The NBA moves to expand its NFT portfolio after reportedly submitting applications for NFT-related patents. Here is all you need to know about this development.
Moving closer, one cautious step at a time
On Thursday, April 7, 2022, the NBA reportedly filed trademark applications to create unique NFTs at the US Patent and Trademark Office. The first revelation came from Josh Gerben, a trademark lawyer, who revealed it in a tweet.
“The NBA has filed a new trademark application for The Association,” Josh Gerben’s tweet reads, “The filing indicates an intent to offer game tickets, programs, trading cards, and fan images as NFTs.
This move indicates a more pronounced bid on the part of the NBA to embrace the worlds of Crypto, NFTs, and Web3. Furthermore, the NBA has reportedly registered two Ethereum Name Service (ENS) domains. This came to light after the wallet ownership was associated with Adrienne O’Keeffe, NBA’s head of gaming and digital assets.
The NBA Top Shot project was the NBA’s first attempt at making its version of collectible digital assets. It created this through a partnership with Dapper Labs, and as of 2021, the platform is said to have generated more than $230 million in sales, as stated by Caty Tedman, head of marketing and team partnerships at Dapper Labs.
The Association: What you should know
The registration of “The Association” is an intentional move by the NBA to build on the “NBA Top Shot” successes while increasing the variety of collectible digital assets. The Association covers a long list of virtual goods such as game programs, game tickets, collectibles, trading cards, jerseys, memorabilia, and NBA memes authenticated by NFT.