Sports cards have been traded for decades and now, with advances in technology, collectors can bring their gems to the world of crypto and NFTs. Milwaukee Bucks power forward Giannis Antetokounmpo recently broke records after the sale of a one-of-one NFT on the platform Sorare NBA.
NFTs, or non-fungible tokens, are digital commodities that people can bid on using the cryptocurrency Ethereum. The digital commodity is built on blockchain and no NFT is equal to another. Sorare NBA is a licensed and NFT-driven fantasy basketball game that releases Digital Collectibles used to enter Fantasy Basketball Tournaments. The Sorare platform was developed in 2018 by Nicolas Julia and Adrien Montfort as a platform for fantasy soccer. It has since expanded into other sports, including baseball and, most recently, basketball.
The Sorare NBA platform reached a new milestone with the sale of the Antetokounmpo NFT. The one-of-one NFT sold for 113.9 Ethereum, which is approximately $187,000. The platform recorded its highest sale with this transaction, according to Decrypt. Prior to Antetokounmpo’s impressive NFT sale, the platform’s highest record transaction was Anthony Davis’ NFT which sold for over $62,000 in December 2022. Decrypt, which is a platform that seeks to remove the mystery from the world of crypto, also added that this is currently the largest-known sale of any Antetokounmpo NFT. An NFT of the power forward was previously sold for $95,000 in February 2021 on the platform NBA Top Shot.
Although it seems like a considerable amount of money to spend on a digital asset, it does not compare to the cost that some collectors pay for a tangible sports card. In August 2022, a 1952 Mickey Mantle baseball card sold at an auction for more than $12 million and set a new record. And when looking at basketball specifically, Golden State Warriors star Steph Curry currently has the highest-selling card with a value of $5.9 million.
Interested digital collectors can place their bids on sports NFTs by visiting the Sorare Football (Soccer), MLB or NBA Market. Bids can start at less than a dollar and player options span across the league with stars such as Lebron James, Klay Thompson and Kawhi Leonard.
