- 5 days ago
- Breaking News
Utah Jazz is the first professional sports team to provide exclusive access into a virtual locker room, via an NFT.
A Utah Jazz fan would usually need some sort of connection for the opportunity to enter their favorite team’s locker room and interact with their sports icons. Now, all a fan needs is a Non-Fungible Token (NFT)….oh and a whole load of cash.
The NFTs were available for purchase at rarible.com, however these digital tokens sold out in 90 minutes.
Unfamiliar with NFTs?
Non fungible tokens ( NFTs) are digital certificates that represent proof of ownership over some digital collectible. Digital collectibles range from art to real estate.
Although NFTs resemble cryptocurrency in their digital form, NFTs are non fungible. This means that each NFT is unique and does not possess equal value to any other item. Cryptocurrencies on the other hand are fungible, meaning they can be exchanged for anything that represents equal value. For example, one Bitcoin has the exact same value as another Bitcoin and therefore both Bitcoins have the same potential in an exchange.
Regarding the Sports scene, NFTs often take the form of iconic clips or images of sports legends. The NBA Top Shot app for example allows fans to own digital clips of NBA stars.
More on the Utah Jazz NFT launch
The American team is the first professional basketball team in the world to offer fans the opportunity to take a tour of their virtual locker room, via an NFT. Those who purchased the NFTs, also received a meet- and-greet with Ryan Smith.
According to Ryan Smith, team owner, this move is a unique way for fans to engage with their favourite team and represents the inevitable shift towards a digitized era.
Smith states that their involvement in the NFT sector is as important for the Utah community as it is for the team’s more tech-savvy fans. Furthermore, he highlights that their action is also an indication of the NBA’s growing dedication to the crypto and NFT community.
“The NFT program is our opportunity to show the world that technology is thriving in our state, and we intend to be on the forefront of innovation as we move forward,” he says.
NBA is becoming strong in the crypto scene
NBA legend Stephen Curry, partnered with cryptocurrency exchange platform, FTX. Curry is to become FTX’s global ambassador and he will also have an equal share in the crypto exchange.
Curry’s involvement in the NFT sphere has not gone unnoticed, recently joining the Bored Ape Yacht Club. Curry purchased a Bored Ape for roughly $180,000 (55 ETH).
Whats next for Utah Jazz?
Utah Jazz plans to release numerous NFTs associated with different icons throughout the season.
Dell Demps, assistant coach of the Utah Jazz team states, “To Jazz fans worldwide who didn’t get the chance to get in, we’re not done,” “We will have more opportunities to engage with the team coming soon. … Looking forward to this new space in the metaverse.”