Big3 has reached unexpected heights since its foundation in 2017. As the popularity of Big3 Fireball grows steadily and the benefits for spectators are rising reciprocally, some logical questions appear in their heads. The league is broadcasted in more than 40 countries and that’s an indicator of its development. It’s also a demanding project and as Ice Cube stated “building Big3 is the hardest thing he has ever done”. You will be slowly introduced in the upcoming paragraphs to the new schema of ownership in Big3 and the way it is going to affect those who want to keep going with fireball development.
What is NFT?
NFT is an acronym for non-fungible token and that means NFTs are, unlike cryptocurrencies such as Bitcoin and Ethereum, not mutually interchangeable. An NFT can be bought and sold on digital markets, though. NFT is likely to be related to specific digital or psychical assets consisting (but not limited to) of art, and sports highlights and permit to use the asset for a particular purpose. They are based on blockchain technology. Each NFT can be considered as an irrevocable digital certificate of ownership and authenticity for a given asset.
How did the idea of selling NFT come up?
After the expansion of blockchain technology Ice cube started thinking does he want to deal only with big sharks buying the teams. Cube wanted to make it wider and came to the idea to enable fans to be owners of Big3 clubs by buying an ownership share. Ice Cube decided that Nfts will be minted on Ethereum, the leading smart contract platform for Nft assets. Ice clearly stated that he desires people to feel like real owners and contributors to the team’s success. His plan for the league was beginning of offering unique things like no other league in the world does.
What were the benefits of stakes and how NFT were divided?
Each of the 12 teams sells 1000 NFTs. The fire NFTs are sold for 25000 $ a piece and 25 Fire-tier NFTs per team will be available. They provide the biggest benefits for stake owners and give holders more control and influence over one team, for example voting for the president of the team. The gold NFTs are sold for 5000 $ a piece and 975 Gold-tier NFTs per team is at disposal. They give minor rights than Fire-tier, for example, they offer access to tickets to all games.
What was the problem in May with NFTs?
The idea of decentralized ownership with NFTs was suddenly stopped on May 8 due to some problems. The process of producing new digital coins (popularly called minting) was halted because of technical issues. Minting was prolonged for June and Ice Cube suggested that Big3 will use that time to think about the long-run effects of this trade for buyers so they could understand this ownership better. Big3 decided to think again about the structure of Gold Tiers and maybe modify them with new features.
What are Feat’s and how do they differ from Gold Tier?
Feats are imagined to be a tool for the successful future of Big3 Fireball. That’s Acronym and the first letter F means Forever E means Experience, A means Action, and T means Token. Cube had thoughts that this way of structure can be transferred from one generation to another. Each of the 12 teams in the league has such Feat 975 NFTs. They have priced 4500 $ a piece and those Gold tokens that are sold during the previous mint that was not completely successful will be considered as FEATs with additional features. Feat tokens enable the customer to decide what team he wants to buy into and that was not a possibility in the previous mint.
What is the use of brushfire?
Finally, in the updated offer in June, there is an option for people who collect Feats to change five of them for one brushfire token. The board of the league states that brushfire will behave as the Fire Tier with the majority of benefits included. Brushfire cannot provide holders with 40 percent of the next sale if the Big3 team is sold to private owners. Brushfire owners also cannot put a veto on sale and holders of Fire Tiers can do that. Lastly, Brushfire holders are not able to vote on major team management roles like CEO, President, etc.
Who invested in tokens of celebrities?
An important fact is that the biggest commercial transaction in cryptocurrency named dogecoins happened at the beginning of May when the founder of MyDoge wallet invested 600000$ in 25 Fire-Tier NFTs. 25 Fire-Tiers of Big3 team Tree-State was purchased by a tech team of entrepreneurs like Kevin Rose, Sunny Deep, and Vinny Lingham. Snoop Dog, a recognizable face in the music world, invested in all 25 Fire-Tiers NFTs of Bivouac. He was accompanied by Pay Pal co-founder Ken Howery. Gary Vaynerchuk, an internet entrepreneur purchased all 25 Fire-Tiers of team Triplets.
Does it pay off to take Gold-tiers?
In 2021, BIG3 had a record-setting attendance of 1,472,000 viewers during the Championship Game at Atlantis Paradise Island. The average visit was around 500,000 to 700,000 per game. It is expected for attendance to rise in the future due to the promotional activities of Big3. The total amount of Big3 tokens remaining for mint will be approximately 11,500 gold tier NFTs. In the worst scenario with only 50000 viewers per game, only 2% of visitors can get gold tokens. The expenditure of holding these tokens for five years is only 1000$ per season or year. Let’s imagine that you can go to at least one game per season. The cost will be 1000$ for a great VIP experience. Investment sounds mind-blowing in the eye of spectators from that point of view.
Does it pay off to take Brushfire tokens?
The story about the brushfire token gets even better. We have an expenditure of 5000$ per year if we take into consideration the price of 25000$ for 5 Gold Tiers. By new rules owner of Gold Tiers can exchange 5 Gold Tiers for one Brushfire. Let’s for example assume that person visits 4 games out of 24 games of his club in a season. That person will logically sell those 20 tickets. The average potential price that person can get for the best seats is approximately 250$ each to 500$ for the pair. Maybe it can be sold for even 750$ soon. If we imagine 250$ for each ticket, the person can collect 10,000$ per season for the pair of tickets gained by each brushfire. In other words, the owner can return investment in around 2 years and can expect benefits (the possible price of tokens rising)
How the future of Fireball with tokens can look like?
In the best possible scenario, the destiny of BIG3 will be in hands of fans who want to invest in the well-being of the league. That would enable big3 fireball to have a long and recognizable tradition like NBA. Ice Cube, The coauthor of Big3 in 2017, thinks that Fireball can survive all ups and downs of NFT and crypto markets. In his opinion, the development and growth of this structure are related to people who have a growth mentality and a wide perspective of life. Big3 can be successful experiment if it includes passionate people.
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