American three-on-three basketball league Big3 is planning a decentralized team ownership approach for its twelve teams, which the league has owned to date. Big3 was co-founded by Ice Cube and media executive Jeff Kwatinetz and plans to sell stakes in the teams as digital assets bringing in up to $66 million.
A total of 1,000 tokens per team will be available, with twenty-five tokens priced at $25,000 and the remaining 975 at $5,000 each. Both editions will give owners access to some voting rights, gameday experiences, other VIP perks and NFTs. The more expensive token will also provide exclusive intellectual property (IP) and licensing rights for the teams’ names, merchandise, and other commercial opportunities. Plus, token owners will get a percentage of any future team sale and they can sell their stake in the team.
“When we founded the BIG3 five seasons ago, our mission was to build a league that was innovative and created opportunities for players and fans alike that other leagues lack,” said BIG3 co-founder, Jeff Kwatinetz. “We are thrilled to be lowering the barrier to entry to team ownership so our fans can take their investment to the next level.”
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