Brooklyn Nets Owner Family Office, Pantera Capital Invest $6M in ‘Virtual Basketball Association’

Brooklyn Nets Owner Family Office, Pantera Capital Invest M in ‘Virtual Basketball Association’

Web 3 fantasy sports game also saw investment from Fast Break Labs and League of Legends developer Riot Games’ Thomas Vu.

Fantasy sports is a $20 billion market globally, and now two ex-Meta employees are building a Web 3 fantasy basketball game backed by $6 million in funding from the owner of the Brooklyn Nets, Pantera Capital, and the former lead producer of League of Legends.

  • Like other fantasy sports games, Virtual Basketball Association allows gamers to be a manager of their own basketball team, building a roster then competing against other virtual teams for prizes.
  • “We’re setting out to create a sports game that offers all basketball fans an opportunity to have a true ownership experience,” said Charles Du, CEO of Fast Break Labs, in a statement. “While we’re primarily focused on creating a new and fun experience, it was also really important to us to give power back to gamers by allowing them to shape the direction of the game and accrue the economic benefits.”
  • The game is built on the Solana blockchain and is similar to other play-to-earn games on the market. Gamers will need to buy a pack of NFTs which are used as the players on the team’s roster.
  • Fast Break Labs says the first pack of NFTs is expected to launch in late March for the first 2,000 players. The company hasn’t disclosed pricing.

This article was originally published on Coindesk by Sam Reynolds

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