" class="no-js "lang="en-US"> Bringing Blockchain technology to Basketball - Fintech Finance
Sunday, April 21, 2024

Bringing Blockchain technology to Basketball

Blockchain technology has found widespread use and adoption. It has survived the tryst of times, and has emerged as an integral part of transparency, logistics, and consumerism. Blockchain technology finds its application in the health sector, energy stratum, and travel sphere, among others. Bitcoin is blockchain technology’s proudest exponent, and as of the 30th of November, 2019, its price stands according to coinmarketcap at $7733.15. 

     Among blockchain technology’s fun, consumer-oriented applications include its integration in a veganism community – VeganNation, and up late, its inclusion in basketball. Yes, you heard that right. Blockchain technology now finds its way in the world of basketball! Dapper Labs, the creator of CryptoKitties, collaborated with the NBA, and the NBPA, to launch an app called NBA Top Shot. Dapper Labs aims at shaping the future of basketball fandom, using blockchain technology, with NBA Top Shot. 


     The NBA is broadcasted across 215 countries and territories, in 50 languages. The NBA has one of the largest social media communities in the world, with Millions of followers across the globe, and over 1.6 Billion likes on social media platforms. If you are one of the many million people tuning into the NBA each season, you are a part of a sports community that is accustomed to breath-taking moments, sheer class, skill, and drama, matched only by football on a global scale!

     The NBA is one of the most popular global sports leagues, and with NBA Top Shot, Dapper Labs intends on showing the NBA’s worldwide audience the value blockchain technology brings, and can bring to our lives. The app aims at working directly with basketball fans, and catering to an experience that is relevant to them, and is rooted deep in basketball culture. As a result of the popularity of basketball, many brokerage companies want to partner with popular teams. Basketball games are fast, simple and efficient, all great values for which brokers strive and want to be associated with. According to this ETFinance review, a proof of these common partnerships is the fact that one of the biggest basketball teams, Real Madrid, just signed last month a 3-year contract with a CFD broker called ETFinance.

NBA Top Shot – New blockchain based ap

     The app will feature a social experience that is built around limited-edition digital collectibles, along with experiences anchored around these collectibles, and a variety of unique games, to create a wholesome, authentic, fun, and accessible fan engagement stratum – All, while incorporating blockchain technology (smart contract capabilities of the Ethereum blockchain). How does it work though? Is NBA Top Shot a fantasy bracket game? Unlike other fantasy gaming leagues, and sports games, you can acquire live, in-game moments from the ongoing NBA season, on NBA Top Shot. 

     To put it into perspective, you can acquire history making moments, like a Kawhi Leonard buzzer-beater, or a Klay Thompson scoring 37 points in a single quarter. Embedded in these limited-edition digital collectibles is real world data, which in turns defines these moments, and ends up playing an influential role in a variety of the app’s different games. These collectibles are much more than just memorabilia, as they are game pieces (moves) which cater to upcoming and ongoing experiences.

“With NBA Top Shot, basketball fans can engage with their favourite players, teams, and each other in entirely new ways. We’re using blockchain technology to create assets and experiences that are guaranteed limited edition and authentic, not to mention portable and permanent, in a way nothing digital has ever been before.”

  • Roham Gharegozlou, CEO of Dapper Labs

     As a player, you can trade and compete with these collectibles, and use these items in leagues and online tournaments. You can pit these moves against fellow competitors in online tournaments and leagues, and compete with another. Although this is not announced as of now, each asset could be embedded with game-style stats, or player statistics. In a head-to-head matchup with a competitor, these smart contract attributes could be compared, quantified, and eventually used to determine a winning move. 

     Other aspects of blockchain technology that Dapper Labs offers is true ownership, the ability to transfer value in a peer-based marketplace, and immutability. As is the case with physical memorabilia, NBA Top Shots has created digital assets that cannot be counterfeited of copied. While it is not clear whether a moment leading to the creation of an asset will be a single asset, or one with a limited supply, these assets will not be available for everyone to own. 

     This capability is designed to give fans a sense of true ownership over a moment embedded deep in the NBA’s history. NBA Top Shot delivers more than just a high-quality user experience – It may just introduce the usefulness of blockchain technology to a huge audience, and promote the many benefits, and aspects of blockchain technology. Who knows, Dapper Labs may soon have their own NBA Top Shot based cryptocurrency! 

Conclusion on bringing blockchain to basketball

     While blockchain technology is popular, and is being used in several sectors, its expansion to sports will only do it good. Sporting communities have huge fan bases, and engaging them in blockchain based drama and goodness, will bring about greater blockchain education, and lead to a larger amount of people buying into its experience. 

     Blockchain technology is already prevalent in casinos, gambling, and has now ventured into basketball. Several other sporting leagues too, have incorporated cryptocurrencies and blockchain technology. Its incorporation in cash-rich, and fan-laden sports like tennis, football (Some football clubs offer token shares to their fans), and cricket will do blockchain a world of good, and bring to light its many applications.  

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