Miami Hurricanes Become First University to Offer NFT Championship Rings The University of Miami is the first college team to turn their championship rings into digital non-fungible tokens (NFTs).
This story originally appeared on be[IN]crypto
The University of Miami is the first college team to turn their championship rings into digital non-fungible tokens (NFTs).
The Miami Hurricanes have debuted an NFT called the 'Canes Vault' that highlights the championship history of the team. The Vault will use NFTs to showcase some of the most historical moments in team history, including their five AP national championships (1983, 1987, 1989, 1991, 2001).
According to the Canes Vault website, the University has plans to release more than 200 different NFTs in the first year of the platform. These collections will include primarily animated illustrations designed by Black Madre, the same Brazilian digital artist who worked with the Golden State Warriors on their NFT ring collection. Each of the NFTs will be minted in limited editions with unique serial numbers that guarantee scarcity and protect ownership. The digital art will be accompanied by 1-of-1 VIP experiences via on-site auctions.
The first NFTs to hit the platform will be commemorating the team's 1989 National Championship win and the rings awarded to the squad. The set comprises of three different NFTs of varying rarities and prices, based on the original ring design by Herff Jones. The listing reads, "This artistic rendering of the 1989 Ring, commemorates the Miami Hurricanes Football National Championship versus the University of Alabama."
The most affordable tier of the collection is one-of-500 and will be selling for $50 at launch. The second tier '1989 Championship Ring NFT & Infinite Object' and contains a similar but more complex animated NFT of the ring. Additionally, the 50 examples of the NFT to be released for $250 will come with what the site calls 'Infinite Objects." "Infinite Objects are permanently treated design objects that play one NFT on loop.
There are no buttons, apps, or connectivity. Just your most prized NFT looping infinitely," says Miami. The final tier, '1989 Championship Ring NFT, Replica Ring & Infinite Object," is the only one to go up for auction, and not be sold for a flat price. Not only will the winner receive an NFT and Infinite Object but also a physical replica of the championship ring itself.
The one-of-one animated NFT ditches the orange and green color scheme of the other two and moves towards gold metallic surfaces with just a dab of green on the face of the ring.
The auction for the one-of-one starts on August 16 while the sales of the remaining NFTs begin on August 17.
This story was seen first on BeInCrypto
