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Blockchain and the NBA: What you Need to Know

Blockchain and the NBA: What you Need to Know

NBA players will turn blockchain ballers, but it’s probably not what you’re thinking. It’s a cryptocurrency embraced by the league via digital trading cards. The question is if the high-top stars of the NBA have the power to make a big profit similar to the way CryptoKitties did. This is a very innovative way to invest in the league when you consider mixing $61 million, the top-brokerage venture capitalists, the amazing NBA stars, and the dumb guys who almost broke Ethereum. The world of business is risky, but unpredictable at the same time.

NBA Trading Cards Become Blockchain Digital

Dapper Labs, the creator of CryptoKitties, released an app called Top Shot that consists of blockchain-based virtual trading cards. The app facilitates player statistics and video clips onto the digital cards, and the information showed is totally accurate. The cards come in packs and legendary players are not that common, but there’s no shortage of newbies and rookies.

Users who decide to get in on the action can share, buy, and trade the Top Shot cards through Dapper’s app. Therefore, users are able to have a vicious Zion Williamson dunk, a Giannis Antetokounmpo euro step or also Dr. J’s 1983 “Rock the Baby” dunk against the Los Angeles Lakers. The cards rarity is provided by an unchangeable, decentralized Dapper blockchain whose name is Flow.

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Even Digital Trading Cards Are Big Business

Dapper is a very profitable business, and they are looking forward to extending their operations. For example, this company made a public announcement stating that they are being backed with approximately $12 million dollars (besides the $49 million raised some time before, according to Crunchbase.) coming from top NBA players like Spencer Dinwiddie and Garrett Temple of the Brooklyn Nets, Aaron Gordon of the Orlando Magic, Andre Iguodala of the Miami Heat and JaVale McGee of the Los Angeles Lakers. These NBA guys are trying to get involved in this spectacular blockchain business that most likely will bring them lots of benefits not only in terms of money but also financial knowledge of the market.

Dinwiddie Digs Dapper’s Deals

Dinwiddie shares his point of view and states that he stands positive for what Dapper is doing. He says, “These guys have a vision for where blockchain can go. This is a strategic investment for me, because I believe in what Dapper is doing, not just with Top Shot but with the Flow blockchain as well.” Dinwiddie believes that this a quite an amazing opportunity for making some profit, and this will eventually increase revenues for the NBA.

Dinwiddie features as a blockchain investor and his presence in this market is quite remarkable. He believes in blockchain in the NBA and mentions, “It’s about transparency and liquidity. If the ledger is public and you can see the transaction. You don’t have to believe in the parties, you just have to believe in the medium. And when you tokenize things, you have the ability to move this value around digitally, whenever. If that fits in your industry, if it’s valuable and it’s functional — those are the practical applications I’m trying to find.” According to him, the investment is strategic, and it can yield good results.

Blockchain-Based NBA & Sports Activity To Be The Future

Vancouver-based Dapper has received good reviews and is financially supported by some of the most outstanding names in venture capital, including Andreessen Horowitz’s Chris Dixon, Union Square Ventures Fred Wilson, and Venrock’s David Pakman, as well. People who decide to do business with Dapper can be sure that they won’t be discouraged and scammed at all. Dapper is a really stable company with an incredible background in investment and blockchain.

After the enormous success of CryptoKitties by Dapper, the Ethereum network almost collapsed in December 2017. The frenzied interest in the art collectible game increased Ethereum contract traffic as much as 11.8% and made the network go nearly into bankruptcy. Those financial pitfalls triggered interest in alternative cryptocurrencies like Litecoin and XRP, speeding up the winter crypto fever.

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Ethereum’s financial crisis was the inspiration for Dapper to devise a new coin on the market. About this aspect, Dapper Labs CEO Roham Gharegozlou says, “We felt everyone was coming at crypto from a perspective of ‘currencies’ and ‘financial trading’ and that’s about it.” He adds, “We saw it as an application platform. That’s the root of Flow.”

Of course, as popular as Top Shot is expected to be, it remains to be seen if it can achieve the same results as some traditional alternatives. An unopened case of Fleer basketball cards from 1986-87 just sold at auction and, with a total of 423 cards, it went for $1.78 million. That’s an average of $4,142 per card, and there could be as many 36 Michael Jordan rookie cards inside. Those are going for as much as $97,200 apiece.

Erik is a writer and a sports nut who has had the good fortune to be able to experience a wide variety of world sports action up close and personal. He enjoys staying on top of the changing world of athletics and capitalizing on his writing skills to offer a unique take on what's going on in the ever-changing athletics ecosystem.

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