National Basketball Association will launch Ethereum NFT collection of 18,000 assets


National Basketball
Association will launch its new Ethereum (ETH) based NFT collection of 18,000
assets titled The Association. The collection will consist of 75 NFTs of each
player from the 16 different NBA teams participating in the 2022 NBA playoffs.
According to the
announcement, the Association is a collection of dynamic NFTs that change in
appearance over time based on team and player on-court performance. The
announcement also adds that the 2022 NBA playoffs NFTs are being issued as
blind-mints, which means they will not know which player they will receive
prior to the reveal on April 22. In this year's playoffs, each Association NFT
represents a real NBA player. Chainlink (LINK) VRF will be used through which
players will be assigned randomly and transparently. This means a fair and equal
chance will be given to each player for minting any player of the 16 playoff
teams.
Players' appearance
can be changed automatically which is dependent on pre-set achievements that
are written into Galaxis smart contract. Based on each player’s real-life
performance, NFT traits will evolve over the course of the playoffs, and NFT
backgrounds and “frames” will also change. On Friday NFT art will be revealed
and visible on NFT marketplaces including and visible on NFT marketplaces
OpenSea.
As per the website,
NFTs will be free to mint although collectors who are interested have to pay
for the cost of gas on Ethereum. NBA Top Shot NFT holders will be able to
access some assets which were kept in reserve by the NBA, with a limit of one per
wallet.
After the NBA launched
a Discord server that involved nearly 50,000 members and a fresh Twitter
account dedicated to all things NBA x NFT, the news for this NFT launch came.
NBA x NFT is an NBA Discord to engage with NBA fans on everything Web3.
Branding was done at the beginning of this month and also NBA had filed a
trademark application for “The Association”. The Golden State Warriors (GSW),
launched at 2022 playoff NFT collection with a limited collection of
2,000 NFTs on the FTX NFT marketplace. These NFTs were randomly assigned when
minted on the Solana (SOL) blockchain via FTX. Each design has its own utility
and benefits along with its unique level of rarity. NBA and Dapper Labs
launched the NBA NFT marketplace Top Shot in 2020 which is built on the Flow (FLOW)
blockchain.
Unique blockchain
tokens that indicate one’s ownership over an asset, like a piece of digital art
are referred to as NFTs. Gary Vaynerchuk-backed NFT basketball game Swoops last
week declared about $3.5 million funding round so as to create its fantasy
sports title on Polygon.

Indrani Bose
CBW - External Analyst
INDIA