A new trademark filing and Twitter Inc (NYSE: NYSE:TWTR) account created by the National Basketball Association show the league is still years ahead of other sports leagues in the adoption of Web3. Here’s what the latest news means.
What Happened: The National Basketball Association recently filed a trademark for “The Association.”
The news was shared by trademark attorney Josh Gerben of Gerben Law on Twitter. The filing from April 6 lists using the name “The Association” related to game tickets, game programs, trading cards and more while also highlighting non-fungible tokens in the filing.
Along with the trademark filing, the NBA also launched a dedicated Twitter handle and a Discord for what it is branding as “NBAxNFT.”
“Welcome to NBAxNFT. We’re showcasing all things intersecting basketball and Web3, including NFTs, gaming and the metaverse,” the account tweeted.
Related Link: Live Nation Launching NFTs: What Investors Need To Know
Why It’s Important: The new trademark and Twitter account follow several NFT and cryptocurrency initiatives the company has undertaken.
The NBA has a deal with Dapper Labs to create NFTs based on in-game “moments” of NBA players. The league was the first of the four major sports leagues to launch player NFTs on a large scale and NBA Top Shot was one of the most successful NFT projects of the last two years.
The new trademark filing and Discord are unlikely to derail the current plans with Dapper Labs and if anything could strengthen the league’s position in the NFT space.
Several teams and individual players have also launched their own NFTs.
One area that could be particularly exciting with the new trademark filing is tickets, which could see strong growth in the NFT space. Ticketmaster, a unit of Live Nation Entertainment, Inc. (NYSE: LYV), is the official ticketing partner of the NBA.
Ticketmaster launched several NFL-themed ticket NFTs last season. Perhaps the new trademark and the mention of tickets could mean fans will be getting more NFT tickets for the next season.
LYV Price Action: According to Benzinga Pro, Live Nation Entertainment shares are up 4.22% to $112.92 on Wednesday afternoon at publication.
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