The NBA and the world of sports have seen numerous changes in the way they have been functioning. Technology has played a major role in development even giving players the best treatment in terms of health and fitness. But the level of comfort has extended past just the members of the league.
These days fans also have access to online middlemen websites through which they can see where they will be seated and what their view would look like. Monetary transactions have also developed over the years especially to avoid social contact because of the pandemic. Even though this provides humans with utmost comfort, there is still always a risk of fraudulent activity from online sources.
CryptoCurrency and Non-fungible Tokens become the new mediums of transaction
A brief description of Cryptocurrency, it is a virtual model of transactions without having a central authority keeping track of your accounts which keeps your data and information stored in a secured way. Non-fungible Tokens are quite very similar where graphical assets on a blockchain. This has a unique identity with codes to distinguish it from others. Athletes around the sports field have used these means to invest their earnings.
Former point guard of the Orlando Magic, Michael Carter Williams is one of the players in the business who has bought in on the new age of virtual currency. He explained NFTs as a way of never losing the value of what you originally acquired. “In the NFT world… you have collectibles or an experience that you’re going to own forever. The best way I try to break it down to people is if I have a card, you buy it for me and then you sell it to somebody else, I will still get a piece of your sale. And that’s the cool thing about it, is that you never lose the value of what you own.”
Gary V predicts the future of the NBA will go digital
As the entire world is starting to shift onto much a more different way of transactions and safer mode, the NBA is definitely on its way with something new up its sleeve. American business mogul and entrepreneur Gary Vaynerchuk spoke on the possibility of the league’s assets being shifted onto the new era. He said, “One thing I guarantee you about the NBA, in 25 years our tickets are going to be NFTs.”
He further explained that NFTs could help fans also benefit from attending the game. He said if a hit game was to go down that night, people could have NFTs created on the special moments of the game and earn money before even exiting the arena they were in. The world is certainly full of surprises and the NBA would never fail to do so.