Krause House investing in Ice Cube's basketball league using Ethereum NFTs
Organizations will purchase all 25 NFTs for one of the 12 teams in order to gain control over specific team decisions. As part of the 3-on-3 pro league, the projects will make team decisions, create merchandise, and have branding opportunities.
BIG3 co-founder, Jeff Kwatinetz said, "We are thrilled to have Krause House on board."
Adding, "They are a leader in the decentralized ownership space and our missions have been aligned from the start. Krause House deeply understands the deep roots basketball has in community and collaboration and we know that they will be a key partner as we continue to add influential and diverse members to our league."
The goal of Kruse House was to buy an NBA team for billions of dollars, which is impossibly costly. As Krause House sees it, the acquisition of the BIG3 team is the first of many steps in the collective's progression to owning an NBA team, including acquiring additional teams in other alternative or international leagues.
Krause House's members will also be involved in longer-term initiatives, including the development of merchandise, the selection of future players, and other decisions important to the continued success of the Ball Hogs in the BIG3.
As part of BIG3's new ownership model, announced earlier, these purchases will enable BIG3 to sell NFTs offering ownership-like benefits using blockchain technology.
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