Opinions expressed by Entrepreneur contributors are their own.
BIG3 is a professional basketball league featuring many of the former NBA legends in a 3v3 player format. Founded in 2017 by rapper Ice Cube and entertainment mogul Jeff Kwatinetz , it’s a different format that has allowed viewers to see figures of yesteryear like Kenyon Martin, Charles Oakley and Mike Bibby back in action. The league is made up of twelve teams that face each other on eight dates between the months of June and August. Four games are played each day, and the team that reaches 50 points first wins.
The league’s slogan is “We are changing the game” and the announcement it has just made confirms it: from now on, fans will be able to acquire a part of the teams through NFT’s (non-fungible tokens). , that is, crypto assets that represent something unique). BIG3 announced that it will split the ownership of the teams through block chains (blockchain) and that each team will have a total of 1,000 NFT’s in two groups: 25 NFT’s “Fire” (worth $25,000 dollars each) and 975 NFT’s. “Gold” (worth $5,000 each).
Currently the league owns the teams 100%.
In an interview with Decrypt , Ice Cube commented: “The NFT blockchain revolution came along, so to speak, and we thought, ‘Hey, do we want any of the bigwigs to come in and buy the equipment? This is a great way for fans to own it. For me it is a no-brainer. I mean change the game and change the paradigm.”
As expected, the NFT’s will come loaded with a series of benefits: entrance tickets to all the games in the league, exclusive VIP experiences, special merchandise and – most importantly – voting on important team matters.
With this move BIG3 breaks paradigms and points to what could be the future of sports leagues. That will tell time.