The International Basketball Federation, also known as FIBA, has announced the launch of its NFT collection. The development comes to light ahead of the Basketball World Cup, where 32 teams compete for the ultimate title. FIBA has said that a total of 4 separate collections of digital collectibles will be available on the Shopify Store starting August 21, 2023.
The NFT series goes live in collaboration with Venly. Users must have their wallets in order to continue acquiring the non-fungible token.
Four different offerings from FIBA are Fan’s Frenzy, National Pride, Ultimate Courtside, and Golden Glory. Each collection has a different design and purpose. Fans may want to get only select digital assets in their portfolio. Traders, however, are a whole different story. They can randomly move around looking for collectibles. It therefore remains to be seen how FIBA and Venly, if they do, will regulate such a buying wave.
Fan’s Frenzy, as the name suggests, comes with the idea that fans want to buy those collectibles that make a perfect keepsake. The tournament will run through August 25, 2023 and September 10, 2023, during which fans will be able to access the Shopify Store to make a purchase. Collectible Fan’s Frenzy has been adapted to the preferences of different fans.
National Pride comes with a set of 32 different designs. Naturally, each design represents a team participating in the tournament. These are interest-specific digital collectibles. This means that fans only buy those collectibles that match their national team.
Ultimate Courtside is a collectible series that shows the history of basketball. The limited edition comes with only 1,500 copies. Pricing is unclear and undisclosed, but Ultimate Courtside could be priced slightly above average. This does not mean that the previous two segments will be priced lower. Customer sentiment can still influence and influence FIBA and Venly to raise the price tag.
The last installment in the series is Golden Glory. The collection is ideal for National Pride holders as it digitally captures the moments of a triumphant nation. FIBA World Cup NFT Shopify Store is a place for anyone interested in purchasing the NFT. In particular, it is only accessible via Venly Wallet.
With the launch and tournament in place, the community is beginning to question the timing of the launch. Not that there is any controversy around it, but the question is whether the collection will be able to pull the NFT market out of its grave. Reports doing the rounds emphasize that the crypto market is going through a winter, and NFT marketplaces aren’t exactly experiencing anything positive.
This is a time when there is a great need for something that lifts the spirit. Interest so far has been positive despite the fall in investment. If the goal is to create hype around the basketball tournament, then there is no doubt that FIBA and Venly have done a remarkable job. The commercial aspect in this line could be something else.