DeGods, a popular NFT project on the Solana blockchain, has acquired a professional basketball team in Ice Cube’s BIG3 league for $625,000.
BIG3 is a 12-team basketball league co-founded in 2017 by American rapper and actor Ice Cube and entertainment executive Jeff Kwatinetz. The league has been running an NFT ownership mechanism, where fans can buy stakes of varying levels in any team.
According to an April 28 announcement, the DeGods DAO purchased all 25 so-called “Fire Layer” NFT ownership stakes in a team called Killer 3s. Each NFT costs $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 running a basketball team is the dream of millions. Now, we can do it for us Holders of this dream come true.”
The acquisition gives the DeGods community a degree of control over the team, including the roles of CEO, President, and Vice President. It will also provide the DAO with the intellectual property to create officially licensed merchandise.
DeGods’ NFT project logo will also be added to the Killer 3s’ official game jersey and will be featured on the broadcast. Additionally, DeGods NFT holders have access to 500 whitelisted points to mint a portion of 975 Killer 3’s Gold-level NFT. Each non-fungible token at this level will cost $5,000.
Ice Cube wants to bring fans closer to the sport with NFTs
Ice Cube, founder of the BIG3 Basketball League, said the decision to sell the club via NFT was aimed at bridging the gap between fans and the sport, giving them direct ownership of their favorite teams. The move follows the NBA’s foray into Web3 as well.
“Right now, we are in the era of NFTs,” said the rapper, who recently purchased DeGods NFTs for 265 SOL (currently $23,000). “It’s a blockchain where fans can actually buy a part of any team in BIG3 or all teams in BIG3.”
DeGods describes himself as “a bunch of fallen, punks, and misfits. Gods of the metaverse and masters of our own universe.” There are 10,000 NFTs in the collection, minted in October for 3 SOL. At the time of writing, the average floor price is 257 SOL, or over $22,000 per NFT. In total, more than $40 million in works have been traded.
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