SAN FRANCISCO (CBS SF) -- It only makes sense that the Golden State Warriors, located in the epicenter of the digital world, should be the first professional sports team to release a licensed digital collection in the red hot world of NFTs.
What are NFTs you ask? They are Non-Fungible Tokens -- a highly technical name for a unique, verifiable digital video clip that only you will own.
It's blending of a unique traditional sports collector cards, the art world, and the blockchain technology that powers the bitcoin market.
The National Basketball Association as a league has already jumped into the frenzy with its widely popular NBA Top Shot. Over $547 million worth of transactions have already occurred on NBA Top Shot, according to token monitoring site CryptoSlam.
Fans and bidders can discover the full Warriors collection, which includes various 1-of-1 items, at GSWNFT.com. The auction is currently live, with the main collection auction ending Saturday, May, 1 at 8 p.m. PDT and the 1-of-1 auctions ending on Sunday, May 2 at 8 p.m. PDT.
Consisting of two very special series minted on the blockchain, the Warriors Championship Ring NFTs and the Commemorative Ticket Stub NFTs, which were designed by artist Black Madre, will be paired with live experiences, including participation in a Warrior-for-a-Day experience and a custom championship ring presentation during a future game.
"The digital collectibles excitement is palpable," said Warriors Chief Revenue Officer Brandon Schneider. "We see NFTs and digitization of our business as a mainstay to engage our fans around the world. As an organization, we are constantly evaluating ways to be creative and innovate and launching this special NFT Collection is the latest evolution for us in that space."
"Additionally, it is important to us that proceeds from this initiative will support the Warriors Community Foundation at a critical time in our community's journey to rebuild educational practices during the pandemic."
All editions will be sold to the highest bidder, English auction-style, and require a MetaMask Wallet and an OpenSea account to participate. The auction only accepts Ethereum and will not accept credit cards, all auction info can be found at GSWNFT.com.
If someone bids in the last 10 minutes of an auction and their bid exceeds all others, the auction will automatically extend by 10 minutes.
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