Billionaire entrepreneur Mark Cuban is a known supporter of cryptocurrency and his NBA team Dallas Mavericks is one of the few major sporting ventures that have shown faith in digital coins. The Shark Tank star's basketball team was one of the first to start accepting payments in Dogecoin for its merchandise and soon after that, Cuban said the move led to a 550 percent increase in Doge payments just after the first month. Now, Cuban has announced an incentive programme for Mavericks buyers to further promote Dogecoin that has been receiving staunch support from another billionaire entrepreneur — Elon Musk.
The cashback programme rewards fans for purchases made with eligible cryptocurrency on the Mavericks online store. It is scheduled to run from August 13 to September 20.
The campaign will reward buyers who spend $150 (roughly Rs. 11,000) or above on merchandise at the store with a $25 (roughly Rs. 1,800) gift card. However, the offer will not be applicable on multiple purchases to reach the $150 value and buyers will have to make a single purchase. The gift card would then be mailed within 5-7 business days. These purchases include tickets for suites and lower-level tickets to Mavericks games. Since the campaign is about Dogecoin, payments made with this cryptocurrency will only be valid for the promotion.
Several high-profile people have come out in support of Cuban and his promotional campaign. One of them is DOGE co-founder Billy Markus. “If you wanna support one of the first big-name vendors to evangelize DOGE for purchases, as Mark Cuban says, it's ready for you,” Markus said, retweeting Cuban's post.
In March this year, the Mavericks became the first NBA team to accept Dogecoin as payment. Cuban, who became a billionaire after he sold his online video portal company Broadcast.com to Yahoo in 1999, last month said Mavericks was set to give special pricing for merchandise to those who pay in Dogecoin.
In a recent interview with CNBC, Cuban Dogecoin is the "strongest cryptocurrency."
As of September 1 (12:30pm IST), Dogecoin price in India stood at Rs. 21.66.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.