National Basketball Association (NBA) team the Chicago Bulls is releasing an NFT collection this month, featuring redesigns by renowned artists of the team’s logo.
Each piece of artwork will be minted on the Ethereum blockchain exclusively through Coinbase’s NFT platform as a single one-off NFT.
“The Aurochs” collection will be auctioned on September 22 starting at a price of 0.2 ETH, or around $320.
The NBA will take 10% of the proceeds of the sale alongside 40% going to the artists and 40% to the Bulls.
The final 10% will be given to the Chicago-based non-profit After School Matters, an organisation that provides academic and educational opportunities to Chicago's youth.
The team worked with 23 artists involved in NFTs to reimagine the Chicago Bulls logo. However, the NFT token artworks will not replace the logo, seen as an iconic piece of imagery since the team's inception in 1966.
“I am a fan of simple yet impactful bold imagery. The power and stature of the Bull is something appreciated and revered by all cultures”, said project artist Zoe Rain.