The National Basketball Association (NBA) and NBA Players Association have struck a deal with Sorare, a French startup, to launch the league’s first NFT-based fantasy basketball game.
The multi-year partnership deal between North America’s professional basketball league and Sorare will officially launch the NFT-based fantasy basketball game around the league’s regular opener on 18 October. The game will be called Sorare: NBA.
Sorare is a fantasy sport and NFT trading platform valued at $4.3 billion, which has alliances with other major sports leagues like Major League Soccer and Major League Baseball. The platform has over two million registered users, but most of its players are based in Europe and Asia. Sorare expects to expand its presence in the United States by forming alliances with major baseball and basketball leagues in the country.
Like other games, the NBA’s NFT-based fantasy basketball game will allow players to buy and sell digital cards representing basketball players. Users can then line up their players and earn points based on their real-life performances.
The Sorare: NBA game will be free-to-play and accessible to those above the age of 18. Participants will create their team based on their NFT card collection and earn points based on players’ real-life performance in NBA games.
However, this is not the NBA’s first tryst with fantasy sports or NFT-related games. In 2019, the NBA partnered with Dapper Labs to launch NBA Top Shot, an NFT marketplace. In 2021, the platform recorded total sales of $221 million, with an average sale of $181.
“This (deal) is an interesting hybrid in that it’s an overlap between the fantasy sports space and the Web3 and blockchain space. Sorare sits at the intersection of two interesting trends—Web3 and fantasy,”
according to Scott Kaufman-Ross, the NBA’s senior vice president and head of gaming and new business ventures.
What is an NFT in basketball?
NFTs provide a way for fans and collectors to own and trade digital representations of unique basketball-related content. Each NFT is verifiable on the blockchain, which ensures its scarcity and provenance. The popularity and use of NFTs in basketball and sports, in general, have been growing, offering new opportunities for fan engagement and revenue generation for athletes, teams, and organizations.
Does NBA fantasy exist?
NBA fantasy basketball can be played on various platforms and websites that offer fantasy sports services. These platforms provide tools for drafting, managing teams, tracking player performances, and interacting with other participants. It’s a fun way for fans to stay engaged with the NBA, follow their favorite players, and test their basketball knowledge and strategy.
Can you still do fantasy basketball?
Since the landscape of fantasy sports can change, I recommend checking with specific fantasy sports platforms or websites for the most up-to-date information on how to participate in fantasy basketball leagues and their availability. You may also want to explore the various rules and formats offered by different platforms to find the one that best suits your preferences.
How does NBA NFT work?
NBA NFTs have gained popularity as a way for fans and collectors to own and trade digital assets related to the NBA, including iconic moments, player cards, and other basketball-related content. It’s important to do your research and use trusted NFT marketplaces and platforms when buying and selling NBA NFTs to ensure their authenticity and security. Additionally, be aware that the value of NFTs can be subject to market fluctuations and trends.