Dallas Mavericks Reportedly Consider Jumping Into The NFT Craze

Mark Cuban, the owner of the Dallas Mavericks, is said to be seeking use cases to harness non-fungible tokens (NFTs) for his NBA team, CNBC reported.

NFTs are digital assets like video clips and images that are represented by programming language on the blockchain. They can be traded, as is the case with tangible property. However, the blockchain enables monitoring of the authenticity and ownership of each token.

“With the [Mavericks], we’re trying to find a good option for turning our tickets into NFTs,” Cuban said on “The Delphi Podcast,” according to CNBC. Cuban said on the podcast that the team wants “to be able to find ways so that not only can our consumers, our fans, buy tickets and resell them, but we continue to make a royalty on them.”

The Dallas Mavericks owner has his own personal digital currency wallet and has backed blockchain firms such as Mintable, the NFT marketplace. Moreover, Cuban has traded NFTs.

In separate news, Sotheby’s is reportedly working with the online artist Pak in its own first tiptoe into the NFT space. The company follows Christie’s, which earlier in March sold art cloaked in NFT from the artist known as Beeple for $69 million.

Separately, 2020’s NFL Super Bowl champion Patrick Mahomes has rolled out his own NFT art gallery, as reported earlier in March. Moreover, some musical artists are offering NFTs to listeners. Digital musician Justin Blau, who is known as 3LAU, has taken in a haul of $17 million during the past month from the tokens. At one point in time, his “Ultraviolet” album held the record for the most paid for an NFT at $3.6 million.

“It’s a way to monetize your fan base in a way that’s never been possible,” the musician recently told The Wall Street Journal, but he noted that he does not expect that the very high prices will hold for all time. In another case, the Kings of Leon was the first band to release a full album as an NFT.