Purchasing a minority share of a NBA team remains our ultimate short-term goal, we believe if we can accomplish this our ability to grow our treasury materially improves. This process takes time, introductions, networking, pitching, & more to get a deal done. We’ve made significant progress on this front, but until we can announce we’ve secured a position — we won’t be giving out any high fives or pats on the back for our efforts.
It’s been nearly a year since we showcased our initial Flightpaper, we’ve been putting in work on our Credibility phase. We’ve bought a BIG3 team, built the world’s first NFT basketball court at NFT.NYC, & designed novel financial structures to have a DAO sit on a cap table of professional sports teams — yet it’s still just the 1st quarter.
One year ago, a small group of avid NBA fans came together and asked a simple question: “What would it be like to collectively own and operate an NBA franchise?”
In just one year, we’ve attracted talented and driven members from all over the world to achieve the ambitious mission. We’ve spoken with front office and ownership groups, current/former players, and agents. With thousands of members and hundreds actively contributing, we are indeed becoming The Internet’s Home Team.
To bring this idea to life, our team has spent the last year heads down working towards a new era of decentralized community governance and fractionalized sports team ownership.
Over the past 60 days, a group of “Jerrys” have been curating the physical manifestation of how web3 technology and the real world can intersect. We planned to do something no one’s ever done before - create the World’s FIRST Physical NFT Basketball Court.
It’s June 12, 1991. A who’s who of Hollywood stars, musicians, and movie executives watch live as the man they call “Magic” is knocked off the proverbial pedestal. Millions more stare at their TVs in awe.
Michael Jordan’s Chicago Bulls just defeated Magic Johnson’s L.A. Lakers to win the NBA championship. The first of six titles for the man better known as “Air Jordan”. Basketball is on the precipice of becoming a global phenomenon, and the NBA is on its way to eventually earning $8.76 billion in annual revenue.
Yet, 100 years earlier, basketball was just an idea.
In 1891, Dr. James Naismith was a P.E. instructor at the local YMCA in Springfield, Massachusetts. One day, he was asked to create an indoor sport to keep athletes in shape during the frigid winter months. With a set of 13 rules, two peach baskets as goals, and a ball with twine lace stretched across the inseams, the game we know today as basketball was born.