After disrupting the art and music industries in 2021, NFTs have successfully made their way into the sports sector. In February 2022, a series of NFT projects took over the Super Bowl, and the following month an array of exciting NFTs stole the limelight during March Madness.
The increasing popularity of sports-centered non-fungible tokens is good, especially for fans who want the opportunity to earn financial rewards without gambling. Further, NFTs are bringing fans closer to their favorite sports and players than ever before. Take for example, the Golden State Warriors. The team has released responsive NFTs that will unlock rewards and benefits every time they win an NBA playoff round.
Golden State Warriors’ NFTs are a win-win for fans
The Golden State Warriors (GSW) are the first professional sports team to launch their own NFTs. Last year, the team released their first NFT collection on Open Sea, making $2 million and breaking several sports-NFT sale records. Now with their responsive playoff NFTs, the GSW are going a step further. In an interview with ESPN, Warriors President Brandon Schneider said, “we wanted to come back with something that would be innovative and be first of its kind. […] We wanted to create an NFT opportunity that enables our fans to win as our basketball team wins.”
The GSW hope that the new NFTs will strengthen the bond between fans and the team. Moreover, the collection could also encourage more people from the NFT community to become a part of the Warrior’s growing fan base.
The GSW NFTs began minting on April 15 on blockchain-powered exchange FTX US. There are total of 3,000 NFTs that come in 12 unique designs that users can buy using their credit cards. Once payment is confirmed, a random NFT from the collection is allotted to the buyer. Although all GSW NFT holders earn rewards, on some selected NFTs, the benefits are comparatively bigger, more in number, and of greater value.
For example, if the Warriors win round two of the NBA playoffs, every NFT holder will be eligible for a redeemable Round 2 Commemorative Ticket Stub NFT. Some users who received highly rare NFTs during the minting would also get a physical autographed Warriors basketball. Other benefits associated with GSW NFTs include playoff tickets, championship rings, additional NFTs, and a ride on a Warriors’ championship float.
Out of the 3,000 NFTs, there’s a single Warriors 1-of-1 Special Edition Gold Bar All Access Pass. It comes with exclusive rewards including a 14-carat physical gold bar weighing 285 grams, two tickets to every Warriors playoff match, and a confirmed invite to the Warriors Finals victory party (if they make it that far, of course). This NFT won’t be assigned, but will be available for purchase in an auction for ETH.
The golden pass user will also enjoy several other benefits that will unlock every time the team wins a playoff round.
The GSW’s responsive tokens are a great example of how NFTs enable fans to increase their participation in their favorite sports. The popularity of these collectibles proves that NFTs are serving as a bridge between growing digital communities and real-world events.