The National Basketball Association has created a city-wide gallery in Cleveland that allows people to purchase non-fungible tokens (NFTs) of the NBA All-Star game court.
Using QR codes posted around the city, fans will be able to buy NFTs that commemorate the NBA’s 75th anniversary as well as the three previous All-Star games played in the city.
The 71st NBA All-Star Game will be held at the Rocket Mortgage Fieldhouse on Feb. 20 and pits the best players in the league against each other in what is usually an exciting, high-scoring game. It also features a weekend of events (Feb. 18-20) that includes the 3-Point Contest and the Slam Dunk Contest.
Since the event annually draws in millions of viewers and brings tens of thousands of visitors to the city, the NBA is hopeful that the NFT drop will expose new fans to the nascent technology of NFTs.
Understanding the NBA’s All-Star Game NFTs
The NFT drop from the NBA will consist of digital renditions of the All-Star Game’s unique court design, as well as courts from the three years (1981, 1966, and 1977) when the game was played in Ohio.
Here are some more details about the NBA’s All-Star Game NFT drop:
- The unique court design features the Cavaliers yellow and wine colors, and a diamond pattern to commemorate the 75th anniversary of the NBA.
- The court has three shooting stars that symbolize the three all-star games held in Ohio.
- Part of the wood design in the paint on each side of the court was done in a “herringbone pattern,” which was used on basketball courts as early as the 1890s.
- Three editions of the NFTs are available: an Original Edition, the NBA Edition, and the Diamond Edition, which includes a physical mini replica of the court.
The NFTs will be available for purchase by scanning QR codes located throughout Downtown Cleveland. There are ten locations to purchase the NFTs, including Jack Cleveland Casino Skywalk, Tower City Center, the RTA’s B-Line Trolleys, and The Arcade — and others.
The NBA Leads the Way in the NFT Space
Since 2020 the NBA has taken a leading role when it comes to NFTs. NBA Top Shot by Dapper Labs lets fans buy and sell highlight-reel style collectibles, much like trading cards of the past, and has done nearly $800 million in sales so far.
Furthermore, All-Stars like Steph Curry have bought into the Bored Ape Yacht Club, Dallas Mavericks’ owner Mark Cuban is heavily invested in the crypto and NFT space, and Cleveland native Lebron James recently partnered with Crypto.com to teach kids at his school in Akron, “I Promise,” about blockchain technology.
According to the NBA, $100,000 in proceeds from the NFT drop will be donated to charities and government agencies that are helping local people deal with the impacts of the coronavirus pandemic.