NFT project DeGods DAO buys basketball team in Ice Cube's Big3 leap

Solana's DeGods DAO became the first NFT project to acquire a basketball team, for $625,000

By Shashank Bhardwaj

Image: Aric Becker-USA TODAY Sports/ REUTERS

Solana-backed NFT project DeGods DAO purchased a professional basketball team in the Ice Cube’s Big3 League for $625,000 on April 28. DeGods DAO bought 25 ‘fire-tier’ NFTs and gained a stake in the team Killer 3s. Ice Cube said the deal would bring the fan and player relationship closer.

Following the launch of NBA Top Shot, which became a craze in the digital asset space in 2020, sports teams and players continue to drive fan engagement via NFTs. Basketball has been leading the bandwagon, with more teams and players joining in. These teams want to capitalize on the web3 infrastructure for fan engagement which has led to a surge in the interest for NFTs and the metaverse.

The Big3 League was co-founded by entertainment executive Jeff Kwatinetz and American actor and rapper Ice Cube in 2017. It is a 12-player league where people can own teams or buy a stake in these teams by purchasing NFTs at different levels.

DeGods DAO bought all the 25 fire-tier NFTs, which give holders the claim to ownership stakes in the Big3 basketball team Killer 3s. Each NFT was valued at $25,000. Frank, DeGod, DeGods DAO founder, said, “This is probably the most fascinating experiment in the entire NFT space right now. It’s cool because owning and operating a basketball team is a dream for millions of people. Now, we get to make that dream true for our holders.”

The deal places the DeGods community in a position of control over the Killer 3s team. It will be able to choose the CEO, the president, and the vice president. DeGods DAO will also have the intellectual property rights to launch merchandise that is officially licensed by the team. 3s’ official game jersey will also carry the DEGods NFT project logo and will be seen on broadcasts.

For the DeGods NFT holders, the deal brings ready access to 500 whitelist spots where NFT holders can mint a part of 975 killer 3’s Gold-tier NFTs. And each of these NFTs will have a value of $5,000. Ice Cube calls the move a great bridge between players and fans as the fans will be able to own the team they love directly. Cube said, “It’s a time where through the blockchain, fans can actually buy a piece of any team in the BIG3 or all the teams in the BIG3.”

Last month, NBA also released another NFT collection, ‘The Association’ - an 18,000 NFT drop for fans to celebrate the NBA playoffs.

Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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