The NBA is not a publicly traded company, but it is nevertheless a major brand name. In addition to the NBA's overall interest in cryptocurrency, many teams within the organization are embracing blockchain.
Investments: The NBA formed the Blockchain Advisory Subcommittee in March 2021. The group is made up of team owners; it is not clear whether this group plans to invest in blockchain directly. However, the group intends to integrate blockchain with its regular operations, which will likely involve financial deals with blockchain firms and partners.
Retail support: The NBA offers a line of cryptocurrency collectibles called Top Shot, which are sold through its partner company Dapper Labs.
A number of NBA teams, including the Dallas Mavericks and Sacramento Kings, are also accepting cryptocurrency as payment for tickets and merchandise. The Sacramento Kings have also mined Ethereum, accepted crypto donations, and launched a line of collectibles.
Enterprise blockchain: In 2020, the Sacramento Kings trialed a blockchain-based tracing tool from ConsenSys, which was used to trace and ensure the authenticity of auctioned sports jerseys.
Executive sentiment: Mark Cuban, owner of the Dallas Mavericks, has been particularly vocal about his support for cryptocurrency, comparing its current success to the "early days of the internet." In particular, Cuban sees potential in cryptocurrency collectibles (NFTs). He has also praised Dogecoin, noting that his team accepts DOGE for fun.
Player sentiments: NBA players have also pursued blockchain privately. Brooklyn Nets player Spencer Dinwiddle attempted to sell tokenized shares of his contract in mid-2020 via Cred, albeit with little success.
Summary: The NBA is highly interested in blockchain, and many of its efforts are directly catered to retail crypto investors. Recent news means that the group will almost certainly expand its efforts in the future.
