The NBA moves to expand its NFT portfolio after reportedly submitting applications for NFT-related patents. Here is all you need to know about this development.
Moving closer, one cautious step at a time
On Thursday, April 7, 2022, the NBA reportedly filed trademark applications to create unique NFTs at the US Patent and Trademark Office. The first revelation came from Josh Gerben, a trademark lawyer, who revealed it in a tweet.
“The NBA has filed a new trademark application for The Association,” Josh Gerben’s tweet reads, “The filing indicates an intent to offer game tickets, programs, trading cards, and fan images as NFTs.
This move indicates a more pronounced bid on the part of the NBA to embrace the worlds of Crypto, NFTs, and Web3. Furthermore, the NBA has reportedly registered two Ethereum Name Service (ENS) domains. This came to light after the wallet ownership was associated with Adrienne O’Keeffe, NBA’s head of gaming and digital assets.
The NBA Top Shot project was the NBA’s first attempt at making its version of collectible digital assets. It created this through a partnership with Dapper Labs, and as of 2021, the platform is said to have generated more than $230 million in sales, as stated by Caty Tedman, head of marketing and team partnerships at Dapper Labs.
The Association: What you should know
The registration of “The Association” is an intentional move by the NBA to build on the “NBA Top Shot” successes while increasing the variety of collectible digital assets. The Association covers a long list of virtual goods such as game programs, game tickets, collectibles, trading cards, jerseys, memorabilia, and NBA memes authenticated by NFT.
This is supposedly a move to help steer the NBA along with digital strides. As the world becomes more digitalized daily, “The Association” will serve as an active market that will appeal to fans of the NBA who will be more interested in these collectibles. Further, this move will help it broaden its fan base as the move is sure to attract more fans to the league.
However, little is known whether “The Association”, there’s no information if this project will be created in partnership with Dapper Labs.
The NBA is preparing for the future
As NFTs, Crypto, and Web3 make more headlines across the globe, several institutions are rapidly reconsidering their line of operations to see how they could fit into the space. With every indication pointing at the worldwide acceptance of digital goods and services, the NBA’s moves are geared towards embracing this reality and recouping financially from it.
The NBA’s current partnerships with Coinbase as a league sponsor and Dapper Labs for the coveted NFT platform “NBA Top Shot” prove their willingness to embrace Web3 technology.
While the NBA is yet to launch its crypto campaign, it is expected that there will be increased activities within the space in the coming months. Further, this development by the NBA may also gear other sporting associations to make similar moves.