NBA commissioner Adam Silver didn't just attend NYC's gay pride parade this weekend -- he was waivin' the rainbow flag and dancing his face off ... and it was AWESOME!!

Silver -- one of the most powerful figures in all of sports -- rode on the NBA float alongside the league's first openly gay player, Jason Collins

Golden State Warriors president Rick Welts -- who is openly gay -- also rode on the float with his partner, Todd Gage.

It's the second time the NBA has entered a float into the event. Last year, Silver started off walking beside the float until Collins convinced him to get on. Silver said he had so much fun last year, he couldn't wait to do it again!