The World's First Basketball Team Managed by the Fans
Momint has partnered with a community in the United States to launch the world’s first professional basketball team to be owned and managed by its fans.
While basketball has historically represented a diverse range of communities and fans, these individuals have never been afforded the opportunity to make decisions that affect the players they support. Momint has found a way to apply blockchain technology towards this particular use-case, and hopes to make the world of sport team ownership more inclusive and diverse with it.
As many would correctly assume, launching a professional basketball league is an extremely expensive exercise that takes place within a limited number of pre-established teams that have been around for a long time. These teams are typically owned by a billionaire, or a collection of wealthy individuals. The team is then managed by one central authority, leaving no room for the fans in any decision-making processes that affect the sportsmen they love and support.
“Technology has fundamentally changed what is possible, when it comes to the way we run our economies, how we live our lives and is now also able to help us re-think the management of our favourite sport teams and athletes. This will have a compounding impact over the next decade – and with our understanding of how the blockchain operates, the future of sport will certainly be more transparent, democratic and fair” shares Ahren Posthumus, CEO at Momint.
Momint will be providing The Basketball League with the blockchain infrastructure it needs to facilitate the creation of a decentralised basketball team. It will also provide the community with a platform through which individuals can vote on buying and trading players, hiring staff, marketing and more.
Partnering with 8IGH
Treyous Jarrells, Co-Founder of 8IGH has shared the limitless possibilities present in the innovation space through blockchain technology - “We find ourselves within an exciting time in history. We are living through a digital revolution and are leading the way in finding creative applications of blockchain technology in a manner that solves our current problems. Incorporating blockchain technology into a pro basketball league as a Decentralised Autonomous Organisation (DAO) is ground-breaking to say the least''.
A company established as a DAO is able to make full use of the opportunities available through the fourth industrial revolution and the new digital age, by automating all its admin procedures on the blockchain (including its payroll, purchases and allocation of funds).
It does this through a collection of blockchain-based solutions, like smart contracts - which can follow rules in code to trigger actions. A key difference with these ‘companies‘ however - is that they have little to no leadership. All decisions are made by consensus of the group. Members can make proposals and everyone can vote - on the blockchain. All of this is transparent and hyper secure, as it is hosted on the blockchain which is entirely incorruptible in nature.
Check out the project here for more details, and purchase an NFT to have your say in the team.