There has been a lot of talk about crypto-currency, NFTs (non-fungible tokens), and Blockchain technology this year, but less so in the world of sports. Well, that's changing. On July 22, the Bulls announced they would release "the first-ever Chicago Bulls NFT collection." The tokens will be themed after each of the Chicago Bulls championship rings from the 1990s.
"The Bulls Legacy Collection" will have a limited supply of tokens; only 567 total NFTs will be minted. There are 6 different types of tokens, each representing a championship run and the title ring that came with it. For example, there are 91 tokens for the 1991 championship, 92 tokens for the 1992 championship, etc. The Bulls released their first NFTs on July 26, selling the 1991 collection. Each day after, different NFT editions will become available. The 1991 NFT and the 1992 NFT are already sold out.
What is an NFT, and what are the Bulls doing with it
An NFT, or non-fungible token, is "a unique and irreplaceable digital item that can be purchased and owned fully by a buyer." The Bulls NFT Legacy collection will be minted directly by the Chicago Bulls and sold as digital collector's items. As a result, Each token will have a unique number attributed to it to ensure its scarcity. For example, if you own #45/91 1991 Championship Ring NFT, no one else in the world will own that specific collectible. With sports collectibles becoming more valuable than ever, the Bulls are trying to be one of the first to go digital with it.
Additionally, the tokens have "three distinct tiers of rarity" that will determine their value and the prizes fans can win. For each championship-inspired NFT, "Legendary," "Iconic," and "Rare" tiers exist. Furthermore, collectors can "parlay their collection into one-of-a-kind experiences and prizes." Prizes include a "Bull for a day" experience that would see the winner shooting hoops at United Center, eating dinner with a "Bulls Legend," and getting courtside seats.
Upon launch, there isn't a secondary market for the collectors' items yet. Seemingly, that will be the next step for the Bulls to keep their NFT experiment relevant. It could be that we have discovered the next great sports collector craze.