Basketball Billionaires with NBA Blockchain are using Case Committee
Cryptocurrency expert - Ollie
Mark Cuban and Vivek Ranadive highlight the list of owners investigating the usage of blockchain cases for the NBA.
Blockchain software could quickly become an integrated component of the world's biggest basketball league.
As per a report from Sportico yesterday, a consortium of a few of the richest and most influential National Basketball Association owners and players are establishing a committee to study the use of blockchain cases for the NBA.
The Blockchain Advisory Subcommittee is made up of Mark Cuban, Joe Tsai, Ted Leonsis, Steve Pagliuca, Vivek Ranadive and Ryan Sweeney. As per Sportico, the objective of the subcommittee is to " explore ways to integrate blockchain across the league’s business."
Two examples of usage include ticketing and collectibles. Blockchain-based ticketing has made considerable progress and now boasts an active user base. Mark Cuban has been particularly outspoken in his enthusiasm for the use of blockchain to help the team harvest revenues from second-hand trading and ticket scalping.
Blockchain-based collectibles have also discovered a snug market match for the NBA highlights and stat-obsessed fans. Blockchain's NBA Topshot Tradable Spotlight asset has risen in revenue by over a quarter billion. Also, the firm now has several NBA players as investors.
Even so, Cuban stated in Sportico that the committee was not created as a reaction to the explosion of success of NBA Topshot, and instead focuses on wider implementations of blockchain technology.
In actual fact, it’s reported that his decision to trade Dogecoin for Mavericks tickets and merchandise looks to have been a great achievement. Crypto fans may remember the owner of the Kings of Sacramento, Vivek Ranadive. Ever since they had purchased the team in 2013, he had come up with a series of tech-centric and radical concepts, this includes a 4-on-5 defensive game that comes with an app that allows viewers to decide on the next game. When it refers to cryptocurrency, he was also among the first to acknowledge the ability to buy crypto tickets and set up a mining facility in the Kings Arena.
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