A number of National Basketball Association (NBA) team owners have formed an NBA blockchain advisory committee for the American professional basketball league. The advisory committee is composed of well known billionaires and blockchain advocates who own the teams the Nets, Mavs, Wizards, Celtics, Kings, and Jazz.

Billionaire NBA Team Owners Invoke a Blockchain Advisory Committee for the National Basketball Association

The American professional basketball league, the NBA, may incorporate blockchain and crypto solutions into the industry in the near future. Sportico.com contributors Scott Soshnick and Eben Novy-Williams discussed the new NBA blockchain committee with one of the members, Dallas Mavericks owner Mark Cuban.

Soshnick and Novy-Williams also mentioned the popular Flow blockchain application backed by Dapper Labs, which has been producing “NBA Top Shot” non-fungible token (NFT) assets. The Sportico authors say that NBA Top Shot sales have been very productive producing $300 million in sales on resale markets so far.

“It has very little to do with Top Shot,” Cuban told the publication via email. “It’s about blockchain applications, of which Flow is just one option.” The group’s members were verified by “multiple people familiar with the plans” the Sportico reporters note.

Ostensible members of the NBA blockchain committee include Mark Cuban, Joe Tsai, Ted Leonsis, Steve Pagliuca, Vivek Ranadive, and Ryan Sweeney. “The NBA declined to comment,” on the subject Soshnick and Novy-Williams highlighted.

Many of the NBA Blockchain Advisory Committee Members Are Longtime Crypto Supporters

Just recently, Cuban allowed the Dallas Mavericks basketball club to accept dogecoin (DOGE) via Bitpay. Vivek Ranadive the owner of the Sacramento Kings has been a cryptocurrency and blockchain supporter for a long time. The Sacramento Kings basketball club has accepted bitcoin (BTC) since 2014.

The co-owner of the Boston Celtics, Steve Pagliuca, is the co-chairman of Bain Capital, a venture capital unit, which has invested millions into blockchain projects over the years.

The solutions and innovations cryptocurrencies and blockchain could bring to the NBA’s table are unfathomable. Blockchain could be leveraged for ticketing solutions, raffles and giveaways, non-fungible token (NFT) sports collectibles, digitally signed memorabilia from a fan’s favorite basketball player, and retiring numbers and jerseys in an immutable fashion as well.

Not to mention that cryptocurrencies can be leveraged to pay for all of these types of items alongside all the merchandise, food and beverages, and anything else the NBA sells could be sold for crypto assets.

What do you think about the creation of the NBA blockchain advisory committee? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Source: https://news.bitcoin.com/crypto-infused-professional-sports-league-billionaires-blockchain-committee-nba/

Monero struggled to maintain a level above its $225.5-resistance since the bears were asserting their control on the market. Ontology flipped a key resistance line at $1.05, but looked unlikely to hold on to the aforementioned in the next few trading sessions. Finally, CRO projected rangebound movement as volatility remained on the lower side.

Monero [XMR]

Source: XMR/USD, TradingView

Despite several attempts, Monero’s bulls have been unable to rise above the coveted resistance of $225.5, with the price moving lower on each occasion after touching the upper ceiling. The lack of buying interest could be one of the several factors that have negatively affected the price off-late. The same was evident on the On Balance Volume after it formed lower lows after XMR’s drop from a local high of near $280.

The press time downtrend also put the bulls at the risk of losing out to the 200-SMA. Moreover, the MACD line moved below the Signal line and underlined the bearish conditions in the market. Further selling at the press time price level could put the $168.9-support under the spotlight.

Ontology [ONT]

Source: ONT/USD, TradingView

A hike of over 11% in the last 24 hours helped Ontology‘s bulls flip a crucial resistance level at $1.05, a point that has not been breached since a sharp pullback in the broader market nearly two weeks ago. The Awesome Oscillator’s green bars continued to rise above the half-mark as momentum rested with the buyers. What remains to be seen is whether the bulls can maintain the price moving forward considering the consolidatory nature of Bitcoin.

The Stochastic RSI was quick to counter any optimism and favored a short-term pullback after pointing lower from the overbought zone.

Crypto.com Coin [CRO]

Source: CRO/USD, TradingView

The psychological impact of Bitcoin’s hike towards its newest ATH in late February was colossal for the broader crypto-market. Altcoins such as Crypto.com Coin, which were rather quiet since the beginning of 2021, spiked by 62% in a single day after the king coin rose north of the 58,000-level. However, the same went both ways, and CRO registered a drop of over 30% the very next day after Bitcoin suffered a correction on the chart.

Since that point, CRO has entered an accumulation phase, largely trading between $0.16 and $0.1.44 as neither side was able to assert dominance in the market. At the time of writing, the Bollinger Bands were constricted and registered low volatility in regards to the price. The ADX rested around the 10-mark and echoed the state of equilibrium in CRO’s market. In the short-term, CRO could continue to move sideways as it awaits stronger signals from the broader market.

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Source: https://ambcrypto.com/monero-ontology-crypto-com-coin-price-analysis-06-march

A team of analysts with the firm D.A. Davidson suggests that the new Coinbase public listing is going to be an “Amazon” moment for the world of crypto.

Coinbase Is Going to Set a “Crypto Precedent”

For the most part, the Coinbase listing is a big deal for the digital asset space. The industry has longed for mainstream status and legitimacy for quite some time, but the fact remains that the space has been wrought with fraud and crime, and the volatility of most mainstream forms of crypto – such as bitcoin and Ethereum – have also got in the way.

Thus, over the years crypto has often been viewed as a rather speculative industry. Yes, one can easily and quickly get rich with crypto granted the circumstances are right, but it’s also possible to lose everything without warning, either through a massive price fall or through theft. It wasn’t until 2020 – a year in which fiat currencies began experiencing heavy inflation – that bitcoin saw itself leaving the land of speculation and being viewed by many investors as a hedge tool or store of wealth.

Now, however, things are beginning to look a little different for the asset. BTC has reached a new all-time high as of late, and many large firms – including Uber and General Motors – now say they are considering bitcoin payments for the future along with credit cards and fiat. Just think… You can buy a ride or a car with digital currency. Who knew this day would really come?

The analysts at D.A. Davidson say the real clincher for bitcoin and its altcoin cousins is likely to come with the new public listing from Coinbase. This will be the first major cryptocurrency exchange to be listed on the stock market, and many people are waiting with anticipation and wondering where the listing will take their favorite asset.

The analysts claim that right now, most people are simply “curious” about crypto, but that the listing will make digital assets a primary form of money in many individuals’ eyes. They announced in a statement:

With a big target on its back as a crypto wallet, (to date) Coinbase has been able to manage both government regulators as well as highly motivated hackers, while providing consumers with the experience they expect from a large financial institution.

Massive Jumps in Income

2020 proved to be a monster of a year for Coinbase in terms of revenue. The firm garnered as much as $1.28 billion, with much of that money coming from transaction fees alone. Goes to show you just how many people were trading crypto during the previous 12 months.

This $1.28 billion was a massive jump above the $553.7 million Coinbase attained during the 2019 calendar year. At press time, Coinbase is aiming for a stock share price of roughly $195 based on its projected revenue for 2021.

Tags: bitcoin, coinbase, D.A. Davidson Checkout PrimeXBT
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Source: https://www.livebitcoinnews.com/analysts-the-coinbase-listing-is-an-amazon-moment-for-crypto/