The NFL's NFT Drop
The NFL, the players association, and Dapper Labs announced the release of their new digital video highlight platform where football fans can buy and trade official league NFTs.
Why it matters: The launch comes as sports NFTs generate strong fan interest, yet it coincides with a plunge in prices across the overall market. The NFL's announcement offers a boost to the space at a touchy time.
What's happening: The platform is called NFL All Day. Fans can buy and exchange NFTs called "Moments," or play highlights from the season and the league's history.
- Fans can build collections of players and teams and connect through online and in-person events.
- The first drop happens on Friday at 2pm ET, with NFTs of Tom Brady, Derek Henry, Zach Wilson and other NFL stars.
Context: At the heart of all of this is startup Dapper Labs, most recently valued at $7.6 billion.
- CEO Roham Gharegozlou told CNBC on Thursday that the platform is meant to be both fun and an investment opportunity for fans, "touting the benefits of blockchain and instant authenticity."
- "These things are instantly liquid," Gharegozlou said, touting the advantages of NFT's over traditional memorabilia cards. He said All Day allows parents can buy $9 packs of three NFTs for their kids.
- Speaking about the broader NFT platform, he added that "at the same time, we have people that come in and spend $100,000 or $1 million and treat this as a store of value."
Of note: The face of All Day is none other than Patrick Mahomes, who has been given the title of "athlete ambassador."
- The Australian Football League's first limited-edition NFT drop just sold out in under 12 hours.