If you have ever wanted to own and manage your own basketball team, you are in luck. CHAMPS allows you to own a virtual hoops dynasty from the comfort of your living room. The technology behind the game can feel intimidating, but it doesn’t have to be. Let’s break down some basics to get you on the court fast.
What exactly is an NFT?
NFT stands for non-fungible token. Basically, it is a digital asset representing something that could conceivably be owned in the real world. This could be art, audio, video, collectibles, or a number of other mediums. With CHAMPS, you would now own a basketball team digitally, instead of having to pony up to buy the Los Angeles Lakers. One of the alluring aspects of NFTs is that they are generally limited in supply. Much like how NBA teams are scarce in number, so too are NFTs. You will be the owner of your one and only team and accompanying assets. NFTs exist on something called a blockchain. This is a public record that records transactions.
OK, tell me more about blockchain
At a basic level, blockchain is where the records of NFT transactions are kept. It is a ledger that records the buying and selling, as well as ownership, of NFTs. For your CHAMPS team, this is where an indisputable record of your true ownership exists. Think of it as a digital deed to your crew. It is a highly secured database that is decentralized. This means that it is not simply stored in one location. Your CHAMPS team will have unique qualities such as various coaches, players and franchise performance. The history and qualities of this one-of-a-kind squad will be stored safely on blockchain. Best of all, it is yours and yours alone.
Is this part of some futuristic concept?
Yes and no. Much of the track is already laid for what is generally called the future of the internet. This is more commonly referred to as Web3. It allows users to have more influence and control, including financially, over their online experience. The CHAMPS team belongs to you, is managed by you, and can even earn money for you. Web3 is a remodel of how the internet works. In essence, it is designed to give more control and power to the individual than to the massive companies who currently monopolize the internet. Most of us could not dream of owning an NBA team, but we can get our very own CHAMPS squad thanks to Web3. It is a vision for the future of the web, but it is also already well on its way.
These concepts can feel overwhelming, but the hope is that this gives you a basic understanding of the technology behind CHAMPS. While Adam Silver is not likely going to take your phone call to expand to a 31st NBA franchise, CHAMPS can get you in the game. With a better understanding of how it works, all you must do now is get your very own franchise.