Utah Jazz is the latest NBA team to join the crypto business.
On Sep. 2, the basketball team announced that it would start selling Non Fungible Tokens or NFTs in the form of a virtual locker room experience and some iconic team moments.
Utah Jazz to Sell NFTs
NFTs are digital properties that can't be traded or replaced even by an identical item, making them unique and rare. However, they can be sold to different buyers.
Basically, NFTs are like art that can be bought and displayed, but instead of it being in your home, they exist as digital codes that you have exclusive rights to. They are recorded into a digital ledger, also known as a blockchain.
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Utah Jazz fans can now own their favorite iconic team moments. However, the team has not revealed what those moments are and in what form they'll exist, according to NewsNetDaily.
The NFTs of the Jazz team will go on Sep. 7. Fans of the team can add their names to the waitlist now, according to the NBA.
NBA Top Shot Moments
The Utah Jazz is the latest NBA team to sell NFTs. In July, the New York Knicks released an NFT collection of the team's moments. Fans are now expecting other teams to follow.
In 2020, NBA Top Shot started selling and trading moments from the league. It is like trading cards but in digital format, and this is what the Utah Jazz will be doing next week.
Fans could register online and wait in digital queues to purchase a deck of NFTs, similar to how collectors purchase baseball or basketball cards.
NBA Top Shot immediately became very popular among collectors who are into collecting rare highlights. In fact, it became such a hit that some NFTs are now selling for $200,000.
So how does it work? NBA Top Shot is an online-only marketplace where you can purchase, sell, and trade NBA highlights. Each highlight has a unique serial number, according to Sports Illustration.
They are virtual sports cards, but you will get a video highlight of a play like a Steph Curry 3-pointer or a LeBron James dunk instead of a picture.
If you wish to purchase an NFT, you will need to create a digital wallet through Rarible, which is a software company that allows you to issue and sell custom crypto assets as NFTs.
The purchases are made using Etherium, one of the most popular forms of cryptocurrency that can be purchased using a credit card or debit card.
NBA Top Shot prices became very expensive since it gained popularity, especially moments from NBA superstar players.
The most expensive NFT so far was LeBron James' dunk with serial number 29. It was sold in February for $208,000.
Another LeBron James dunk with serial number 12 was also sold in February for $125,000. A LeBron James block with serial number 1 was sold in the same month for $100,000.
NBA star Stephen Curry's handles with serial number 1 were sold for $85,000. Giannis Antetokounmpo's dunk with serial number 47 was sold for $95,000.
The latest NFT sold on NBA Top Shot is Kyrie Irving's handles with serial number 1 was sold for $79,999.
Fans of NBA legend Kobe Bryant can also purchase NFTs of his moments and a series of his iconic photoshoot.
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Written by Sophie Webster
