Never one to stand idly by in the ever-changing NFT landscape, the National Basketball Association has launched an 18,000 NFT collection on the Ethereum blockchain to coincide with the NBA 2022 Playoffs. It is appropriately titled ‘The Association’.
The 18,000 NFTs are 75 from each player in all 16 playoff teams. The NFTs will change in appearance depending on how the player performs in the playoffs. Points, rebounds, dunks and forced turnovers are just four of the 15 categories that can lead to a change in the appearance of the NFT.
Coins is free and started on April 20. Since the hitting is blind and random, NFT holders will not know which player they have until the reveal on April 22. The NBA reserved some of the mint spots for NBA Top Shot holders. There is a limit to one NBA “Association” NFT per wallet.
Eventually, the NFTs will be available on several Ethereum NFT marketplaces, including OpenSea. There is uncertainty as to how the dynamic nature of the NFTs could alter their resale value. But the better a player performs in the playoffs, the higher that player’s NFT can be.
While the dynamic nature of the NFTs may come as a surprise, the NBA launching an NFT collection is not. There were rumors of a side-collection (unrelated to Dapper Lab’s NBA Top Shot) after the NBA trademarked the term “The Association” for Web3 use earlier this month.
Because Dapper Labs has the exclusive rights to the NBA highlights for NFT use, it was widely believed that the NFT collection would be static images unrelated to specific video clips.
Sports NFTs have become more popular during the NFT boom
Sports NFTs have become increasingly popular in 2021 and 2022, the years of the NFT boom. NBA Top Shot continues to be one of the most recognized NFT platforms, and people appreciate those NBA sports collectibles for onboarding the majority of current NFT traders.
In Rarity Sniper’s article Top 10 NFT Firms NBA Top Shot’s Dapper Labs and Sorare made the list. Each has raised hundreds of millions of dollars in seed capital against multi-billion dollar appraisals. For observers, both companies have created products that may be the next extension of trading cards, which sports enthusiasts have been collecting for decades.
And they are expanding too. Dapper Labs took its formula from the NBA and applied it to other sports, creating UFC Strike and NFL All Day. Sorare has set itself the goal of getting as many major football leagues on board as possible.
And in addition to the big companies, individual clubs and teams are also diving into NFTs. Manchester City, based in the United Kingdom, has floated the idea of creating a metaverse stadium. And FC Barcelona has expressed interest in releasing NFT collections.
As interest in NFTs continues to grow, sports NFTs are following suit. And there are no signs that the industry or the niche will slow down.