Easily the biggest headline in sports and crypto this week? The biggest basketball league adds another crypto partner to the rolodex with Sorare. Sorare completes the league’s “triple threat”, with Dapper Labs serving as the league’s NFT distributor and Coinbase the league’s official crypto exchange.
Every weekend, we cover all of the biggest stories from the past week in crypto and esports. Let’s dive into the latest NBA deal and all the other major stories from the past week.
The sports slice
The NBA’s Latest Web3 Partnership
Sorare pushes the North American market. After securing MLB as a partner earlier this year, Sorare has doubled down with another “big 4” sports league, the NBA.
The partnership was largely unexpected, as the NBA didn’t show much trouble with its existing NFT partner, Dapper Labs, and their Flow blockchain that powers the NBA’s (and WNBA’s) Top Shot product.
Should Dapper be worried? In our report last week, we looked at the bullish and bearish outlook. On the one hand, Dapper was communicating to community members that he was looking forward to releasing his gamified product “Hardwood”, essentially a fantasy-inspired use of Top Shot NFTs. Sorare apparently came in and secured his position to close that gap.
On the other hand, competition breeds better products and this decision will certainly keep Dapper on his heels – and the NBA deal doesn’t appear to be in jeopardy. It could be the NBA looking for an “aces in their place” approach and tapping Sorare for his particular focus: building fantasy-style NFT platforms for sports leagues.
While Dapper still has a lot to talk about when it comes to a growing list of partnerships, Sorare’s emergence in the North American market should likely emerge as a major contender for Dapper, who has yet to face a challenge. great in the market. While the two products can certainly co-exist, only time will tell how this dynamic will unfold.
Report: Sports NFT market doubles in 2022, to $2.6 billion this year
New research from Market Decipher finds that the sports NFT market has doubled this year from $1.3 billion to $2.6 billion, and forecasted growth is expected to grow at a compound annual growth rate (CAGR) estimated at 36.3% – which could see sports NFTs reach a market capitalization of $41.6 billion by 2032.
The report outlines four main categories likely to drive the growth of NFT: Cards, Accessories, Collectibles, and Music Videos. According to the report, limited-edition music videos paved the way for sports NFTs this year, with the North American market leading the charge.
Should Dapper Labs be concerned? The largely dominant NFT player in sport in the U.S. market is facing a formidable challenger in Sorare, who is unleashing fantasy game NFTs with major leagues like the MLB, the NFL, and now the NBA. Dapper Labs' Flow blockchain (FLOW) likely has continued headwinds to come. | Source: FLOW-USD on TradingView.com
Warriors co-owner Swinmurn launches Project NFT
There is no shortage of crypto advocates and NFT fans in San Francisco. Look no further than some of the Golden State Warriors NBA franchise owners. Zappos founder and Warriors co-owner Nick Swinmurn is launching his own fantasy sports-inspired NFT game, according to reports released last week.
Swinmurn is working on “Play Hellebore”, where various NFTs allow access to certain features and abilities. The game will allow users to leverage a blockchain to predict the outcomes of professional sports games, starting with baseball, football, and soccer.
Gaming & Esports: Yeeha Games implements Fiat ramps
Bybit-backed Yeeha Games has released nearly a dozen games in the GameFi space so far, and in recent days has added a new partnership to its roster. Yeeha announced that they will be working with Cabital for a fiat on-ramp and off-ramp, as well as no gas fees on crypto transactions.
GameFi continues to find its niche in crypto despite significant headwinds.
We follow with Jon Cheney from Ocavu
In last week’s “Slice,” we covered a new partnership agreement between BYU Athletics and growing blockchain company Ocavu. Following that report, we took the time to sit down with Ocavu CEO Jon Cheney and discussed Cheney’s perspective on NFTs, growing the sport, and more. You can read the full transcript here.
Featured image from Pexels, Charts from TradingView.com
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