FIBA launches NFT collection on its Shopify store

The International Basketball Federation, also known as FIBA, has announced the launching of its NFT collection. The development comes to light ahead of the Basketball World Cup, where 32 teams will lock horns for the ultimate title. FIBA has said that a total of 4 separate collections of digital collectibles will be available on its Shopify Store from August 21, 2023.

The NFT series goes live in association with Venly. Users will be required to have their wallets in order to continue getting their hands on the non-fungible token.

Four different offerings by FIBA are Fan’s Frenzy, National Pride, Ultimate Courtside, and Golden Glory. Every collection comes with a different design and purpose. Fans may want to get only select digital assets in their portfolio. Traders, however, are a different story altogether. They may go around randomly shopping for collectibles. Therefore, it remains to be seen how FIBA and Venly will, if they do, regulate such a purchasing spree.

Fan’s Frenzy, as the name suggests, comes with the idea that fans would want to purchase those collectibles which represent a perfect memento. The tournament will run through August 25, 2023, and September 10, 2023, during which fans get access to the Shopify Store to make a purchase. Collectible Fan’s Frenzy has been customized to suit the preferences of different fans.

National Pride comes with a set of 32 different designs. Needless to say, each design represents a team participating in the tournament. These are interest-specific digital collectibles. Meaning fans will purchase only those collectibles which align with their national team.

Ultimate Courtside is a collection series that showcases the history of basketball. The limited edition comes with only 1,500 units. Prices are unclear and not public, but Ultimate Courtside could be priced slightly above average. This does not mean that the previous two segments will be priced lower. Customer sentiments can still affect and influence FIBA and Venly to up the price tag.

The final installment in the series is Golden Glory. The collection is ideal for the holders of National Pride as it digitally inscribes the moments of a triumphant nation. FIBA World Cup NFT Shopify Store is a place to be for all those who are interested in buying the NFT. Notably, it can only be accessed 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 a controversy around it, but the question pertains to whether the collection will be able to pull up the NFT market from its grave. Reports that are making rounds highlight that the crypto market is going through a winter, and NFT marketplaces are not exactly experiencing something positive.

This is a time when there is a dire need for something that lifts the spirits. The 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.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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