More NBA teams are entering the crypto domain by embracing blockchain technology. Consequently, professional American basketball teams have come up with creative crypto concepts. These include partnerships and NFTs to enhance crypto adoption.
The NBA has a Blockchain Advisory Committee, which explains why teams have entered the crypto fray. This includes the Cleveland Cavaliers, Boston Celtics, and Portland Trail Blazers. But this week, the Knicks began a trend by launching their first NFT collection. The team partnered with Sweet, an NFT marketplace, to auction collectibles.
The New York Knicks’ NFT collection has issued five-game tickets, of which three have sold out. In addition, there is a Kick’s 2020-2021 commemorative plaque auction item. It is a 3D NFT that shows all five tickets. According to the New York Knick’s NFT website, the highest bidder will receive a 1-of-1 ticket plaque. They will also get a mint #1 of all five tickets NFTs transferred to their crypto wallet.
Based on the description of the commemorative plaque auction item, it will have five games highlighted through digital tickets. This includes the April 9 and April 24 victories, as well as the May 16, 23, and 26 victories.
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The first ticket is when the Knick’s won a victory over the Memphis Grizzlies, which tipped off an s9-game winning streak. The next is their ninth consecutive victory after beating the Toronto Raptors. The third is when they beat the Boston Celtics. The fourth is the first playoff game in MSG in eight years, as well as the biggest NYC indoor event since March of 2020. The final ticket is when the Knicks evened the series at 1-1 by erasing a 13-point halftime deficit.
The commemorative plaque auction was set to end on July 31, a Saturday. As of yet, the highest bidder on the Sweet marketplace is Esteban M, who set it at around $5,565. With a few hours remaining, the only single 3D tickets to remain unsold were the April 9 and April 24 victories. The auction website mentions that the New York Knicks’ NFT collectibles are Ethereum-based ERC721 tokens.
This recent move occurred as a result of the attention NFTs have been getting recently. Now, the hype has increased to the extent that certain projects are fractionalizing the tokens. Recently, celebrity couple and entrepreneurs Ashton Kutcher and Mila Kunis launched Stoner Cats. The show is an animated series and it’s exclusive for NFT holders. But as far as sports enthusiasts go, current research indicates that almost three of four are skeptical of NFT investments’ longevity. So while some fans are looking to buy collectibles, it’s still a niche market.