MLB Announces Upcoming Launch Of 1st NFTJake Cooper | 08 Jun 2021
The MLB is officially entering the world of NFT digital collectibles.
The league last week announced a collaboration alongside digital currency and collectibles specialist provider Fanatics, for the foundation of a new digital-focused company called Candy Digital.
The new company will create nonfungible tokens specifically for Major League Basketball, which will become available for bidding on the fourth of July, and which will honour Lou Gehrig’s “Luckiest Man” speech delivered on the same day back in 1939.
That was of course the day that saw the New York Yankees first baseman retire after contracting amyotrophic lateral sclerosis (ALS), which is a disease affecting the central nervous system.
Remembering The Greats
The all-new Lou Gehrig NFT token will commemorate Major League Basketball’s very first Lou Gehrig Day, with the idea being to raise awareness about ALS, and for helping to combat the disease also known as Lou Gehrig’s Disease.
While more in-depth details of the agreement between Candy Digital and the MLB were not yet available at the time of the news having gone public, the MLB will likely earn royalties from primary as well as secondary sales of the collectible digital asset, or token. Candy Digital, in turn, will generate income via primary sales of MLB assets, as well as from digital currency / collectible NFT token trading fees.
NFT’s work on a similar concept to digital currencies, with a digital ledger resembling that of cryptocurrencies like Bitcoin and Ethereum. This, in turn, awards to each NFT a non-hackable and distinctive certificate of authenticity.
Powered By Ethereum
Ethereum has been confirmed as the blockchain the MLB’s new baseball NFT will be run on. What’s more, the MLB will reportedly make available its entire digital catalogue for the creation of specialised and unique NFTs. What this means is that in the not-too-distant future, Candy Digital may very well start making NFTs out of more basketball legends – like Jackie Robinson and Babe Ruth.
Baseball collectibles certainly have come a long way – from trading cards to autographed baseballs, which journey clearly demonstrates the passion of fans for the sport, said MLB Commissioner Rob Manfred in a statement last week.
The manufacturing of NFTs for collecting by MLB fans officially brings the sport to a modern-day era while at the same time enlarging its MLB collectibles portfolio. And fans will undoubtedly be so much happier for it.