The NBA and blockchain technology could be an ideal fit for each other. The players and the NBA have both embraced blockchain technology. While the NBA is one of the more popular sports, blockchain is more suitable for pro basketball. Blockchain technology is being used in many other sports. Here are five ways blockchain could help make the NBA better. Let’s start with the NBA. Blockchain technology could make the NBA more competitive and lucrative. Fans will be able to track the salaries of players and also be able to win prizes.
Top Shot is a decentralized marketplace for digital collectibles
NBA Top Shot is a digital marketplace where fans can buy and sell original highlights from their favorite players. Digital packs come with highlights, similar to trading cards that are digital. Created by Dapper Labs, this blockchain platform lets sports enthusiasts trade, collect, and invest in these film-based plays. The platform will help fans build collections and receive rewards when they complete market challenges.
Top Shot uses decentralized blockchain technology to allow users to trace and verify digital collectibles. Moments are selected by the NBA and Top Shot collaborates in conjunction with Dapper Labs to determine the worth of each highlight. Top Shot is working to standardize this procedure. The current process is very manual. The team could involve fans in the decision-making process. It is possible to purchase and sell Top Shot highlights with cryptocurrencies and the process may become standard.
It lets users purchase or trade numbered versions of officially-licensed video highlights
The NBA has partnered with Dapper Labs to develop a blockchain-based trading platform that allows for the sale of licensed video highlights. Fans can purchase, sell, and trade numbered versions of video highlights of their favorite players. The videos are stored on a Blockchain which instantly confirms their authenticity and makes them unique. Dapper Labs is also collaborating with the National Football League to launch NFL ALL day in the U.S. This makes the cryptocurrency-based trading platform a great choice.
Blockchain basketball allows fans to trade with each other, buy and sell numbered versions of authentic NBA videos, unlike traditional sports trading cards. The platform was created in collaboration with the NBA, Dapper Labs, and the NBA Players Association. Fans can purchase individual clips or bundles of “moments” from their most loved players. Prices vary based on the number of copies available and the popularity of the player. For instance, a “rare” 13-second clip of Zion Williamson’s first career block shot was sold for $100,000. While the buyers don’t actually have the footage but they can boast about their new “collectors” on social media.
Blockchain technology is used to prove authenticity
The NBA is closely monitoring the sales of sports memorabilia and is limiting the circulation of counterfeit products. Blockchain technology allows basketball fans to purchase authentic memorabilia as well as basketball cards. Fans can purchase tickets online via a blockchain-based platform. The NBA does not endorse any specific brand or product. However, it does approve of the use of blockchain technology in the secondary market. Blockchain technology can stop fraud and promote counterfeit products.
The Sacramento Kings are planning to utilize Blockchain technology for auctions of memorabilia from the team, like the jersey of their star player Buddy Hield. ConsenSys, an ethereum incubator, has been partnered by the team to launch a live auction for memorabilia. The Blockchain is being utilized by the Sacramento Kings to verify authenticity of collectibles from sports. The NBA is experimenting with blockchain technology, as it can be used to verify authenticity.