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The Brooklyn Nets’ family office and Pantera Capital invest $6 million in the VBA

Fast Break Labs and Riot Games’ Thomas Vu, who previously worked together on League of Legends, also invested in the web-based fantasy sports game.

Fantasy sports are a $20 billion industry worldwide, and two former Meta employees are developing a Web-based fantasy basketball game with money from the owner of the Brooklyn Nets, Pantera Capital, and the former lead producer of League of Legends, which has received $6 million in funding.

Virtual Basketball Association, like other fantasy sports games, allows players to run their own basketball team, assemble a squad, and then compete against other virtual teams for cash and prizes.

As Fast Break Labs’ chief executive officer stated in a release, “We’re pursuing the goal of developing a sports game that provides all basketball fans with the opportunity to have a true ownership experience.” The ability to determine the path of the game and earn economic rewards was really essential to us, and while we are primarily focused on producing an innovative and entertaining experience, it was also quite vital to us to give power back to gamers.

The game, which is developed on the Solana blockchain, is similar to other play-to-earn games available on the market and is similar to other blockchain-based games. A pack of NFTs will be required by gamers, who will use them to represent the players on their team’s roster.

According to Fast Break Labs, the first pack of NFTs will be available for purchase in late March for the first 2,000 players. The price has not been disclosed by the company.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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