Snoop Dogg, PayPal Co-Founder Buys Into Big3 League Basketball Team with NFTs
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Snoop Dogg Buys Into Ethereum Ownership NFTs
Earlier last weekend, BIG3 announced that American rapper Snoop Dogg has teamed up with the Paypal co-founder Ken Howery to purchase all 25 Fire-Tier NFTs of Big3 League team Bivouac.
Following the news, Ice Cube tweeted that the 25 Fire-Tier NFTs for his BIG3 team Tri State were also bought by another group led by tech entrepreneurs Sunny Deep, Vinny Lingham, and Kevin Rose.
What's more, Gary Vaynerchuk also got involved, buying 25 Fire-Tier editions of the 2019 championship-winning Triplets.
Fractionalizing Ownership Using Ethereum
Ice Cube launched BIG3 league in 2017. Last month he announced he was using Ethereum to fractionalize ownership of the league’s franchises.
For instance, the league has 12 teams where people can own parts of the teams by investing in NFTs. Each team has 1,000 total NFTs split between two tiers: 25 "Fire" NFTs at $25,000 apiece, and 975 "Gold" NFTs at $5,000.
When a person or organization gains ownership via the NFTs they’re able to make team decisions, do things like create team merchandise and interact with league officials.