National Basketball Association (NBA) franchise the Dallas Mavericks will now accept the cryptocurrency Dogecoin as a form of currency for tickets and merchandise.
Bitpay, the world's largest provider of Bitcoin and cryptocurrency payment services, announced that it would be rolling out payments for merchants and consumers earlier this week and the Mavericks have come the first to accept the form of currency that was first formed in 2013.
Mav's Fans for Life, the Mavericks' member club, will be allowed to use the payment to purchase tickets and merchandise online, having already accepted Bitcoin as a method of payment for almost two years.
Dogecoin was first created to playfully mock blockchain tokens but it soon shot up in value this year after publicity boosts from Tesla and SpaceX owner Elon Musk and American rapper Snoop Dogg, seeing it reach its market cap at US$6 billion.
“The Dallas Mavericks are a long-time enthusiast of cryptocurrency, opening up new opportunities for the team to sell tickets and merchandise to its global MFFL fan base,” Stephen Pair, CEO of BitPay, said.
“BitPay believes that with continued cryptocurrency adoption, the industry is reaching an inflection point that will forever change consumer confidence, trust and pave the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”
Blockchain tokens have become a big player for the NBA league. NBA Top Shot, which sells blockchain-backed video highlights, reached US$45 million in sales in one 24-hour period in February and is currently still seeing around US$10 million in transactions per day.
Dallas Mavericks owner, Mark Cuban, said: "The Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for one very important, earth shattering reason, because we can!
"We have chosen to do so because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR. So we will take Dogecoin, today, tomorrow and possibly forever more.
"For those of you who would like to learn more about Dogecoin we strongly encourage you to talk to your teenagers who are on TikTok and ask them about it. They will be able to explain it all to you," he joked.
Author: Jake Wilkin