The Milwaukee Bucks are launching their very own NFT to celebrate the 50th anniversary of their 1971 NBA Championship. According to the announcement from the team, Collectors and fans that are interested in the digital items have a choice of a game with 1 or 3 NBA final tickets and the championship banner.
NFTs And Blockchain Technology Is The Future
Peter Feigin, Milwaukee Bucks President, believes that NFTs and blockchain technology will have a massive impact on the business, stating,
“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.”
Only Three Items Up For Bidding
Users can check the NFTs, available on OpenSea, an NFT collectibles marketplace. The items are 1-of-1, which means that there are a total of only three items to bid on. Until Friday, the bid for each of the three items on OpenSea was a little higher than $240.
However, as the bidding times for each item are different, we could see a fluctuation in the prices. Collectors can bid on the game one ticket stub only until a little before midnight on Saturday. They can bid on the game three ticket stub until Monday just before midnight. The championship banner is up for bidding until Wednesday, just before midnight.
Individuals who want to bid for the limited collectibles need to create a MetaMask wallet and open an account on OpenSea. The person with the highest bid at the time of closing bids will be awarded the NFT.
Third Team With Their Own NFT
The Milwaukee Bucks are the third team in the NBA to have their own NFT, after the Golden State Warriors and the Charlotte Hornets. The success of NBA Top Shot has turned NFTs into one of the most widely talked about products. NBA Top Shot offers moments that fans can purchase on the marketplace and collect or sell to other fans. Thus, the marketplace determines the NFT’s value. NBA Top Shots has also released a limited series of moments titled “Run It Back” after Bucks star Giannis Antetokounmpo won his second MVP.
The Wisconsin Connection
There are several other NFTs with Wisconsin connections, and these include several Buck moments. The Milwaukee Milkmen to have their NFTs on OpenSea from their 2020 American Association Championship win. Major League Baseball has also struck a deal with Topps to create their own NFTs. Add to this the presence of Milwaukee Brewers NFT cards on several marketplaces such as Atomic Hub, NFTHive, WAXStash, and CryptoSlam.
Increasing Activity On The NBA Top Shot NFT Marketplace
NBA Top Shot continues to see significant growth in 2021, proving that while NFTs may have slowed down, the NFT craze is far from being over. DappRadar reported that over 70,000 active traders were buying and selling on the marketplace over the past week. This was a 50% increase over the previous week’s numbers, suggesting a second wind for NBA Top Shot, which saw a significant bump in numbers, along with a 67% increase in trading volume.
Playoff Pack Announcement
Other factors in play when considering the resurgence are the playoffs currently underway. An increase in on-court action also transcends into an increase in the action on the collectibles market.
The second factor is the announcement of the first Playoffs Pack of the 2020-2021 season, containing 32 moments from the first round of the Eastern and Western playoffs. The pack also includes LeBron James, Kevin Durant, and new MVP Luka Doncic.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.