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As a result of the NBA Top Shot's success, the NBA is expanding its NFT and Web3 initiatives, headed to Ethereum.
The NBA is fully committed to NFTs.
This week, the NBA officially unveiled a new Twitter account called NBAxNFT, where the organization intends to "display all things crossing basketball and Web3, including NFTs, gaming, and the metaverse."
As part of this campaign, the NBA established a Discord channel with more than 30,000 users, and this afternoon it revealed intentions to distribute Ethereum NFTs related to tomorrow's start of the season's playoffs.
While Dapper Labs’ NBA Top Shot is one of the largest NFT projects to date, helping to establish the concept of digital sports collectibles and push NFTs into the mainstream, it appears that the NBA plans to expand into additional NFT and Web3 initiatives, including Ethereum-based NFTs based on this season’s playoffs.
The release states, “To kick things off, we’re working on an NFT project to commemorate the NBA Playoffs.” We are not yet prepared to reveal the specifics, but we will shortly.
The message states that the first 10,000 members of the server will be able to add an Ethereum wallet address to an allowlist by Saturday at 5:00 p.m. ET, and that those who reach the cutoff will be “assured access to mint an NFT from this project.” The creation of the NFTs will be free, minus Ethereum network gas expenses.
Given that this new initiative is built on Ethereum, Dapper Labs and NBA Top Shot are unlikely to be directly connected. NBA Top Shot is based on Flow, Dapper’s blockchain platform designed to handle high-volume NFT projects after the company encountered Ethereum’s constraints with its first NFT product, CryptoKitties.
Decrypt reached out to Dapper Labs to confirm their participation in this new NBA project, but did not receive a response quickly.
According to the NBA’s Discord server, this new NBAxNFT venture is not centered on a single NFT release but several prospective Web3 initiatives.
The release states, “This Discord server (similar to @NBAxNFT on Twitter) is the NBA’s official hub for basketball and Web3 enthusiasts to communicate, discuss, and learn about current and future NBA projects and collaborations.” “This is not restricted to a certain NFT project, and it’s a place for this group to bond around their shared interests.”
An NFT functions similar to a blockchain-backed receipt that verifies ownership of an item. They are frequently used for digital products like artwork, sports memorabilia, and video game items. In 2021 alone, the broader NFT industry produced $25 billion in trading activity.
The NBA has just submitted a trademark registration in the United States for a brand named “The Association,” which would incorporate many NFT-related projects ranging from collectibles to clothing.