The Chicago Bulls Are Bullish On NFTs

CHICAGO BULLS’ NFT STORE

What is Chicago Bulls?

Whenever we hear of the Chicago Bulls, we think of the infamous Michael Jordan. Well, the story is changing. Millennials will remember the Chicago Bulls as the team who entered the cryptocurrency market before all. Chicago Bulls bullish on NFTs.

For those of you who do not know, Chicago Bulls is a professional basketball team who competes in the National Basketball Association. The team is one of the thirty professional teams who compete in the NBA each year.

The Chicago Bulls was established in the year 1966, in the year far away from the introduction of cryptocurrencies or the internet. However, we have come a long way since then. From being televised on a black and white television to starting an NFT store, the team has progressed in terms of advancement.

The Chicago Bulls have formally announced their partnership with Shopify to sell NFT tokens on their platform.

Chicago Bulls Bullish on NFTs
Source: NBA.com

What is Shopify?

Shopify claims to be the best E-commerce platform that enables merchants to sell their products online, through Facebook or in person. Shopify allows users to start an online business, selling any product of their choice until and unless it meets their guidelines. In a recent announcement from the company, it has allowed merchants to sell non fungible tokens on its platform.

Shopify has helped many businesses to go mainstream, especially in the pandemic. It encourages scalability and entrepreneurial ability in the economy. Now, it facilitates people to sell digital assets too. It has added another feather in its hat, namely digital assets.

What do you need to know about this partnership?

You must have heard about decentralized exchanges allowing to purchase and sell non fungible tokens. This story is completely different. Shopify is a regulated platform. In addition to that, it is a public company listed on the US stock exchange, the New York Stock Exchange. Thus, Shopify’s functioning, information, earnings, profits and revenues are disclosed publicly.

Until two days back, Shopify only allowed merchants to sell tangible goods. In light of the recent popularity for non-fungible tokens, the company announced its introduction on their platform. In addition to that, they also announced that this new feature would be brought in partnership with the Chicago Bulls.

Harly Finkelstein, the President of Shopify, announced via his official twitter account, the introduction of NFTs on their platform. He said that the merchants need not go to third party marketplaces in order to sell their digital assets. Shopify has got that covered!

He further went on to announce that the Chicago Bulls is one of the first merchants to establish an NFT store of their own. With the establishment of this store, the organization has launched their first licensed product line, The Bulls Legacy Collection. This collection will include the organization’s iconic championship rings. The organization will sell them digitally in accordance to their “rarity tiers”.

If you are just becoming aware of this, hurry up! These products are only available till July 31st, 2021. This collection will only be minted once, making the only supply highly valuable.

The fans will be allowed to purchase the 1991 championship ring on July 26, 2021 followed by the successive championship rings.

Are these limited in supply?

The Chicago Bulls have made a provision of minting only 567 NFTs in total. After that, the Bulls’ organization will never mint the same collection again.

Moreover, the organization has explicitly mentioned that the collection will be sold on a first-come first-serve basis. Those who sign up for the priority email access, will be given three hours edge over the general public for the purchase of these NFTs.

What are the implications of this announcement?

To sum up, Chicago Bulls will be one of the first merchants to launch their collection on Shopify’s platform. The general public will be able to purchase these digital collections online.

The Chicago Bulls will be able to generate revenues from this move. Moreover, they will increase the value of their Championship Rings as well as their other achievements.

Moreover, the entry of an NBA team will raise the sentiment about the future of cryptocurrencies and non-fungible tokens. This will encourage people, basketball fans in particular, to enter the crypto market or purchase NFTs.

The fans will also be able to acquire their favorite team’s championship ring digitally. Although it may not benefit them materially, fans are always excited about acquiring mementos.

The future of non-fungible tokens looks bright.