The Utah Jazz became the first professional sports program in the world to sell a digitally designed Non-Fungible Token (NFT) with exclusive access into a virtual locker room for the team.
And the NFTs sold out in 90 minutes.
What are NFTs?
NFTs — sort of like cryptocurrencies — live in the digital world. NFTs are basically collectible digital objects — they could be images, sound clips, videos and more, like a locker room tour — that are bought and sold on the blockchain, using cryptocurrencies.
- To put it simply, they’ve been seen as trading cards or collectible art pieces that only exist in the digital world for digital buyers.
- NFTs have recently been sold in the form of collectible clips and images of sports stars, as seen through the NBA Top Shot app, which allows people to buy and own digital clips of NBA stars, according to the Deseret News.
What NFTs did the Utah Jazz sell?
According to the Utah Jazz, the Jazz NFT program sold out in the first 90 minutes that the NFTs were available. The team offered two options — Tier 1 and Tier 2 — for the program.
- “As expected, the Jazz family came through in a big way. … The first sports team NFT paired with a metaverse experience, and sold out in less than 2 hours,” said Riley Demps, lead NFT project manager for the Jazz.
Those who bought the NFTS will get a virtual tour of the Utah Jazz locker room. Once the tour is over, those who bought the NFTs will get a meet-and-greet with new Utah Jazz owner Ryan Smith.
- “I am ecstatic to be able to offer such a unique and groundbreaking experience for the Utah Jazz fan base and beyond,” Smith said in a statement. “This 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.”
Per the Utah Jazz, the team is planning to have other opportunities to interact with “Jazz icons” in the future with NFTs.
- “To Jazz fans worldwide who didn’t get the chance to get in, we’re not done,” Demps said. “We will have more opportunities to engage with the team coming soon. … Looking forward to this new space in metaverse.”