NBA partners with Ant Group to release NBA NFTs in China
The NBA has partnered with Ant Group to launch basketball-themed NFTs in China, bringing the content to over 20 million basketball fans through a mini-app on Alipay. NBA China has reported that over 170 million Chinese fans are interested in the league.
The National Basketball Association (NBA) is partnering with Chinese fintech giant Ant Group to launch basketball-themed NFTs. This collaboration aims to bring NBAs over 20 million basketball fans to both web3 and China by launching a mini-app on the group’s flagship mobile app, Alipay.
The mini-app will give Chinese fans access to a wide range of NBA content and videos, probable highlights, player interviews and NBA-themed NFTs. The collaboration between the NBA and Ant Group is expected to expand the NBA’s reach in China, where it is over 170 million fansmaking it one of the biggest hotspots in the world for American basketball consumption.
NBA Web3 integration
The NBA has been at the forefront of the NFT space and is one of the first companies to express expansion towards the blockchain.
The NBA launched its own NFT collection, NBA Top Shot, in early 2021, which has been a huge success, generating over 750 million dollars in sales from October 2021. The NBA also launched its own NFT game last year, which allows fans to collect and trade digital versions of NBA players to build their dream team.
The NBA’s move into the NFT space is part of the strategic expansion of its business model to further engage and monetize its highly popular intellectual property. NFTs allow fans to own digital assets that can include a variety of in-game items, art, and virtual land. Blockchain technology is the perfect technology to achieve the NBA’s goal of creating additional revenue streams for the league.
The NBA isn’t the only sports league to embrace NFTs. The English Premier League, La Liga and the National Football League (NFL) have also launched NFT collections, underscoring the growing interest in the space. As more sports leagues embrace NFTs and blockchain technology, sports-themed digital art may become the norm in the near future.
Final thoughts
Almost every major brand and company out there is making progress towards web3 and the metaverse. The NBA has a strong brand and a massive fan base worldwide, especially in China, making it one of the companies likely to succeed in this venture.
As we see more companies push further into web3, China will most likely become a major player in reaching the goal of mass adoption.
Edmond is a passionate writer for video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news sites.
