NEW YORK — As the cryptocurrency market spikes, plummets, rinses and repeats, the Nets are preparing to throw their hat — or wallet — in the ring.
Nets CEO John Abbamondi says BSE Global, the team’s parent company, is expecting to make announcements “in the coming weeks or months” with regard to potentially accepting or using digital assets like Bitcoin as a method of payment in the future.
“We’re watching the space very closely. We’re in conversations with a number of potential partners,” Abbamondi said in a conference call with reporters on Thursday. “It’s a very interesting and exciting space, and I think particularly with regards to Bitcoin, I think it’s here to stay.”
Professional sports teams have had an a la carte relationship with cryptocurrencies, and there is no one-size-fits-all process for teams or leagues in their approach to digital assets.
The Sacramento Kings, for example, became the first pro sports franchise to offer player paychecks in Bitcoin, though it is unclear whether a player has chosen to receive his salary in digital currency. The Kings have been accepting Bitcoin for ticket sales since 2014.
The Dallas Mavericks have also been ahead of the curve and have accepted both Bitcoin and Ethereum as payment methods for tickets since 2019. Both the Mavericks and Houston Rockets accept Dogecoin, a so-called “meme coin” of a digital asset popularized by Tesla’s Elon Musk, as a payment for tickets. Major League Baseball’s Oakland A’s began accepting Doge as well.
The Miami Heat also named cryptocurrency exchange, FTX, their exclusive cryptocurrency exchange partner in April. In Brooklyn, point guard Spencer Dinwiddie attempted to “tokenize” his contract last season, but the NBA shut it down.
It is unclear which cryptocurrency the Nets will work with in the future, but Abbamondi suggested prestige will play a big part in the franchise’s decision.
“We are most focused on firms that are in this space that are highly reputable and highly regulated because we do think that this space is moving so quickly that some of the players in this space are not as reputable as some others,” he said. “And so the folks that we are talking to right now are ones that are as blue-chip as it comes, because if we’re going to partner with someone in this space, the first thing we want to do is make sure that they’re doing right by their customers.”
Abbamondi also suggested cryptocurrency is here to stay.
“I think the idea of decentralized finance is really exciting: Money that’s created by rules, not rulers is really interesting,” he said. “I think there’s a real potential for Bitcoin to be a force for good in the minority community. I think this space is evolving very, very quickly, but we see enormous potential and it’s something we’re moving on.”
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