The Philippine Basketball Association (PBA) is venturing into NFTs with the help of a mobile-first platform called Virtualness.
In an announcement made last Sunday, the PBA said that the Virtualness platform will help them release PBA NFT collectibles ranging from topical, commemorative, gamification to unlocking unique fan experiences.
“We’ve been at the heart of Web2 ecosystem building, and the digital transformation of media, sports and entertainment over the last decade. We’re on our journey to do it again in Web3 and excited to enable the PBA to mimic various physical experiences in digital forms and in newer ways unlocked by the power of blockchain,” said Virtualness co-founders Saurabh Doshi and Kirthiga Reddy.
The platform will feature a community that will facilitate the trading, purchasing, and owning of digital collectibles.
Collectibles will include past and present live in-game moments and merchandise from the Philippine basketball league.
“Layon ng PBA na sumabay sa takbo ng makabagong panahon. Kaya nagagalak tayo na narito ang Virtualness upang maging kaagapay natin sa pagbibigagay ng saya sa ating mga fans sa tulong ng makabagoing teknolohiya,” said Commissioner WIllie Marcial of the PBA.
PBA entering the NFT scene is expected to be beneficial considering that the Philippines is the top 5 countries in the world that are most enthusiastic about NFTs.
As per the Research and Markets Philippines NFT Market Intelligence Report 2022, the Philippine NFT industry is expected to grow steadily at a 32.6% CAGR from 2022 to 2028 reaching a value of USD12.5 billion by 2028.
PBA also expects that this will help increase the fandom in the league and encourage youngsters to be interested in the game.
The PBA Virtualness platform will be available in the first half of 2023, while the loyalty fan experiences and rewards will come months after.