A few hours from now, the warm reception given to non-fungible tokens (NFTs) among basketball game lovers is set to go a notch higher especially as the day for NBA All-Star Weekend games draws close.
In order to mint the tokens and also place a mark of inalterability, the tokens will be released in collaboration with four famous hip-hop artists- Jack Harlow, Lil Baby, 2 Chainz, and Quavo.
According to B/R, each digitally-encoded basketball will be complemented with special designs inspired by the artists’ personalities- a curled-hair spotting shark for Jack Harlow, a dollar note that turns into a bird for Quavo, a ball featuring two angels with lifted hands for 2 Chainz.
How to Participate in The NFT Basketball Auction
In the first stage of the auction scheduled to take place on March 6 at 5 pm Eastern time, a total of ten Gold Editions of each collectible will be auctioned off to investors on the OpenSea exchange.
Investors will be allowed to bid prices at a rate of one Gold token every thirty minutes. In addition to receiving the virtual basketball in digital format, every successful bidder gets to receive an identical physical basketball as well.
If an investor misses out in the first round, he can anticipate the Silver Edition of the fungibles, to be auctioned in the second round, scheduled to go live on the 7th of March at noon.
There are to be Silver Edition tokens created for each artist to be sold at a fixed price of 0.4ETH (equivalent to $610 at the time of writing).
And while it is not yet revealed what percentage of the generated funds will go to either the artists or any of the associations, OpenSea gets to charge 2.5% for every successful sale.