According to a recent report, Gary Vaynerchuk, Jason Robins, and several NBA teams have backed a new basketball game that uses non-fungible tokens (NFTs).
The game, called Swoops, is being developed by Lucid Sight, the same studio behind the popular MLB Champions baseball game. It is expected to launch later this year.
Swoops will be free-to-play, but players will be able to buy and sell in-game items using NFTs. These items will include player cards, avatars, and other digital collectibles.
The game's developers say that they are working with several major sports leagues and organizations to bring official licenses to the game. This will allow Swoops to feature real-life players and teams.
Vaynerchuk, who is a co-founder of Lucid Sight, said in a statement: "I'm excited to invest in Swoops and support the team as they merge traditional sports with emerging technology."
Robins, the CEO of DraftKings, added: "Swoops has the potential to redefine how fans interact with their favorite sports and athletes."
Several NBA teams have also invested in Swoops, including the Brooklyn Nets, Dallas Mavericks, Los Angeles Lakers, and Sacramento Kings. These teams will reportedly have a say in the game's development and will receive a share of the revenue generated by it.
The Nets' investment arm, Harris Blitzer Sports & Entertainment, said in a statement: "We are proud to invest in Swoops and support its goal of changing the way fans interact with basketball."
Swoops are not the only sports game to experiment with NFTs. Top Shot, a basketball game developed by Dapper Labs, has become one of the most popular games on the blockchain.
Top Shot allows players to buy, sell, and trade digital collectibles called "moments." These moments are official highlights from NBA games that have been tokenized as NFTs.
The popularity of Top Shot has led to a surge in demand for NBA cards and other memorabilia. In February, an auction house sold a digital highlight reel of Kobe Bryant's final game for $200,000.
The Swoops team says that it wants to create a similar market for basketball highlights. It is also working on ways to allow fans to bet on games using NFTs.
Swoops is not the only company looking to tokenize sports highlights. Sportscastr, a live-streaming platform, recently announced plans to launch an NFT marketplace for sports highlights.
It remains to be seen if Swoops will be able to replicated the success of Top Shot. However, with the backing of some of the biggest names in the sports world, it seems poised for a strong start.
NFTs have been gaining popularity in recent months as a way to invest in and trade digital assets. This new basketball game, called Swoops, is the latest example of how NFTs are being used in the sports world. What do you think about this trend?
Do you think that NFTs will eventually replace traditional sports memorabilia? Why or why not? Let us know your thoughts in the comments below!