The Detroit Pistons are one of the most storied franchises in NBA history. The team has won three championships and its rivalry with the Chicago Bulls is one of the most well-known in sports history. Given its past, it’s no surprise the franchise is now looking to the future by betting on non-fungible tokens, better known as NFTs.
NFTs skyrocketed in popularity over the past year and the Pistons have taken notice, deciding to get in on the game by releasing their own series of NFTs. NBA fans can’t get enough of these unique blockchain products. They have become the 21st century’s version of the traditional sports trading card with fans rushing to add the most unique items to their collections. Keep reading to learn more about the Detroit Pistons NFTs.
Sports Fans and NFTs
Michigan has serious sports fans that often bet on their favorite teams, including the Pistons. Fans new to betting can take advantage of the free bets and promo codes sportsbooks offer to new customers. Fans who enjoy betting on their favorite sporting events will likely enjoy the world of NFTs too. NFTs give fans the opportunity to show support for their team while making an investment in something that may have a big payoff in the future, much like they do when betting on their favorite teams.
Sports fans have become increasingly passionate about NFTs over the past year and the analysts expect NFTs to generate over $2 billion dollars by the end of 2022, more than double last year. That would amount to between four and five million sports fans buying NFTs this year. NFTs get their value from their uniqueness, they exist on the blockchain and cannot be copied or duplicated. Like traditional sports cards, NFTs offered by sports teams typically have a limited run.
NFTs’ value comes from their scarcity and sports teams can create hype and demand around particular NFTs by releasing only a limited number of these digital assets, making millions of dollars in the process.
Detroit Pistons NFTs
Looking to capitalize on the popularity of NFTs, the Pistons have released four series consisting of 890 NFTs—collectible tickets, championship banners, championship rings, and a special edition. The NFTs are available in limited series packs called Collector Boxes with each box containing three NFTs. The Pistons released the first box on July 27, 2021. The most expensive NFTs available on the Pistons marketplace are selling for close to $5000 while the least expensive NFTs cost around $80.
The NFT Collector Boxes sold out quickly at auction with the last sets available in October 2021. However, there are several individual NFTs available including a 1990 championship ticket, a 2004 championship ring, and a 1989 NBA world champion banner. The NFTs commemorate historic moments in Pistons history with the championship years: 1989, 1990, and 2004, on prominent display. The available NFTs range from rare to extremely rare, which is reflected in the price. For example, the digital rendering of the 2004 championship ring is the most expensive Piston NFT available, costing $4995, while a first-round 1990 ticket costs $78. Like with all NFTs, the rarer the digital asset, the higher the price.
The Pistons have also sweetened the pot with giveaways for those who’ve managed to get an exclusive NFT, or accumulate NFT sets. Physical replicas of championship rings, VIP events, meet and greets with players, and tickets to games are some of the goodies awaiting serious Detroit Pistons NFT collectors.
The Detroit Pistons aren’t the only NBA team getting in on the NFT action. The Utah Jazz, Golden State Warriors, and Cleveland Cavaliers are some of the other teams that have entered this new digital landscape. As this part of the crypto universe continues to gain momentum, the NBA and WNBA have also created NFTs capturing their respective leagues’ best moments. NFTs seem to be unstoppable, so fans can expect to see a lot more of these digital assets in the future.