Bank

San Antonio Spurs sell $200,000 in NTF Popovich, benefit food bank

Digital collectibles created to honor Gregg Popovich’s coaching career with the San Antonio Spurs sold for the equivalent of $200,000 – buyers used the Ethereum cryptocurrency – within the first 96 hours of trading. an auction to raise money for the San Antonio Food Bank.

The money continues to flow. Non-fungible tokens, or NFTs, remain on sale.

“This is Spurs’ first NFT project,” said Becky Kimbry, vice president of brand engagement at Spurs Sports & Entertainment, Spurs’ parent company. “It was an amazing project to be able to work on it knowing it will go to such a great cause.”

NFTs are digital images, audio and video files that have been authenticated by blockchain, an online ledger that records transactions across countless computers across the internet. The tokens exist in a digital wallet belonging to the buyer.

Professional sports leagues in the United States have embraced NFTs. The NBA pioneered the sale of digital collectibles with NBA Top Shot Moments. League music videos are like digital trading cards.

Popovich dreamed up the Spurs’ NFT Draft shortly before breaking Don Nelson’s record for most career regular-season coaching wins in a 104-102 win over the Utah Jazz on March 11 at the AT&T Center. .

Spurs have partnered with Cultos, a Toronto-based cryptocurrency platform, to create the “1336 Coach Pop Collection.” The series includes five of Popovich’s hand-drawn offensive playing cards and five of his field designs.

On March 14, Spurs posted most of the NFTs to the OpenSea website, a New York-based NFT marketplace.

The team also began auctioning off five NFTs representing each of the team’s championships under Popovich on the team’s website. High bidders received the original hard copy of the game card, hand-drawn and autographed by Popovich, along with up to four pitch-side tickets to a Spurs home game in the 2022-23 season, with Courtesy of San Antonio Food Bank.

“NFTs have huge opportunities in terms of community building, and that’s what we’re always looking to do,” Kimbry said. “There’s the possibility down the road where we’re looking to do different types of NFT projects.”

Cultos CEO Andrew Yang said he would “definitely be open to collaborating again in the future”.

“We are delighted to have helped Spurs recognize this incredible achievement by one of the greatest managers of all time,” he said in a statement.

Editors Patrick Danner and Caroline Tien contributed to this report.

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