NFTs are unique blockchain-based tokens that give owners specific rights to the asset – photograph, video clip, artwork – they represent. Dynamic NFTs are a recent technological advancement and, unlike conventional NFTs, have the ability to change over time. If Ball is named Rookie of the Year, the NFT 500 will automatically update to include the reward, which should increase the value of the collectible.
“As I learn more about blockchain, I realize that it is the most powerful and unique way to engage my fans in a way that is unique to them individually,” said Ball told ESPN. “I see this as the future for the fans and the athletes who connect together. “
Ball, 20, is one of three finalists for rookie of the year, joining Anthony Edwards of Minnesota and Tyrese Haliburton of Sacramento. Ball, who averaged 15.7 points, 5.9 rebounds and 6.1 assists per game, is considered the favorite for the prize. He missed 21 games with a broken wrist in a season that ended with the Hornets finishing 10th in the NBA Eastern Conference and losing to the Indiana Pacers in a play-in game.
Ball is the first athlete to release this type of speculative asset tied to his awards, highlights, and statistical milestones. Ball plans to create lotteries that will allow owners of dynamic NFTs to “burn” them in exchange for a chance to win memorabilia such as shoes worn by the game. Each “burnt” NFT makes the remaining ones rarer and more likely. more valuable. In addition to the 500 dynamic NFTs, LaMelo Ball Collectibles will launch an additional 9,500 standard NFTs on the Ethereum blockchain.
“LaMelo will become the first athlete to hit his blockchain career,” says Sher Chaudhary, co-founder of Playground, the Southern California-based NFT design studio working with Ball. “We are launching a world in which every NFT offers off-chain event-based ‘upgrade’ capabilities. ”