NBA Teams Up With Ant Group To Launch NFT In China

NBA and Ant Group team up for NBA-themed NFT in China. The collaboration aims to engage fans in the virtual space. However, its partnership with Ant Group expanded fan engagement by bringing NBA-themed NFTs and video content to Alipay’s mini-app. Additionally, fans can also access NBA and Alipay’s joint membership.

The NBA continues to integrate Web3 tech into its business model. In addition, NBA Top Shot, an NFT collection launched last year, has gained immense popularity among sports fans and collectors alike. The NBA and Ant Group partnership to launch NFTs is a new move.

NBA’s partnership with Ant Group focuses on fan engagement, and the league sees potential in blockchain and NFTs. Moreover, the NBA is committed to innovation and staying ahead, and ant Group collaboration is the latest example of the NBA’s commitment.

However, NBA Top Shot has become the seventh-largest NFT collection by all-time trading volume, according to NFT aggregation site CryptoSlam.

NBA’s Continued Venture Into Web3

NBA partnered with Sorare to launch an Ethereum-based game. Players can win, trade, and play with NFT basketball cards. On February 6th, the platform saw an NFT of Giannis Antetokounmpo sold for a record-breaking price of over US$187,000 ETH.

Ant Group entered the NFT space in 2021, selling NFTs on Alipay. Moreover, the group collaborated with the NBA in 2022 to issue Lunar New Year-themed digital collectibles in China.

The NBA has over 170 million fans across Chinese social media, according to NBA China. The NBA’s partnership with Ant Group will expand its reach to Chinese basketball fans. The growing popularity of NFTs in China makes this a strategic move.

NFTs can represent art, music, and more stored on a blockchain and are resistant to duplication and counterfeiting. NFTs have gained popularity over the past year, with sales reaching new highs. Many celebrities, athletes, and artists have jumped on the NFT bandwagon.

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Furthermore, the NBA and Ant Group partnership leverages NFTs to expand the fan base in China. The NBA’s partnership with Ant Group will create new opportunities for Chinese fans and drive innovation in the league’s business model through Web3 technology.

This article conveys general information, and the opinions expressed should not be considered personal advice for any individual or specific security or investment product.

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