions in its 12 teams, thus fragmenting ownership on the blockchain. Each team has 1,000 NFTs divided into two tiers: 25 “Fire” NFTs worth $25,000 each and 975 “Gold” NFTs worth $5,000 each.
BIG3 also announced a partnership with MoonPay, the world’s premier crypto payments infrastructure provider, to facilitate the purchase of NFTs.
The NFTs will be released for chosen Discord users today, May 7 at 11:00 a.m. EST.
Following the discord member sale, the drop will be open to the public at 11 a.m. ET on Sunday, May 8.
Benefits for BIG3 NFT holders
BIG3 NFT holders will receive benefits such as the ability to vote on team matters, tickets to all BIG3 games and additional VIP experiences, and exclusive merchandise—including championship memorabilia for the winning team each season.
Additional rights to create merchandise are also available to owners of the $25,000 Fire NFT, subject to approval by the league. The league will take a percentage of product sales and a royalty on all BIG3 NFT secondary sales.
A BIG3 team that is sold through traditional means might benefit Fire NFT owners in the future. If the league, a majority of team owners, and a majority of Fire NFT owners agree a team sale in the future, the Fire NFT holders will get 40% of the team selling price.
Other NFT perks include strategy sessions with Ice Cube, Kwatinetz, and NBA great and BIG3 Commissioner Clyde Drexler, as well as whitelisted access to NFT sales for prospective expansion/international teams that join the league.
“This is team ownership in the 21st century,” said BIG3 co-founder, Ice Cube. “We’ve created a special bond with our fans since our first game in 2017 and this is the natural next step. We want fans to feel even more invested in their favorite squad, more connected to their favorite player, and provide them with the opportunity to grow with us. While other leagues are flirting with fan ownership, none of them have more meat on the bone than BIG3 team owners.”
Craft Ventures Co-founder & MyDoge chairman Bill Lee purchased 25 Fire-Tier editions of BIG3’s Aliens through Dogecoin
Bill Lee, the co-founder of Craft Ventures (http://www.craftventures.com) and founding chairman of MyDoge (http://www.mydoge.com), has purchased 25 Fire-Tier editions of BIG3’s Aliens through Dogecoin, marking the largest commercial transaction in history for the cryptocurrency.
“While others are buying NFT images of apes and owls, I believe that NFTs with utility are the next frontier. It is a dream to own a basketball team and the BIG3 is shifting the NFT game by offering ownership rights such as licensing/IP, team voting/management, and merchandising,” said Lee.
Gary Vaynerchuk to purchase 25 Fire-Tier editions of the 2019 Championship Winning Triplets
Serial entrepreneur and investor Gary Vaynerchuk has agreed to purchase 25 Fire-Tier editions of the 2019 Championship Winning Triplets, receiving ownership-like value and utility in the team.
“Basketball is one of my favorite sports in the world,” said GaryVee. “I’ve been incredibly impressed with the pop culture relevance of the BIG3 league. Over the last several months I’ve been able to get closer with Cube and the rest of the team and I’m extremely excited about the impact of the Blockchain on professional sports. All of those ingredients create a scenario where I am excited to join this incredible league.”
Snoop Dogg and Ken Howery have teamed up to purchase 25 Fire-Tier editions of Bivouac
Snoop Dogg, the legendary entertainer and Mt. Westmore member, and Ken Howery, the co-founder of PayPal, have teamed up to buy 25 Fire-Tier editions of Bivouac, getting ownership-like value and utility in the team.
“The BIG3 is on the leading edge of enabling blockchain technology as utility,” said PayPal co-founder Ken Howery. “The league’s embrace of NFTs as ownership rights is both visionary and practical; key features of every smart investment.”