The NBA, and more importantly — team owners — are all in on blockchain and looking to take advantage of digital asset licensing, alternative blockchain-driven business models, and the acceptance of cryptocurrencies.
The league has recently created a Blockchain Advisory Subcommittee comprised of many of its billionaire owners, including Mark Cuban ( Dallas Mavericks) and Joe Tsai (Brooklyn Nets). The goal? To explore ways to integrate blockchain across the league’s business. Other members include Ted Leonsis, Steve Pagliuca, Vivek Ranadive, and Ryan Sweeney.
The Mavs recently announced they would begin accepting Dogecoin as a method of payment for tickets and merchandise. The cryptocurrency started somewhat as a joke but has taken off in part with the support of Elon Musk, Snoop Dogg, and other big names.
Mark Cuban’s Mavericks were one of the first NBA teams to allow cryptocurrency as a payment method when the team started accepting Bitcoin in 2019. Despite the crypto’s meme origins, Cuban praised it for its educational value.
The Mavericks also accept payments via Ethereum and other cryptos through BitPay, a cryptocurrency payment processor. Dogecoin has jumped by more than 800$ to date and saw a boost of 25% in one day when Elon Musk tweeted this photo:
While Dogecoin may have more meme value than intrinsic value, the crypto market cap has now reached right around $10 billion. The moon may be within reach.