The Cleveland Cavaliers are jumping into the nonfungible token (NFT) craze but are taking a different approach than other NBA teams by creating a digital application where fans can buy and sell unique Cavs NFTs.
NFTs are unique pieces of digital content that can be bought and sold through cryptocurrency.
The Cavs are planning to launch the digital application in October where fans will be able to store their NFTs in a digital locker. Senior Vice President Mike Conley says this approach will allow fans to build a community around sharing the digital content, a different approach from other teams who simply auctioned them off.
Conley: building a community as part of brand
“Because we expect to be in the space for much longer than a month, two months. We look at this as a very long-term strategy and part of our brand,” Conley said.
Fans will be able to purchase NFTs and earn them through actions that support the team such as attending a certain number of home games. Conley says there’s already a lot of interest, with more than 3,000 people signing up for direct notifications about the NFT launch.