MyTeam Mode is a specific mode in which you can build a fantasy NBA squad using digital cards, you can earn 2K22 MT through challenges, agendas, events or by opening digital packs (almost like real life basketball cards). Each card has a different level. Gold is the lowest grade, followed by emeralds, sapphires, rubies, amethysts, diamonds, pink diamonds, galaxy opals and dark matter.

MyTeam has six-week seasons. Each season features a different theme and an ultimate player reward for reaching level 40, which can be achieved by challenging to earn NBA 2K MT.

NBA 2K22 has three new events:

Completing an event will earn you a Galaxy Opal bonus player.
These events will only appear in Season 5.
It's unclear if these events will be similar to the previous NBA 2K22, which was centered on collecting items from the pack.
NBA 2K mentions Kevin Durant and 2019 first-round pick Rui Hachimura as featured stars this season, so these two might be part of a group if I were to guess.

Dynamic Ratings - A new base group of current NBA players will be added this season, adding 400 new player cards. These players' stats will be updated for the remainder of the season based on real-life performances. Dynamic Scoring Domination Tiers - Compete against new base cards in the new Domination Tier (play against all 30 teams). The new Moment of the Month challenge returns on March 8, allowing players to earn NBA 2K MT based on real NBA moments. Meanwhile, players can also buy NBA 2K MT at GameMS.