BIG3 is a 12-team basketball league co-founded by American rapper and actor Ice Cube and entertainment executive Jeff Kwatinetz in 2017. The league has been running an NFT ownership mechanism, where fans can buy a stake in any team at different levels.
The DeGods DAO bought all 25 of the so-called ‘fire-tier’ NFT ownership stakes in a team called Killer 3s, according to an announcement on April 28. Each NFT cost $25,000, or about $625,000 in total.
“This is probably the most fascinating experiment in the entire NFT space right now,” DeGods founder, Frank DeGod, was quoted as saying. “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.”
The purchase gives the DeGods community some level of control over the team, including the role of CEO, president and the vice president. It will also provide the DAO with intellectual property rights to create officially licensed merchandise.
DeGods’ NFT project logo will also be added to the Killer 3s’ official game jersey and will appear on broadcasts. In addition, DeGods NFT holders will also have access to 500 whitelist spots to mint a part of 975 Killer 3’s Gold-tier NFTs. Each non-fungible token at this level will cost $5,000.
Ice Cube hopes to bring fans closer to the sport via NFTs
Ice Cube, the BIG3 basketball league founder, said the decision to sell clubs via NFTs is meant to bridge the gap between fans and the sport, giving them direct ownership of a team they love. This move follows in footsteps of the NBA also dipping its toes into Web3.
“Right now, we are in the day of the NFT,” said the rapper, who recently bought 265 of DeGods’ NFTs. “It’s a time where through the blockchain, fans can actually buy a piece of any team in the BIG3 or all the teams in the BIG3.”
DeGods describes itself as “a collection of degenerates, punks, and misfits. Gods of the metaverse and masters of our own universe.” There is 10,000 NFTs in the collection, minted at a price of 3 SOL in October. At the time of writing, the average floor price was at 257 SOL, or over $22,000 per NFT. In total, more than $40 million of the pieces have been traded.
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