Hall of Famer Tracy McGrady bet millions of dollars.

Again, Gen Z will love their 1v1 basketball game... This time Tracy McGrady believes in her idea.

The Basketball Hall of Fame funds real estate projects, supports sports and entertainment agencies and commits to cryptocurrency partnerships before the sector loses billions in value. McGrady is now investing in his own company, One's Basketball League, or OBL, premieres in New York this weekend.

"I've always invested in other people's ideas and visions," McGrady said in a CNBC interview. "I never believed in mine. I didn't have the confidence to think I was good enough. So I didn't believe in my ideas or decisions regarding my vision.

McGrady, 43, self-funded OBL, an over-18 league that travels to seven cities from April to July. It brings players together in one-on-one matches, the staple of basketball on the playground. Imagine the Big 3 Ice Cubes, but with fewer players and no former NBA stars.

McGrady would pay out nearly $10 million, including a $250,000 prize money for the eventual OBL champion. In addition, he has partnered with longtime sports CEO and former XFL President Jeff Pollack to help with operations. Pollack said the league's costs had so far been "insignificant."

"That means we'll have the opportunity to grow this business in a fairly inexpensive economic way at the start," Pollack said.

McGrady wants to appeal to a Generation Z mass audience, i.e., those born after 1997. He believes media and sponsorship costs will follow. Even though OBL is new to the minor league sports scene, it points to other amateur leagues like Cornhall and Bowling that attract a niche audience on the internet, and we believe OBL can do the same.

"Without disrespect for what ESPN puts into their program, it makes it more fun," McGrady told CNBC at the Standard Hotel in Manhattan earlier this week.

OBL has found clear media advocates. He struck a digital distribution deal with the Showtime network Paramount, which allowed the network to showcase OBL content on his YouTube channel and cross-promote it.

The terms of the deal were not disclosed, but OBL has confirmed it will split the ad revenue.