The Chicago Bulls have become the first pro sports team to offer an NFT collection on Coinbase, the cryptocurrency exchange that became the NBA’s exclusive crypto sponsor last year. Fans can bid to buy tokens from the Bulls’ NFT logo collection for the next 24 hours through an auction held on the Coinbase NFT marketplace.
The collection consists of 23 different 1-of-1 NFTs — a nod to Bulls icon Michael Jordan — all uniquely designed by 23 web3 artists that the Bulls partnered with. Each artist was asked to create their own depiction of the Bulls’ logo, which the team hasn’t changed since its inception in 1966. The NFT collection is called “Aurochs” after the extinct ancient cattle species that’s considered an ancestor to the modern bull. Each NFT has a start price of .2 ETH (about $255 USD). 10% of proceeds from each NFT will go to After School Matters, a free STEM, leadership, sports and arts program for high school students in Chicago.
Coinbase is reportedly paying the NBA almost $200 million over four years, according to Bloomberg. The company also has a multi-year deal as the cryptocurrency platform and NFT partner of the Bulls. That deal will see Coinbase provide in-arena crypto education and giveaways to “educate and inspire fans to participate in Web3 and the cryptoeconomy” according to the Bulls.
Coinbase is the largest cryptocurrency exchange by volume in the U.S., but has not produced sports teams NFTs up until working with the Bulls. That approach contrasts with Coinbase’s competitors such as Crypto.com and FTX, whose sports sponsorships have often included NFT rights for teams and leagues. The 76ers are an NBA team to offer NFTs with Crypto.com while the Warriors and Wizards have NFTs with FTX.
