Ice Cube, a legendary rapper and actor, has announced his support for Dogecoin (DOGE). Ice Cube’s support for Dogecoin is linked to the BIG3 basketball league he co-founded. By supporting DOGE, the rapper has supported an “incredible and historical” transaction.
Ice Cube supports DOGE
The BIG3 basketball league is an organization that features former NBA champions using a three-on-three format, contrary to the normal five-on-five basketball games. In April, the BIG3 league unveiled a new ownership model, where tokenized stakes from the 12 teams were sold.
Every team will feature 1000 non-fungible tokens (NFTs), where 25 will be classified as “Fire” NFTs valued at $25,000 each. The remaining 975 NFTs under the “Gold” collection will be valued at $5000 each.
Earlier this week, the co-founder of the MyDoge wallet, Bill Lee, persuaded Ice Cube to support Dogecoin, and the team MyDoge team could buy one team, to which Ice Cube replied, “Come on wit it Bill, you know I’m down with the DogeArmy.”
The details of the partnership between Ice Cube and the Dogecoin community are still scant. However, on May 4, the BIG3 league released a press release detailing that Lee had bought all the 25 Fire NFTs for the “Aliens” team. The NFTs were bought using Dogecoin.
Ice Cube said that the transaction was done for 4.86 million DOGE, valued at $625,000. The BIG3 league said that the transaction was the “largest commercial transaction in history.”
MyDoge wallet founder only buys utility NFTs
The Fire NFTs purchased by Lee offer utility benefits to the holder, including voting rights, intellectual property/licensing rights and game management. Holders of these NFTs will also receive a 40% commission whenever a sale is made.
Lee also criticized NFTs that feature apes and owls, saying that he was only interested in NFTs that had utility. Despite the argument, some owl and ape NFTs offer utility benefits to holders. For instance, the Bored Ape NFTs have offered holders major benefits, including early access to new projects and token airdrops.
However, in his argument, Lee said, “While others are buying NFT images of apes and owls, I believe that NFTs with utility are the next frontier. 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.”
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