Golden State Warriors first pro sports team to launch NFT collection

April 27 (UPI) -- The Golden State Warriors launched a non-fungible token (NFT) collection Tuesday, becoming the first professional sports team to do so.

The Warriors launched their "Legacy NFT Collection" on the OpenSea platform. The officially licensed digital collection commemorates the franchise's six NBA championships and includes digital collectibles of the most iconic games in team history.

The team said a portion of all proceeds from the auction will benefit the Warriors Community Foundation, which works to promote educational equity in the Bay Area.

"The digital collectibles excitement is palpable," Warriors Chief Revenue Officer Brandon Schneider said in a statement. "We see NFTs and digitization of our business as a mainstay to engage our fans around the world. As an organization, we are constantly evaluating ways to be creative and innovate and launching this special NFT collection is the latest evolution for us in that space.

"Additionally, it is important to us that proceeds from this initiative will support the Warriors Community Foundation at a critical time in our community's journey to rebuild educational practices during the pandemic."

The NBA has seen significant returns on its blockchain-based platform, NBA Top Shot, which allows fans to buy, sell and trade numbered versions of officially licensed highlights. Since its launch last fall, the NBA -- in collaboration with Dapper Labs -- has earned an estimated $500 million in sales from Top Shot.

Schneider told ESPN the Warriors have been studying Top Shot and the NFT marketplace over the last three months to discover the best way to create a collection that will attract fans.

The Warriors ultimately opted to create digital championship rings to commemorate each of the club's six titles, as well as digital ticket stubs from some of the team's most notable games.

The main auction went live Tuesday morning and will run through Saturday.

OpenSea, the largest NFT marketplace in the world, accepts only the cryptocurrency Ethereum.