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Ad ChoicesThe founder of the MyDoge self custodial Dogecoin wallet, Bill Lee, has purchased all 25 ‘Fire’ tier NFTs for the Aliens basketball team. What’s more, Lee paid using Dogecoin.
Big3 is a 3-on-3 basketball league co-founded by rapper Ice Cube, whose real name is O’Shea Jackson, consisting of 12 teams. The team’s rosters consist of former NBA and international players.
Although the league was established in 2017, it recently announced a new share ownership structure via the purchase of NFTs. Each team has 1,000 NFTs available, split into 25 ‘Fire’ tier and 975 ‘gold’ tier tokens.
“This move will effectively split the team ownership, with each team having 1,000 NFTs divided into two tiers. The first is 25 “Fire” NFTs, priced at $25,000 each. The second will be 975 “Gold” NFTs, priced at $5,000 each.”
Lee’s purchase of all 25 ‘Fire’ tier Aliens NFTs cost $625,000, making the deal the ‘largest commercial transaction in the history of cryptocurrency.’
Lee says Dogecoin is the people’s currency
As well as co-founding the MyDoge wallet, Lee also co-founded Craft Ventures, which specializes in funding Software as a Service (SaaS) and marketplace businesses.
Commenting on the deal, Lee said he believes that ‘NFTs with utility are the next frontier.’ He added that owning a basketball team is a dream made possible thanks to how NFTs are changing the game.
“It is a dream to own a basketball team and the BIG3 is shifting the NFT game by offering ownership rights such as licensing/IP, team voting/management, and merchandising.”
Lee rallied the support of the Doge Army by saying he looks forward to making Dogecoin the people’s currency before once again praising NFTs for enabling the deal.
Ice Cube is game
On announcing the revised share ownership structure of Big3, Jackson posted a video alongside Snoop Dogg, who states he’s buying “a couple of teams.”
Keen to also buy a team, Lee replied, stating his and the Doge Army’s interest in purchasing a team for the sum of 4.6 million DOGE. Ice Cube implied DOGE is as good as cash and he’s ‘down with the #DogeArmy.”
Come on wit it Bill, you know I’m down with the #DogeArmy https://t.co/d9C1TzS4ff
— Ice Cube (@icecube) May 4, 2022
The Big3 league will raise $66 million if it manages to sell all available NFTs. The money will be put towards increasing viewership, adding more teams, and international expansion.
Shiba Inu only accounts for an infinitesimal share of BitPay’s payment volume despite strong community engagement
Meme cryptocurrency Shiba Inu has emerged victorious from a recent tournament organized by leading cryptocurrency payments processor Bitpay.
“Bitcoin Brackets” was organized to find out which cryptocurrency was “about to explode.”
The competition included four rounds with a total of 16 coins, such as Binance Coin, Cardano, Solana, Polkadot, Dogecoin and other altcoins, that were broken into a set of brackets.
The cryptocurrency community had to pick its favorite cryptocurrency from a particular pair during each phase of the tournament by casting a vote with the help of a specific form. During the first three rounds, Shiba Inu managed to gain an upper hand over Terra, Solana and then Cardano.
In the grand finale, it had to face off against Polygon before securing a resounding victory.
The outcome of the tournament has demonstrated the strength of the Shiba Inu community, which remains active despite the canine coin’s anemic performance in 2022.
Those who participated in the voting process will be eligible to win some prizes from BitPay.
Shiba Inu remains an unpopular payment option
As reported by U.Today, BitPay added support for Shiba Inu in December.
Several major merchants, such as online electronics retailer Newegg and movie theater chain AMC, are now accepting Shiba Inu with the help of the Atlanta, Georgia-based payment processing company.
According to data provided by BitPay, it has experienced a significant uptick in payments last May, processing 75,583 transactions.
Despite winning the recent tournament, SHIB accounts only for a minuscule 0.46% of the total transactions, which shows that the coin’s real-life acceptance does not correlate with strong community engagement.
Bitcoin accounts for more than 55%, while Dogecoin has secured a 6.68% share of the pie.