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Chicago Bulls Join Forces with Shopify to Initiate NFT Series

The Chicago Bulls of the NBA have released nonfungible tokens portraying six championship victories from back in the 1990s through prominent eCommerce company Shopify.

Shopify happens to be an international company that offers website-centric storefronts as well as payments infrastructure. The president of the platform, Harley Finklestein, took to Twitter yesterday to reveal the NFT drop. He took to Twitter to state that anyone who has spent at least a minute on the internet in the current year has seen numerous NFTs. He added that Shopify aims to make it much more convenient for sellers to sell nonfungible tokens right through their stores, among the very first being the store owned by the Chicago Bulls.

According to the president, the Chicago Bulls team is among Shopify’s very first collaborators to drop an NFT storefront on the site, with Finklestein elaborating that the service is going to be available to an exclusive few in its first stages of development.

Shopify incorporated Sweet’s NFT Marketplace two months ago in May, enabling its consumers to publish and sell NFTs directly via the renowned eCommerce user interface. Sweet endorses nonfungible tokens published via Simple Ledger Protocol’s (or SLP) standard protocol, Dapper Labs’ Flow digital ledger, and ETH’s ERC-721 standard protocol.

The NFTs in question were minted on Flow, a platform that serves the officially authorized NBA Topshot token feature collectables.

The “Bulls Legacy Collection” is set to be issued in six editions, with every token commemorating the team’s six emblematic championship victories having taken place from 1991 to 1998. The first nonfungible token was dispatched on the 26th of July and has effectively sold out, with the subsequent token scheduled for inauguration later in the day. The four nonfungible tokens that remain are set to be launched over the following four days.

On the 21st of July, it was reported that OpenSea, a popular NFT market, had closed on a 100 million USD Series B subsidizing round spearheaded by business assets company Andreessen Horowitz at an appraisal of 1.5 billion USD. This was indicative of venture capital investors remaining bullish in the nonfungible department.

Retail financial backers are still apparently eager to obtain the prized nonfungible tokens for themselves too. Tyson Fury’s very first saw an individual token obtain almost 1 million USD in an auction on the 16th of July. More than thirty-two thousand individuals enrolled in Damien Hirst’s (a contemporary artist) most recent NFT drop in the previous week.

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