Lantern Festival fun lights up All-Star Weekend

It was the second consecutive time that the Knicks have celebrated Chinese Lunar New Year.

Elsewhere, the Cleveland Cavaliers also hosted a New Year celebration during a game against the Boston Celtics. The Quicken Loans Arena was decked out in red and gold, and a Chinese acrobatics duo took to the court to perform at halftime.

The NBA is keen to optimize the Chinese market, with the league's deputy commissioner, Mark Tatum, valuing NBA China at over $4 billion in a Forbes interview last year.

The NBA has also invested in over 200 lifestyle apparel stores, three NBA play zones, and three basketball academies in China.

The National Football League also took advantage of the Year of the Pig, using players to deliver messages in Mandarin to plug this month's Super Bowl.