- The BIG3 basketball league is offering ownership NFTs in all 12 teams
- DeGods DAO purchased all 25 Fire Tier level ownership NFTs in the Killer 3s team
DeGods DAO, a Solana based project, has acquired a significant stake in BIG3 basketball team Killer 3s. The project purchased non-fungible tokens (NFTs) that promise a stake and considerable influence over any of the 12 franchises that compete in the Ice Cube-backed three-on-three basketball league.
What is a DAO?
Decentralized autonomous organizations (DAOs) use smart contracts powered by a set of rules to allow organization members, rather than an individual or a centralized body, to have authority in making decisions. The rules, as well as any actions taken, are recorded and verified with blockchain technology, which in theory provide a high degree of visibility. Another sports DAO, MotorDAO announced in March that the project will allow motorsports fans to finance race drivers and teams.
DeGods DAO, the largest NFT community on the Solana blockchain, has purchased all of Killer 3s team’s 25 ‘fire tier’ NFTs. These tokens give owners intellectual property and licensing rights for team names, logos and merchandise, as well as other game day activations. The fire tier NFTs cost $25,000 each, pegging the DeGods investment at this level in Killer 3s at $625,000
Gold Tier NFTs
In addition, DeGods secured the ability to whitelist up to 500 of the 975 ‘gold tier’ NFTs for its members to purchase. These NFTs include VIP access to every game, limited edition merchandise, voting rights and calls with team captains, coaches, referees and BIG3 commissioner Clyde Drexler. Winning team owners will even receive a championship ring and will also receive a percentage of a future team sale.
BIG3 says the development is a major endorsement in its plans for the competition, adding that 100,000 people have signed up to its ownership Discord channel since launching its NFT initiative earlier this month.
“This is a huge step forward in the innovative ownership-like model we are creating for the league,” said BIG3 co-founder, Jeff Kwatinetz. “BIG3 teams have not been organized around geographical locations so instead of being from a city or state our teams are going to represent communities.”
“The DeGods bring a diverse, very active, and forward thinking fan base to our league and we are looking forward to them spearheading community fandom for their team. We are thrilled to welcome DeGods to the BIG3 and are looking forward to collaborating on the future of their team and the league overall.”
“This is probably the most fascinating experiment in the entire NFT space right now,” said DeGods Founder, Frank DeGod. “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.”
Other Sports DAOs
Other noteworthy examples of sports organizations looking to apply a DAO structure to sports include SailGP and MotorDAO, however all projects remain in their infancy. In golf, LinksDAO is a project with plans to own and operate physical golf courses.
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