The Milwaukee Bucks are celebrating the 50th anniversary of their 1971 NBA championship with their own non-fungible token (NFT).
Fans and collectors interested in the digital item have their choice of a game 1 or 3 NBA Finals ticket and the championship banner, according to an announcement from the team on Thursday.
“We believe NFTs and blockchain technology will have a huge impact on our business in the future, far beyond collectibles, but we’re thrilled to make our entry into the space with this incredible digital collection of commemorative items,” said Bucks president Peter Feigin said.
The NFTs are available for bid at OpenSea, a marketplace for NFT collectibles. These digital items are 1-of-1, meaning there are only three items to be bid on. As of Friday, the current bid for each of the three items was slightly higher than $240.
However the prices can change as bidding time for each item is different. Collectors have until Saturday just before midnight to bid on the game 1 ticket stub; they have until Monday just before midnight to bid on the game 3 ticket stub; and they have until Wednesday just before midnight to bid on the championship banner.
Those interested in biding on the limited collectibles do need to create MetaMask digital wallet and an account at OpenSea to be able to bid. Whomever has the highest bid at the end of the deadline will be awarded the NFT.
That person can decide to keep it or sell it like any other collector can do with items like comic books or sports cards.
Since the beginning of the NBA season, NFTs have been a widely talked about product due to the success of NBA Top Shot which offers “moments” such as a highlight of a dunk or shot, that people can purchase on its marketplace and sell to others.
After Bucks star Giannis Antetokounmpo won his second MVP, NBA Top Shot released a limited series of moments from his rookie year called “Run it Back”
The marketplace is what determines the value of the NFT.
There have been numerous NFTs with Wisconsin connections including dozens of Bucks moments on NBA Top Shot. Like the Bucks, the Milwaukee Milkmen have some NFTs on OpenSea that show them winning the 2020 American Association championship.
Major League Baseball recently struck a deal with the card company Topps to create NFTs and there are several Milwaukee Brewers NFT cards for sale on marketplaces like AtomicHub, NFTHive, CryptoSlam! and WAXStash.