The Charlotte Hornets are getting into the crypto-collectible game this week, launching new limited edition NFTs in the form of digital commemorative game tickets.
NFTs, or non-fungible tokens, have exploded in popularity in recent months. And the National Basketball Association, partnering with Dapper Labs, is already offering NFTs in the form of “moments” through NBA Top Shot.
Top Shot users can buy unique collectible highlight videos, similar to collecting trading cards. Packs of moments sell online starting for $9, but the NFTs can go for hundreds or thousands of dollars — A LeBron James highlight sold for more than $200,000 in February.
Now, the Hornets are working with Dapper Labs to launch a new style of NFT, similar to a NFT collection launched by the Golden State Warriors last month.
The Hornets will launch the commemorative ticket NFTs at Fan Appreciation Night on Thursday, May 13. Fans at that game against the L.A. Clippers will have the opportunity to buy the commemorative NFT through the Hornets app for $4.99.
Collecting the Hornets NFTs will be similar to collecting physical ticket stubs, which the team no longer offers, Hornets Senior Vice President Tamara Daniels told the Observer.
“That’s the old way to do it,” Daniels said. “This is the new way to do it.”
The May 13 ticket NFTs will be just the first opportunity in a series of Hornets NFTs offerings, Daniel said.
“It’s important to get in on the first edition, because it’ll be part of a collector’s series,” she said.
The Hornets will initially launch 88 NFTs, minted on the Flow Blockchain, the same blockchain technology used by Top Shot. Fans will eventually be able to resell the NFTs, Daniels said.
The Hornets are the first sports team to launch collectible NFTs on the Flow Blockchain. It’s part of the Hornets history of being innovative, Hornets President Fred Whitfield told the Observer.
“We see this as trying to be on the front end, on the cutting edge,” Whitfield said.