NBA & Blockchain: glimpse of the future?

These days it seems companies quite enjoy adding “2.0” to the end of everything: Internet 2.0, web 2.0, etc. Well, there’s a new sheriff in town -- its name is 3.0 -- and even the NBA is jumping on the bandwagon. NBA 3.0 is a new business philosophy by Vivek Ranadive -- majority team owner of the Sacramento Kings -- an all-star NBA team -- and the concept has blockchain at the heart of it.

Date: 
August 25, 2019
Read time: 
2 minutes

NBA & Blockchain: glimpse of the future?

Date: 
August 25, 2019
Read time: 
2 minutes

These days it seems companies quite enjoy adding “2.0” to the end of everything: Internet 2.0, web 2.0, etc. Well, there’s a new sheriff in town -- its name is 3.0 -- and even the NBA is jumping on the bandwagon. NBA 3.0 is a new business philosophy by Vivek Ranadive -- majority team owner of the Sacramento Kings -- an all-star NBA team -- and the concept has blockchain at the heart of it.

These days it seems companies quite enjoy adding “2.0” to the end of everything: Internet 2.0, web 2.0, etc. Well, there’s a new sheriff in town -- its name is 3.0 -- and even the NBA is jumping on the bandwagon. NBA 3.0 is a new business philosophy by Vivek Ranadive -- majority team owner of the Sacramento Kings -- an all-star NBA team -- and the concept has blockchain at the heart of it.

With BitPay, we are able to implement a technology that allows our fans to make Kings-related purchases without physically reaching into their wallets. (Vivek Ranadive - majority team owner of the Sacramento Kings)

Vivek Ranadivé coined "NBA 3.0," and said it “focuses on investments in technology, globalization, and deep community partnerships.” One of those core investments is in blockchain -- which the King’s used to become the first NBA team to not only accept payment in Bitcoin from their fans but also to mine Bitcoin in their stadium!

In fact, Vivek Ranadive is so obsessed with blockchain technology that he and his team partnered with legendary billionaire investor Mark Cuban. Vivek commented on this development by saying “We are maniacally focused on creating the most seamless experience for our fans in all facets,” said Ranadivé. “With BitPay, we are able to implement a technology that allows our fans to make Kings-related purchases without physically reaching into their wallets. A major tenet of the NBA 3.0 philosophy is about utilizing technology for the betterment of the fan experience, and this is yet another step in that process.

And speaking of steps in a process, the Sacramento Kings also set up a charitable program – MiningForGood. They’re using their arena, Golden 1 Center, the world’s most technologically advanced and sustainable arena, and a partnership with MiningStore.com to run cryptocurrency miners in their Tier 4 data center.

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I’m not done! Not even close to done with this new NBA 3.0 business philosophy. On August 14, 2019, just a week ago, the Mavericks took a page from the King’s playbook. They become the second NBA team to accept Bitcoin from their fans for everything from tickets to souvenirs. 

This business endeavor also went hand-in-glove with Mark Cuban and a company called Lympo. With all these deals being forged across sports teams, businesses, and more -- it is safe to say that intelligent investors have seen the potential of blockchain -- and they are cashing in. After all, the Sacramento Kings began accepting Bitcoin in 2014. Back then the price of a single Bitcoin hovered around $850. Now, as we all know, it’s hovering around $10,000. 

What will the price be in another 5 years? Time can only tell -- but if major investors like NBA teams are devoting time and energy to it -- don’t you think we should too?

Posted by R.R. Hauxley

R.R. Hauxley traveled around the world ... 1 year on 1 Bitcoin. 20 countries, 12 months, 1 Bitcoin. He wrote a book about it: Stolen Wallets and Where to Buy Them. Along the way he met and interviewed the sharpest, brightest minds in crypto today: Vitalik Buterin, Charlie Lee, and more. Today Rafael educates the crypto curious and delves further into the incredible world of blockchain.

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