An extraordinary surge in the NFT market was witnessed through the recent sale of an Ethereum-based NFT, representing the burgeoning NBA talent, Victor Wembanyama. The digital representation, a one-of-a-kind “Unique” trading card released by Sorare NBA, made waves with its remarkable sale price of over $110,000. Wembanyama hailed as this year’s top pick in the NBA draft and playing for the San Antonio Spurs, saw his digital asset sell for an impressive 61.182 ETH, which translated to approximately $110,120 at the close of the auction.
NBA star’s NFT trading card sells for $110,000
This substantial value eclipsed the prior record for the sale of one of his physical trading cards, which fetched $67,333 in an auction facilitated by Goldin, featuring a “pre-rookie” card ahead of his official NBA debut. The momentous increase in the NFT’s value stands as a testament to Wembanyama’s meteoric rise and immense popularity as an emerging figure within the NBA. The appeal of Sorare’s digital card lies in its distinction from traditional physical sports collectibles.
The cards also offer a unique proposition of verified ownership and tangible utility, further elevating its allure in the burgeoning NFT market. Notably, this record-breaking sale coincided with Wembanyama’s dynamic performances with the Spurs, drawing attention and admiration for his basketball prowess. Sorare, initially introduced in 2019 as a fantasy soccer game, has significantly expanded its portfolio to include league-specific games in collaboration with major sports entities such as the National Basketball Association and Major League Baseball.
Revolutionizing NFTs in the sports collectible world
These games integrate NFT trading cards, providing players with the opportunity to construct lineups that can yield rewards, including cryptocurrency and additional NFTs, thereby amplifying the interactive and rewarding experience for the users. The cumulative NFT sales achieved across Sorare’s platforms have crossed the impressive mark of $713 million. These figures, meticulously tracked by CryptoSlam, underscore the immense popularity and value of digital collectibles within the ever-evolving NFT market.
In 2021, Sorare successfully concluded a substantial $680 million Series B funding round, valuing the company at an impressive $4.3 billion. It is noteworthy that Sorare NBA’s record NFT sale was set earlier in February when an NFT featuring Milwaukee Bucks star Giannis Antetokounmpo was sold for 113.9 ETH, equivalent to about $187,000 at the time of the transaction. The remarkable success of Sorare’s NFT auctions, especially within the sports domain, serves as a testament to the escalating appeal and potential of digital collectibles in the contemporary market.
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