Last month, in a JWS column, I explained why Big3’s plans to decentralize sports team ownership are different and, frankly, more exciting than previous efforts. The league will provide Firetier Token holders with premium seats for all games, the option to monetize Team IP, voting rights, and the opportunity to participate in monetary gains if the club is sold.
In the weeks that followed, the 3v3 basketball league co-founded by rapper Ice Cube was DeGods (Solana blockchain’s largest NFT community), Gary Vaynerchuk (creator, VeeFriends), and Kevin Rose (founder, Proof). Collective) was announced. , The group behind Moonbirds) and Bill Lee (co-founder of Craft Ventures) are all purchasing teams. Rose has partnered with technology entrepreneurs Sunny Deep and Vinny Lingham. Snoop Dogg and Ken Howery, co-founder of PayPal, also bought the team. It may seem strange that groups and individuals betting on the success of Web3 are buying NFTs for real access and associated assets, but Lee explains: increase. [actually] The next frontier. What Ice Cube is actually doing is bringing the power of Web3 to Big3. [He] We enable developers, team owners, sponsors, and even fans to create unique experiences and rewards for NFT holders. “
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JWS take: Lee has long been an advocate of NFTs. But last week’s sale of cryptocurrencies helped strengthen his belief that “people love speculation and cryptocurrencies could run again,” he said. I don’t think it’s sustainable unless it’s accompanied by.
He was an early investor in RTFKT, a virtual sneaker maker acquired by OpenSea and Nike, and has a share of NFT artwork. Still, he said, “Most NFT.jpeg [projects] As a speculation, “people eventually say,” instead of buying apes and owls, you’ll understand this. ” [kind of utility] The real potential of Web3. Apes refer to images related to the Bored Ape Yacht Club, and owls are depicted in the Moonbirds project.
There is a place for digital art collections and price speculation. However, venture capitalists generally believe that the crypto industry must evolve into more than just gambling and staking to support the high valuation of cryptocurrencies. “For things like BAYC / Apecoin, we’re not going to support a multi-billion dollar valuation on day trading, yield farming, speculation alone. I’m just [cannot] Look at these ratings lasting unless they are [begin to] Providing real use cases such as what is Big3 [doing].. “
Many of the conversations related to NFT utilities in sports are leaning towards games and everyday fantasy. Lee agrees that there may be space for that kind of application, but “it’s still like crypto v.1,” he said. “When I think of Web3, I’m thinking more about real utilities. [Big3] Where to access the game [are able] To help the team influence what they are trying to do. This includes voting for buyout offers.
Owners of new clubs may bet on the success of Web3. But, as Lee pointed out, “there is no bet here.” The advantage of the Big3 offering is that the league can offer the benefits of token ownership to token holders with the technologies that exist today (think of the ability to scan NFTs and enter the venue). “Few people realize that NFTs really are the benefit of programmable membership.”
This is different from many of the Metaverse-related projects that investors are investing in. Lee didn’t want to consider these investments as gambling, including those in the sandbox. Ready player one The vision people have for the Metaverse arrives in time. But he admits that it remains “a few years ahead.”
“Looking at DAU, the daily active user of the entire Metaverse, it’s tiny and non-existent,” he said.
Lee purchased the Big3 Fire-tier NFT for the included access and assets. (“I’m investing in my passion. I want to go to the game at the end of the day,” he said.) But his investment in clubs has a secondary use case. If it helps to create, he said he wouldn’t be upset, leading to further adoption of Dogecoin and cryptocurrencies. Lee, the first president of MyDoge, a “self-managed wallet” that facilitates Doge trading, believes Dogecoin can evolve into a digital chip currency, and team supporters will reward players and coaches for performance. Can be imagined. .. High gas charges (think blockchain transaction charges) prevent Bitcoin and Ethereum from being used for chips.
There is reason to believe that the “Doge Army” will support aliens and the Big3. “Doge co-founder Billy Marcus has already tweeted. [the tie-up] … and people are already with Big3 [Ice] Cube.This is all just beginning to happen [when Lee sent Ice Cube the tweet].. The adjustment was zero, “Lee said.
And if the Doge army accepts aliens, there are enough aliens to move the needles of the league. “Last year, Robinhood’s quarterly profit, 60% of quarterly revenue from cryptocurrency trading was Dogecoin. [related] … So you have this violent Doge army that exists. I wanted to do something to them other than guessing the price. “
Utilities seem to become even more important in the wake of the recent cryptocurrency crash. The price of Dogecoin fell by more than 26% last week (it was $ 0.09 as of Friday night).
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