Monumental Sports & Entertainment announced on Wednesday that it has officially launched NFT collections for the Washington Wizards and Washington Capitals. By doing so, it becomes the first time in the industry that a launch has taken place simultaneously in two leagues.
NFT's, also known as a non-fungible token, are described in the release as "one-of-a-kind digital assets which have an exclusive owner and exist through blockchain technology."
Essentially, an NFT is similar to a collector's edition baseball card or memorabilia, but it is a digital version of a moment or item that allows ownership and uniqueness to be verified. By heading over to the Capitals and Wizards NFT pages, fans now have a chance to own some team-centric items.
For the Capitals, the collection features two different themes that were created by artist Robert Generette III. The first relates to the 2018 Stanley Cup season, with the major prize being a one-of-a-kind minting of the team's Stanley Cup ring. The winner of the auction will also be giving a physical replica of the ring as well as VIP access to a practice, a jersey and more. Fans can also try and obtain one of the 16 minted versions of the team's 2018 Stanley Cup banner.
The other theme relates to Washington's Screaming Eagles era which began when the logo was introduced in 1995. The main item up for auction will feature a "Past to Present Experience" NFT as well as tickets to a 2021-22 game, more gameday experiences, a replica jersey and a meet-and-greet with former players.
Sales will take place through OpenSea, Monumental's partner for the launch, from 9 a.m. July 15 to 9 p.m. July 17.
As for the Wizards collection, the team worked with Lawrence Atoigue, professionally known as Naturel, to create six different NFT options. This is meant to represent the starting five and sixth-man on the court.
The First Starter NFT is focused on the artist, as the owner of the NFT will get bonus content from the artist, attend a game courtside with Naturel, get a commissioned piece of art, receive a game-worn jersey and meet owner Ted Leonsis. The Second Starter NFT also features courtside tickets as well as dinner with a member of the basketball operations department and team alumni. The owner will also receive a game-worn jersey and get a chance to chat with Leonsis.
The Third Starter has 50 minted pieces and includes tickets to a home game and a City Edition jersey. Fourth Starter has 125 minted pieces and features a City Edition Jersey. The Fifth Starter has 200 priced minted pieces while the Sixth Man version has 500 that are free to fans.
The first five collections will be on sale through OpenSea from 9 a.m. on July 12 to 9 p.m. on July 14. The Sixth Man pieces will be shared through social media and the team.
“We are thrilled to share these incredible digital collections with Caps and Wizards fans and provide them an accessible entry into the exciting world of NFTs, blockchain technology, and cryptocurrencies,” Ted Leonsis, Founder & CEO of Monumental Sports & Entertainment, said. “Monumental Sports & Entertainment is a digital first company, and we consistently innovate to provide fans the richest, most immersive, and state-of-the-art experiences. To have the chance to do that and partner with Naturel and Rob Zilla III, two renowned D.C. digital artists – and Caps and Wizards fans, respectively – has been phenomenal.”