NBA China and Ant Group have formed a partnership to introduce basketball-themed non-fungible tokens (NFTs) that will provide millions of Chinese basketball fans access to digital collectibles through Alipay’s mini-program. This strategic move by both NBA and Ant Group capitalizes on the growing interest in NFTs in China. Alipay, a widely used mobile payment platform, is the parent company of Ant Group. The NBA will leverage this partnership by launching a mini-app on Alipay that will allow it to reach millions of Chinese basketball fans and offer them access to a range of NBA-themed NFTs.
NBA China and Ant Group today announced a comprehensive strategic collaboration to create original online content and customized consumer experiences for fans on Alipay. The collaboration makes Alipay the strategic partner of NBA China for digital life. https://t.co/BIbM3aE1BA pic.twitter.com/b6Vr1NufpY
— Ant Group (@AntGroup) February 21, 2023
The NBA is one of the largest markets for the league outside of the United States, with over 170 million fans in China. By partnering with Ant Group, the NBA hopes to tap into this vast market and offer Chinese fans a unique way to engage with their favorite players and teams. The mini-app will provide access to a wide range of NBA content and videos, including highlights, player interviews, and NBA-themed NFTs, for over 20 million Chinese basketball enthusiasts.
The NBA has been at the forefront of the NFT space with its Top Shot NFTs, which were launched in 2020. The Top Shot marketplace allows fans to purchase, sell, and trade unique moments from NBA games as NFTs, such as game-winning shots, slam dunks, and other memorable plays. The platform has been a resounding success, with over $982.34 million in trading volume and more than 20 million in sales volume since its inception. Recently, the platform introduced NFTs of Lebron James breaking the scoring record in the NBA, which went viral and garnered thousands of dollars within hours of release.
The launch of NBA-themed NFTs on Alipay will provide a new revenue stream for the league. NFTs have been selling for millions of dollars in recent months, and the NBA will capitalize on this trend by creating unique and rare NFTs exclusive to Chinese fans. Overall, launching NBA-themed NFTs on Alipay is an exciting development that will generate significant interest among Chinese basketball fans.