On Sunday, an NFT (non-fungible token) of Giannis Antetokounmpo sold for $187,000 worth of ETH, setting a new record on Sorare NBA, for the highest-sold NFT on the platform.
Sorare NBA is an NFT-driven fantasy basketball game, officially licensed by the NBA (National Basketball Association).
The sale also set a new record for the highest-known sale of a Giannis Antetokounmpo NFT. However, physical card sales of the famous Greek-Nigerian basketball player still remain even pricier.
Giannis Antetokounmpo NFT sale
The Giannis Antetokounmpo NFT sold for approximately 113.9 ETH (Ethereum), which is about $187,000. It sold at triple the price of the previous record-breaker, which was an Anthony Davis NFT that sold for nearly 49 ETH, which is over $62,000 in December 2022.
The sale is a significant milestone for the relatively new Sorare NBA platform which only launched last October. It is perhaps also a welcome sign for those with investments in the NFT market, which has experienced stagnating sales over the past several months. For instance, NBA Top Shot has not seen an NFT sale reach those heights in almost two years.
Physical sports trading cards still hold a higher monetary value, however. In September 2020, a Giannis Antetokounmpo trading card, signed by the basketball star himself, complete with an embedded piece of a game-worn jersey, sold for more than $1.8 million.
🚨 24 hours left to bid on Giannis' Unique (1/1) Card! 🚨
— SorareNBA (@SorareNBA) February 4, 2023
Giannis Antetokounmpo’s stardom
The record-breaking sale price of the Giannis Antetokounmpo NFT is perhaps a reflection of the 28-year-old basketball player’s widespread appeal as an immensely successful athlete.
Giannis’ incredible career is one to admire at such a young age. He is now considered the greatest player in the history of the Milwaukee Bucks franchise.
Signed in 2013, Giannis already has several club records, including being the Bucks’ all-time leading scorer.
He is now the Bucks franchise leader in points, free throws, free throw attempts, defensive rebounds, blocks, turnovers, true shooting percentage, usage percentage, and value over replacement player (VORP).
Other accomplishments for Giannis include being an NBA Champion, two-time MVP, NBA Finals MVP, Defensive Player of the Year, and six-time All-Star.
What are non-fungible tokens?
For those unfamiliar with NFTs, the six-digit sale price of the virtual Giannis Antetokounmpo trading card might be surprising.
So what exactly are NFTs? Non-fungible tokens certify the ownership of a one-of-a-kind piece of digital media, most commonly art, but can include anything from photography, music, memes, podcasts, and tweets among other things.
When NFTs are purchased at auction, they are subsequently “minted” on the blockchain, where they become a file that cannot be manipulated, edited, deleted, or copied in their original form.
NFTs exist on the Ethereum blockchain (ETH), and this information about who owns them, what kind of media they are, and who created them makes them exist differently than an ETH coin. Another crucial aspect of this difference is the token’s non-fungibility
Their non-fungibility means that these tokens are unique and singular and cannot be traded with an identical currency. Cryptocurrencies like bitcoin or fiat currencies like the U.S. dollar, where each coin or ten-dollar bill is identical in value to each other, are considered fungible.