- The University of Miami is the first school to auction off NFTs (non-fungible token)of special moments in the school’s athletic history.
- The first auction will be on the 1989 National Championship Ring.
- Winners of all NFTs will also get replicas of the actual ring with their names on them.
MIAMI – The Miami Hurricanes will be the first college in the nation that will sell championship rings as NFTs (non-fungible token). The first online auction to purchase these NFTs for the school begins on Friday where the 1989 National Championship ring for the Hurricanes will be auctioned off. All auctions for the University of Miami’s NFTs will last a week. Not only will the highest bidders own the NFTs but they’ll also get an actual replica of the ring they’ve purchased inscribed with their name.
NFTs Are The Future For Even College Sports
College football and other programs with the Hurricanes will be turning things into NFTs that will get auctioned off. The university already has 200 different auctions in mind for 2021, including ownership of some of the best moments in the athletic history of the school.
Colleges across the nation are embracing the many different ways that their sports programs can be even bigger sources of profit. First, it was regulated sports betting in states that included college teams and now it’s NFTs where fans will be able to own a special piece of history that is all their own.
Florida sports betting will open its market in October, which could help schools like UM and others in the Sunshine State to see more money by accumulating more fans through these outlets. And with more fans comes more interest in NFTs. Other schools across the United States will likely follow the Hurricanes with their own NFT athletic auctions.
The Miami Hurricanes Are Kicking Off The NFT Movement
All NFT auctions for the Canes will be done through the Canes Vault website. Per the site, here is what an NFT is so that consumers have a better understanding of what they’re purchasing.
“An NFT is a one-of-a-kind piece of digital content (such as an image or a video) that is an officially licensed collectible. The NFTs ownership is authenticated and verifiable by the blockchain, a technology used for things like bitcoins. That means while copies of videos, images, and even animated gifts can multiply on the internet, there can be only one with a certificate of authenticity. Like other collectibles, you can buy, sell, and trade them.”
Mascots, tickets, Championship rings, and all of the above are up for grabs for the Hurricanes, and thanks to UM for being the first in starting what will soon be a trend nationwide.
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Christina has been writing for as long as she can remember and does dedicated research on the newly regulated sports betting market. She comes from a family of sports lovers that engage in friendly bets from time to time. During the winter months, you can find Christina baking cookies and beating the entire staff at Mario Kart…the N64 version of course.