The NBA’s Golden State Warriors have become the first major professional sports team to sell their own non-expendable chips. These tokens, or NFTs, will be officially licensed digital memorabilia that the team calls its “legacy” collection.
An NFT is a verifiable digital asset secured by blockchain technology. NFTs are not interchangeable like coins, as each one is unique and cannot be replicated. NFTs use blockchain, the technology ledger that supports cryptocurrencies like bitcoin BTCUSD, + 3.29% and ethereum ETHUSD, + 7.74%, which are databases of linked information to record the ownership or transactions of a product. See also: Trevor Lawrence, expected to be the top pick in the NFL draft, signs endorsement deal with crypto app Blockfolio Warriors NFT collection features digital videos of the team’s championship rings throughout of franchise history. “The excitement of digital collectibles is palpable,” Warriors chief revenue officer Brandon Schneider wrote to MarketWatch in an email. “We see NFTs and the digitization of our business as a pillar to engage our fans around the world. As an organization, we constantly evaluate ways to be creative and innovate and the launch of this special NFT collection is the latest evolution for us in that space. ”The Golden State Warriors say proceeds from the auction, which ends this Saturday, will go towards to support the Warriors Community Foundation, an organization that “supports education and youth development to promote prosperous students, schools and communities.” See also: NBA star Kevin Durant invested in Coinbase in 2017; his stake is now worth 53 times More The National Basketball Association itself has already gotten into the NFT space with its popular NBA Top Shot. More than $ 547 million worth of NBA Top Shot transactions have already been made, according to token monitoring site CryptoSlam NFTs have exploded in popularity lately. In recent months, people have spent hundreds of millions of dollars on these digital assets, including a work by digital art by the artist known as Beeple, which sold for $ 70 million.