The Golden State Warriors have opened bidding for a non-fungible token, becoming the first professional sports franchise to enter the market.
“NFTs have been around now for years but have really started to take off in the last six to eight months. We are constantly thinking about new ways to engage our fans, and being where we are in the Bay Area from a technology standpoint as the world continues to digitize, we created a task force internally and started talking about how we [could] use this new cool technology," Brandon Schneider, president and COO of the franchise, told Yahoo Finance.
The collection features the Warriors’ six championship rings.
A portion of all proceeds from the collection will go towards the Warriors Community Foundation. The foundation focuses on educational equity in the Bay Area.
“Our foundation has granted over $22 million in impact since its inception in 2012. Our annual number continues to grow as we diversify our fundraising opportunities,” said Schneider. "There’s as much of a need or more than ever given the current time. So it was really, really important to us that this benefit is in our foundation.”