Nonfungible tokens (NFTs) have made it easy for people to tokenize art and other collectibles. Unquestionably, the features offered by this technology are unmatched in the art world. NFTs continue to attract new celebrities and companies. Golden State Warriors has taken a historic step and is now the first United States team to release its NFT.
Golden State Warriors launch its NFT collection
Golden State Warriors is a professional basketball team in San Francisco and competes in the National Basketball Association (NBA). It made history as the first sports team in the country to launch its NFT collection.
Brandon Schneider, the Warriors Chief Revenue Officer and incoming President told Forbes yesterday that the team has dabbled into the NFT space. “We’re always looking to be innovative and think about new ways to engage our fans,” he added.
The move doesn’t come as a surprise as NBA has become highly involved in the NFT space. According to Forbes, NBA Top Shot, the marketplace where basketball fans and collectors can buy, sell and trade NFTs, accounted for a third of the $1.5 billion trading volume in the sector last quarter.
Schneider explained that entering the NFT space makes sense to the team from a business perspective. He clarified that “Basketball cards – you have to send them somewhere to get graded, that takes six months to a year, you’ve got to store them somewhere, then you’ve got to figure out where to sell them. You don’t know how many are created, you don’t know what the card has sold for before, who’s owned it.”
Evidently, this problem disappears when you issue NFTs. According to Schneider, it is easier to know when someone owns an NFT and the price they purchased it. “You don’t have to worry about getting anything graded. There’s full transparency,” he added.
Bidders will get the chance to buy the NFTs
Schneider revealed that they named their collection the “Golden State Warriors Legacy NFT Collection.” In the mean time, a chosen number of bidders will have the opportunity to secure items such as championship ring NFTs, created by Jason of Beverly Hills and an NFT representing the team’s six championships.
Furthermore, the team will launch a collection of special ticket stubs and a special edition Warriors Golden Ticket NFT. In fact, Schneider added that some of the proceeds from the sale would go to the Warriors Community Foundation.
It seems NFTs are changing the way several industries see art and collectibles. So far, NFTs have become popular in industries such as art, music, movies, and sports.