When the Big3 League debuts the following season, it will have a decidedly Web3 flair. After Solana’s DeGods aped into Big3 a week ago, NFT denizens Snoop Dogg, Gary Vaynerchuk, and Kevin Rose followed suit.
Each of the three NFT proponents bought, solo or as part of a team, 25 “Fire” NFTs. These “Fire” NFTs were on sale for $25,000 and represented the highest possible ownership percentage per NFT. According to the latest data, the following teams have Web3 owners:
- Killer 3s: Solana NFT Collection DeGods
- Tri State: Kevin Rose, founder of Ethereum NFT Collection Moonbirds
- Bivouac: Bored Ape Yacht Club collector Snoop Dogg
- Triplets: NFT collector and VeeFriends creator Gary Vaynerchuk
- Aliens: Cryptocurrency organization MyDoge
There are two tiers for Big3 League ownership NFTs: “Fire” and “Gold.” While NFT celebs have stuck to the “Fire” NFTs, “Gold” NFTs might be more palatable for the average investor. These “Gold” NFTs cost $5,000 apiece and represent less ownership share than the “Fire” NFTs. When Ice Cube, the creator of the Big3 League, fractionalized the ownership of the teams, he created “25” Fire NFTs per team and 975 “Gold” NFTs.
Ken Howery, the co-founder of PayPal who teamed up with Snoop Dogg, called the Big3’s embrace of NFTs to represent ownership both “visionary and practical.” Both components, according to Howery, are necessary for smart investments.
Non-Fungible Tokens as Ownership Rights a Growing Use Case
Non-fungible tokens have many use cases: profile pictures on social media platforms, art, representations of real-world objects, and more. But a growing use case may surprise the public: ownership rights of another asset.
Two of the most prominent examples of this use case are home-grown from Web3: LinksDAO and HeadDAO.
LinksDAO is a decentralized autonomous organization that eventually wishes to buy and split ownership rights to a golf course. It sold its NFTs as membership tiers, and it even attracted the attention of NBA superstar and golf aficionado Steph Curry.
HeadDAO is a decentralized autonomous organization that tied various assets to the HeadDAO NFTs. Essentially, the DAO could vote on what assets to buy or sell. And if the DAO ever terminated, all holders would receive a certain amount of money based on the sale of all the investments.
Ice Cube’s Big3 League and its fractionalized ownership differ in one respect: the NFTs tie directly to an entity (a team) rather than a pursued piece of property or digital assets. Time will tell if the move will succeed, but there’s no doubt that the League will have a Web3 flavor this coming season.