Virtualness locks in the rights to PBA NFT
FROM ITS big heyday in the spotlight in the locked-down months of 2021, the NFT scene has been pretty quiet amid the so-called “crypto winter”. According to NFT aggregator CryptoSlam, global NFT sales contracted to $638.4 million last December, compared to $2.8 billion just a year before (as well as an all-time high of $4.77 billion back in January 2022).
But a new, low-key deal signed by the PBA and digital platform Virtualness may soon bring to life our own local version of NBA Top Shot.
The company — founded only in 2022 — secured a multi-year deal for end-to-end rights for any NFT collectibles ventures from the pro league.
MORE FROM SPIN
PBA NFT in the works?
The NFTs will, according to a statement, “span a gamut of use cases — from commemorative, topical, gamification to unlocking unique fan experiences.” Virtualness will be used to power an “innovative, easy-to-use digital experience” so that fans can collect and trade “moments in the games via branded digital collectibles.”
ADVERTISEMENT – CONTINUE READING BELOW ↓
A few examples of these ownable digital moments were offered, including Japeth Aguilar’s dunks or June Mar Fajardo’s most memorable plays — which will be “all available to be owned and collected by fans” on the Virtualness platform. Fans can then leverage the NFTs they own to score meet and greets, discounts, and other exclusives.
“The PBA and its players are beloved by their fanatical fans not just in the Philippines, but throughout the world,” said Kirthiga Reddy and Saurabh Doshi, co-founders of Virtualness, in a statement.
“We’re […] excited to enable the PBA to mimic various physical experiences in digital forms and in newer ways unlocked by the power of blockchain,” continued the co-founders.
Meanwhile, in a statement, Commissioner Willie Marcial said that this was a “logical next step” for the PBA.
“We have a history of being innovative,” he went on. “We believe this will help us leverage next-generation technology to continue basketball’s relevancy as a cultural phenomenon in the Philippines and around the world.”