Here's your weekly review on what happened at the intersection of NFTs and Sports:
- 🏀 NBA launches dynamic NFTs for playoffs
- 🌐 Under Armour files trademarks for the Metaverse
- 🏏 Cricket NFT Platform Rario Raises $120m
Let's have a closer look! 👀
🏀 NBA launches dynamic NFTs for playoffs
"The NBA and NBPA are launching a new NFT initiative, The Association NFT, where the collectible’s design will be dynamic and change over time. The appearance of the NFTs will evolve based on players’ on court performance. The more accomplished a player is throughout the season, the more their NFT will visually change. 18,000 NFTs will be minted of the 2022 NBA Playoffs participants, 75 for each of the 240 rostered players."
🌐 Under Armour files trademarks for the Metaverse
"Trademark attorney Josh Gerben announced on Twitter that the footwear titan filed trademark claims for the phrase “Under Armour” on April 7. According to the official United States Patent and Trademark Office (USPTO) document, the company is aiming to produce NFTs featuring virtual apparel, footwear and more."
🏏 Cricket NFT Platform Rario Raises $120m
"Rario, a non-fungible token (NFT) platform for cricket, raised a $120 million Series A round led by Dream Capital, the venture capital arm of fantasy sports platform Dream Sports, to further launch both companies into Web 3. With Dream Capital’s investment, Singapore-based Rario can access Dream Sports’ 140 Million users, who will be offered fiat-only products in India. Dream Capital is partnering with Rario to help sports fans engage deeper with their favorite cricket teams, Dream Sports chief strategy officer Dev Bajaj said in a press release on Thursday. Mumbai-based Dream Sports is looking to back more startups globally in the Web 3 space with innovative utilities of NFTs, Bajaj said."
🤓 Wrapping it up
So what have we learned in this week's issue?
- Dynamic NFTs are being explored. Last week it was the Warriors who announced this rather new approach to NFTs, now it's the NBA itself, both adding a new element to previously static NFTs. The concept itself sounds useful, let's see what the creative minds out there will be able to do with it. And it'll be interesting to watch how much the value of an NFTs will vary over the course of time and with new elements/data being added.
- Web3 is a patent and trademark game as well. We wrote about the law suit between Nike and StockX before, now Under Armour is trying to secure themselves on the legal side of things. Even though the big brands are rushing into patent and trademark filings, it is almost guaranteed that we will see tons of law suits over the next years. Do your homework if your are a brand. And have your popcorn ready if you are a spectator.
And that's it for this weeks issue! And as always: Feel free to reach out for feedback and to discuss all things NFT and sports! To stay up to date: Make sure to follow us on Instagram and Twitter for stats, drop announcements and more.