Miami Hurricanes the first college team to offer NFTs of Championship ring
The Miami Hurricanes are the first college team to offer fans NFT replicas of championship rings, according to Action Network’s Brett McMurphy. Canesvault.com, a website that links fans to NFT auctions, went live Friday.
The first auction features a physical replica of the Hurricanes’ 1989 national championship ring with the winner’s name inscribed. Miami defeated Alabama in the Sugar Bowl that year and opens this season against the Crimson Tide on Sept. 4.
An NFT is known as a non-fungible token. It is usually a form of digital media such as a photo or video and is well-known through companies such as NBA Top Shot. NFTs are bought and sold online.
The Miami Hurricanes plan to release more than 200 NFTs over the course of the season, according to deputy athletic director Jason Layton. This includes mascots, past performances, and even the school’s famous turnover chain.
The school will also be issuing commemorative tickets after each game during the football season, updated with the score after each game.
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“The big thing was to create something that would last long-term in the marketplace,” Layton said. “To celebrate the all-time great moments.”
Former players who are featured in NFT’s will be compensated an undisclosed percentage.
Miami will begin selling NFTs of the ring for a fixed price on Tuesday. The school partnered with GigLabs to develop its marketplace. They could be one of many programs to release NFT auctions in the future. Layton said the Hurricanes have been working on this particular project since March. Even in light of new NIL rules, the school is forbidden from using current players.
“It’s a little different in the college atmosphere than the NBA or pro leagues because of the different licensing rights involved,” Layton said. “It was important to make this sustainable for years. We hope we are doing this right way so Canes fans and NFT collectors will enjoy.”
Professional teams that have offered NFTs with physical rings include the Golden State Warriors, Washington Capitals and the Miami Heat. Miami opened the door for college teams to do so. What teams will follow in the Hurricanes’ footsteps?