Using NFTs, BIG3 will be distributing stake in the team’s ownership and make BIG3 fans involved with the league in ways different than any other league does at the moment.
The Big3 currently owns its 12 teams, but partial ownership will now go up for sale on a fractional basis, per report.
“The NFT blockchain revolution hit, so to speak, and we were like: ‘Yo, do we want just some fat cats coming around buying teams that we gotta deal with?'” Ice Cube told Hayward. “This is a great way for the fans to be owners. And so, it’s a no-brainer for me. I’m all about changing the game and shifting the paradigm.”
The NFTs are categorized into two tiers, the first being the “Gold” NFTs which are valued at $5,000, and only 975 of them exist. Whereas the second tier of NFTs, “Fire,” exists in a limited amount of 25 since each of them is worth $25,000.
But the higher the price, the bigger the benefits. Apart from the ability to vote on team matters and tickets to all BIG3 games and merchandise, Fire NFT holders also get the benefit of intellectual property and licensing rights to create merchandise.
While the idea sounds unique and lucrative enough, Chiliz powered fan engagement platform Socios.com has been doing the same for a while now.
However, Socios.com partners up with teams and players more by selling their fan tokens to investors who also get the perks of voting on team matters and exclusive merchandise, and more.
Most recently, FXEmpire reported on their partnership with Football Legend Lionel Messi for the next three years, enabling exposure to Messi’s 400 million followers.
Thus, if BIG3 can pull off a similar feat, it will open a new door for sports teams and leagues when it comes to engagement and growth.
Big3 (stylized BIG3) is a 3-on-3 basketball league founded by hip hop musician and actor Ice Cube and entertainment executive Jeff Kwatinetz. The league consists of 12 teams whose rosters include both former NBA players and international players. The rules of Big3 games contain deviations from the official rules of 3-on-3 basketball as administered by FIBA. In January 2020, Big3 announced its rule set would be the core of a new basketball variant called “Fireball3”.
