love_sharpei

[cloudwhite ☁️ @cloudwhite]

shoutout to @udontknowjack88 and @thefanmilwaukee for breaking down the ownership battle within @thebig3.

are nft owners being sidelined?

listen now 👇🏻
https://t.co/mMJwglOil5

[TradingNumbers @tradingnumbers_]

Big 3 Ownership NFTs were supposed to grant profits when a team is sold. Founded by Ice Cube, there league owes $16 million USD to NFT holders.

So how is the league avoiding paying money owed to NFT holders?

#basketball #NFTCommunity

https://t.co/QDO6JzE8kW

[love_sharpei @weefishes]

@VeteranDP @Steviesocali They made the message very clear that they consider us team owners.

[love_sharpei @weefishes]

The league seems to be acting now like the tokens we purchased were ‘just nfts’, when the Big3 actually coined a new term for them: FEAT, or Forever Experience Action Token. They stressed ownership at the Fire level a lot. My lanyards from games say ‘owner’.

[cloudwhite ☁️ @cloudwhite]

per @thebig3 website, “fire nft owners could also benefit significantly in the future should a big3 team be sold through traditional means. if a team sale is approved in the future by the league, a majority of owners, and a majority of fire nft owners for that team, then the fire nft holders will collectively receive 40% of the team sale price.”

[love_sharpei @weefishes]

@jasonmdesimone @thebig3 Hadn’t used the Arena before - it was great! Thanks for helping us get the word out.

[love_sharpei @weefishes]

@4thManPod @thebig3 Arena Stage on this today. 👀

https://t.co/Iv3xzjN8HH

[love_sharpei @weefishes]

@jasonmdesimone @thearena @thebig3 I’ll be there! I have NFTs in multiple teams.

[love_sharpei @weefishes]

@euroXjojo @joe4deadcat @thebig3 @BIG3Ownership I’ll be there.

[Joe | Dead Cat Media🎙️ @joe4deadcat]

Is greed really a good thing?

The @thebig3 basketball league hasn't payout the $16 million owed to @BIG3Ownership NFT holders.

[Steve P. @Steviesocali]

This is my favorite league in the world....i hope this gets worked out, as i as hoping to purchase one of those ownership NFT's.....

[LouForTwoBig3 @MonstersLair3HM]

Hoping some communication is coming soon from @thebig3 about the future of teams put on “hiatus” and what happens to NFT holders associated with those teams. NFT holders are the biggest fans of the big3. Wondering happens as teams are sold off @JeffKwatinetz and @icecube

[love_sharpei @weefishes]

@PatrickandPPL I have a couple of these NFTs. It’s troubling that the league didn’t communicate with us on our teams being put on ‘hiatus’ in favor of ‘expansion’ teams. Good thread on this:

https://t.co/4ugRLsqGL8

[TradingNumbers @tradingnumbers_]

@icecube @JeffKwatinetz

why are current Fire NFT holders excluded from pre-purchasing expansion team NFTs? as described during the sale process?

[love_sharpei @weefishes]

@VeteranDP @thebig3 Me, too. 🤞🤞🐜

[love_sharpei @weefishes]

RT @PatrickandPPL: 🚨Big3 NFT Controversy Sparks Investor Outrage 🚨

The Big3, a 3-on-3 basketball league founded by Ice Cube, is facing int…

[Joe | Dead Cat Media🎙️ @joe4deadcat]

Biggest Crypto Scam Unfolding?

TLDR: The upstart professional basketball league called @thebig3 used NFTs / crypto to sell shares of its teams to unaccredited retail investors.

Using sleight of hand, the league has failed to honor the ownership rights promised, which currently amount to a $160,000 payout PER NFT!! Understandably, NFT holders are not standing by and are ready to fight (see below).

🏀How did we get here?
The league sold 1000 NFTs per team, amounting to 40% ownership comprised of NFT holders. Some of these NFTs minted for $25,000 - the Fire Tier - and gave special ownership perks to holders (some of whom are celebrities or well-known within crypto circles).

One such ownership perk is a proportional profit if their team has been sold. That means $160k per Fire NFT, of which 25 exist per team. The other 975 were Gold Tier and cost $5,000 coming with lesser perks.

🏀The damage done?
Since the NFT mint, the league sold 4 teams at $10 million dollars each. This totals $40 million USD of which 40% was promised to the Fire Tier NFT holders. This amounts to $16 million USD amongst 100 NFTs, which supports the $160,000 figure above.

🏀How did the league avoid paying?
Instead of allowing teams to be directly sold to new owners, the league simply put existing teams on "hiatus" and sold expansion teams not affiliated with the aforementioned NFTs.
This NFT leaves holders out of the transaction, essentially screwing them over.

🏀What now?
This seems to be the rug of all rugs. Imagine paying $25,000 for an NFT backed by a legitimate company, only to have that token rendered useless by the issuing entity.
Not to mention, profits stolen by that entity!

🏀But wait, there’s more!
Sources tell me that NFT owners have been in communication and will mount a response - a very public response. Legal action is also on the table. This could have major implications for NFT holders, platforms, and launchpads if courts affirm that the NFTs are, in fact, ownership tokens.

✅Bookmark this tweet and be sure to check the links below for more context...

🎙️If you are part of this battle and would like a public platform to explain your position, please reach out and I will be happy to oblige on my channel.

[VeteranDP @VeteranDP]

9/ I still hold hope and want to see the vision grown and be a part of what we wanted to execute. But I’m tired.

@thebig3 @icecube @JeffKwatinetz don’t forget who was here early and believed.

#BIG3 #Bivouac #Veterans #Web3

[VeteranDP @VeteranDP]

8/ In investing, there are rounds.
We were early round believers.
We shouldn’t be deleted just because more commas came to play.

[VeteranDP @VeteranDP]

7/ It seems like bad faith to position @thebig3 as the smaller underdog league fighting against the bigger NBA that won’t show it any respect…

Then turn around and do this to the small owners who showed up before the spotlight and bigger owners showed up.

[VeteranDP @VeteranDP]

6/ We were called owners.
But apparently, that’s changed.

Why no clarity on hiatus teams?
What utility is left, just seats?
After everything we?

Teams are being sold, and it’s crickets for us including contractual agreements.

I doubt the new owners even know we exist.