The Brooklyn Nets of the National Basketball League are the latest professional sports team to join the fray of cryptocurrency.
Nets CEO, John Abbamondi, says that his organization is ready to make an announcement “in the coming weeks or months” in regards to cryptocurrencies. Specifically, allowing fans to buy tickets to home games using bitcoin (BTC) or other digital assets.
“We’re watching the space very closely. We’re in conversations with a number of potential partners,” Abbamondi said on Thursday. “It’s a very interesting and exciting space, and I think particularly with regards to bitcoin, I think it’s here to stay.”
As far as the proposed partnership goes, it is not clear, at this time, which entity the Nets will choose to work with. Abbamondi did specify that the choice will have a lot to do with prestige.
Abbamondi further explained that they “are most focused on firms that are in this space that are highly reputable and highly regulated because we do think that this space is moving so quickly that some of the players in this space are not as reputable as some others.”
NBA and crypto have been teaming up a lot lately
It appears that as the world of cryptocurrencies expands, the sports market is one that is taking a lot of interest. A myriad of pro sports teams and players worldwide have been jumping on board with digital currencies. Some are opting to be paid in crypto, some selling non-fungible token (NFT) collections, and some teams are beginning to sell tickets via bitcoin and dogecoin (DOGE).
Another team in the U.S. to make crypto news by offering tickets via bitcoin and ethereum (ETH) was the Dallas Mavericks. The move was not too much of a surprise considering the owner of the Mavs is Mark Cuban. Cuban has been a vocal supporter of cryptocurrencies for a long time now and has taken his interest in digital currency to work with him. Now, Mavs’ fans can not only buy tickets using crypto, but also merchandise on the team’s online store.
Up north, the Sacramento Kings also made waves in the digital currency world, after offering players the option to be paid in bitcoin, along with accepting it as payment for tickets.
The Nets also made crypto news headlines last season, after their point guard Spence Dinwiddle tried to tokenize his 2020-2021 contract. The league vetoed the move but it marked another step forward for the NBA toward embracing digital currencies.