Blockchain technology has been catching many industries and entrepreneurs like Mark Cuban since its invention in 2011. So, it’s not surprising that it has caught the attention and interest of NBA team owners.
In a report on the 6th of March, some of the NBA powerful and wealthiest are planning to form a committee to investigate the usefulness of the technology to them. According to the report, the committee, called the “Blockchain Advisory Subcommittee,” has six members.
Their goal is to explore possible ways to integrate blockchain into NBA business. The members of the committee include Joe Tsai, Ryan Sweeney, Mark Cuban, Steve Pagliuca, Ted Leonsis, and Vivek Ranadive.
Possible Uses Cases of Blockchain
When it comes to Blockchain and National Basketball Association, there are two ways to use the technology in its business. The first one is ticketing, while the next use case can be collectibles. Ticketing on the blockchain has become one of the growing use cases of the technology. So, it’s understandable that Mark Cuban would support the adoption.
Also, blockchain-based collectibles will fit perfectly into the NBA business because many of its fans would love to have stats at their fingertips.
This is why the NBA Top Shot highlight project made more than $250 million in sales. Even the company is expecting many NBA players to invest in the project.
This is why many people believe that the community may be a result of the Top Shot success. However, Cuban made a statement refuting the assumption but instead pointed out that the committee had a broader interest in the tech.
Mark Cuban Shows Interest in Digital Currencies
It may seem odd, but Cuban has now become a supporter of cryptocurrencies. Initially, he was not interested and never believed in digital currencies. But now, he has embraced the technology and is supportive of NFTs and Ethereum-native protocols. Cuban owns many tokens from different DeFi protocols.