- The BIG3 basketball league, founded by the rapper-turned-entrepreneur, wants to provide decentralized team ownership backed by Non-Fungible Tokens (NFTs). This implies that fans from all over the world will be able to invest in one of the league’s 12 clubs.
- Fans can select between two NFT collectibles to become a BIG3 team owner: 25 Fire priced at $25,000 each and 975 Gold valued at $5,000 each.
- Ownership comes with not only bragging rights but also advantages like voting rights on team decisions, VIP game tickets, and limited-edition team, league, and championship clothing and memorabilia.
BIG3, the basketball league formed by Ice Cube, made an unconventional move to engage supporters with their teams. The BIG3, a 3-on-3 basketball league made up primarily of retired NBA players, offers fans to buy into any of its 12 teams using blockchain technology.
Unlike other basketball leagues, the BIG3 is unique. It consists of 3-on-3 matches, and the league owns all 12 clubs.
Twelve teams have ownership shares in the form of NFT holdings, essentially fragmenting on-chain ownership. So every team will receive 1,000 NFTs in total, divided into two tiers: 25 “Fire” NFTs valued at $25,000 each and 975 “Golden” NFTs valued at $5,000 each.
Ice Cube remarked:
“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? 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.”
While BIG3 had always intended to sell the distinction to investors, the arrival of blockchain technology and NFTs allows ownership to be distributed to a broader range of people, not only millionaires, according to Cube.
The tech-conscious league, which is entering its fifth season this summer, is also providing fans a portion of future team purchases, as well as first rights to expansion teams.
Fans will also have the opportunity to interact with league co-founders Ice Cube and Jeff Kwatinetz, as well as commissioner and NBA Hall-of-Famer Clyde Drexler, over the phone.
The NFTs are divided into two tiers, the first of which is the $5,000 “Gold” NFT, which is limited to just 975 copies. The second tier of NFTs, “Fire,” is limited to only 25 pieces because each is worth $25,000.
However, the higher the cost, the greater the rewards. Aside from voting on team matters and receiving tickets to all BIG3 games and goods, Fire NFT holders receive intellectual property and licensing rights to manufacture items.
The NFT is a blockchain-backed certificate of ownership for a physical or digital object, such as a work of art, a community access card, or, in this case, an ownership sharing. “Jeff Kwatentz, Ice Cube’s BIG3 co-founder and CEO of entertainment,” said Ice Cube’s BIG3 co-founder. The NFTs will most likely be issued on Ethereum, the most popular smart contract platform for NFT assets.
The ability to vote on a team level, tickets to all BIG3 games and additional VIP activities, and special merchandise – including championship memorabilia for the winning team each season – will all be available to BIG3 NFT owners.
If the BIG3 squad is sold through traditional procedures, Fire NFT owners could benefit greatly in the future. If the future sale of the club is allowed by the league, the majority of the team’s owners, and the majority of Fire NFT owners for this team, Fire NFT holders, will get 40% of the team’s sale price.
The Junior League adds a new flavor to pro basketball with its FIREBALL3 3v3 game, which is a quicker half-court game in which teams compete to be the first to score 50 points. Joe Johnson, Nate Robinson, and Josh Smith, all NBA legends, are expected to play in the next fifth season, which begins on June 18.
The league is broadcast on CBS in the United States and may be seen in more than 40 nations, according to Ice Cube. However, the lifelong musician, who rose to fame in the 1980s as a member of the rap group NWA, admitted that forming BIG3 was “the hardest thing I’ve ever done.”