An NFT or non-fungible token is a unique one-of-one digital asset that is stored on the blockchain. An NFT can be an array of digital media including MP3, JPG, and more. Since each NFT is stored on the blockchain a verifiable receipt is created that allows proof of ownership.
LaMelo Ball is a professional NBA player (2021 Rookie of the Year) who released dynamic NFTs tied to his performance on the court; stats (e.g. points) update in real time via Chainlink. Each NFT auctioned off gives purchasers the chance to win perks (e.g. physical memorabilia) that are verifiably chosen at random.
From a young age LaMelo and his brothers have attracted an enormous amount of attention given their impressive skills. Their father, LaVar Ball, himself a former professional football player, (practice squad member of the New York Jets and Carolina Panthers) is widely publicized and has started ventures such as the company Big Baller Brand.
Since LaMelo Ball has been able to attract an enormous amount of fans (seven million followers on Instagram) and considering he was NBA Rookie of the Year in 2021, he has successfully brought awareness to his NFT project. NFTexplained.info thinks LaMelo has created an NFT project far more advanced and a slight step ahead when compared to other professional athletes who have released NFTs.
LaMelo dropped his NFT project using Ether Cards, which are an advanced set of tools that allow NFTs within an ecosystem to complete an array of functions including the triggering of changes due to real world events. Ether Cards work by allowing the execution of specific tasks via smart contracts.
LaMelos’ NFT project is also powered by Chainlink, which is a decentralized oracle network that verifies real world data. This ensures that the statistics following the NFT (e.g.points) are updated and trustworthy. This also means statistics can’t be tampered with.
NFTexplained.info will discuss and provide our analysis on the LaMelo Ball NFT project. This includes the NFTs released, how to purchase these NFTs, and we will end our article by providing a price analysis on LaMelo’s NFT project.
What NFTs Did LaMelo Ball Release?
LaMelo released an open edition NFT sale from June 4 – June 25 in 2021. Each of the four editions have a focus stat (red mars = points, blue neptune = steals, silver moon = assists, gold evolve = rookie of the year) which updates in real time. Each NFT offers possibility of receiving additional perks.
The NFTs are 10 second video clips which feature LaMelo in a galaxy background wearing basketball attire. Each of the four NFTs are in different colors (to reflect the different tiers) with the basketball being presented as a planet.
The NFTs have the ability to transform their visual appearance through Ether Cards and Chainlink. For example, one perk of the Gold Evolve NFT was the guaranteed transformation that will take place if LaMelo was acknowledged as Rookie of the Year, which he did.
How To Purchase A LaMelo Ball NFT
Purchasing a digital asset can be a slightly complicated process. Thankfully, NFTexplained.info will break down each step of the process for you.
LaMelo Ball’s NFTs are currently available only on the secondary market. NFT marketplaces like OpenSea currently list his NFTs. In order to make the purchase, a digital wallet like MetaMask is needed. Enough ETH must be in the wallet to purchase the NFT and pay the transaction fee.
The first step in the process is establishing a digital wallet that is able to interact with the Ethereum blockchain. The most commonly used digital wallet is MetaMask because of its simple user interface. This process is quite simple and the NFTexplained.info team has already published an article explaining precisely what the MetaMask wallet is, how it works, and a step by step guide for users. That article can be found here.
In order to buy LaMelo’s NFT, Ethereum is required for completion of the transaction. On MetaMask one has the option to directly purchase ETH using a debit card, or one can exchange a variety of cryptocurrencies for ETH. It is important to note that a ‘gas fee’ must be paid or this transaction won’t complete – a miner needs to verify the transaction and needs to be rewarded for their work. A lot of energy is required; miners don’t work for free and the whole process is energy intensive. Users also have the option to purchase ETH from Coinbase as long as the address of the digital wallet is connected, which is also a simple process.
If you would like to learn how much energy an NFT consumes; NFTexplained.info has created the perfect article for you. We will break down proof of work and proof of stake consensus algorithms and explain how much energy an NFT built on the Ethereum blockchain uses.
In time, NFT marketplaces like OpenSea won’t require any gas fees. OpenSea has already announced they plan to make this change after they received $100 million in venture funding. If you would like to learn what OpenSea plans to do with the money, that article can be found here.
Once the MataMask wallet is connected and enough ETH is in the wallet to purchase and pay for the minting (gas fee) of the NFT, users have the option to bid and purchase. Users also have the option to mint (sell) their own NFTs or resell any NFT they have already purchased.
If you would like to learn about the largest NFT marketplace, the NFTexplained.info team has created a complete tutorial on OpenSea and we have broken down the marketplace in a way that is easy to understand.
While in the process, you may find more NFTs that are intriguing to you and provide the opportunity to make a profit by reselling them.
Will LaMelo’s NFTs Increase In Value?
NFTexplained.info is a group of investors who are educated within the blockchain space. We are not financial advisors and as with any investment, make sure to complete due diligence before taking any action.
NFTs are highly speculative investments. However, it’s likely that LaMelo Ball’s NFT project will increase in value over time. Statistics connected to the NFT will continue to rise, likely causing prices to increase. Each NFT offers perks and it can be assumed more people will want his NFTs.
It can be assumed that these NFTs will increase in value as more LaMelo fans learn about NFTs. NFTs can be slightly challenging to understand and having basketball fans download and configure digital wallets like MetaMask may take some time.
The project has numerous perks such as the ability to unlock VIP access to group chats with LaMelo. Once more people realize they have the ability to talk with him and receive autographed paraphernalia, it is entirely possible the price will increase.
The NFT project is unique as each NFT follows LaMelos’ career. NFTexplained.info projects that as the statistic following the specific NFT (e.g. assist) increases, so will the price. Based on the fact that LaMelo was NBA Rookie of the Year while being under 20 years old and the widely held opinion that NBA players peak around 24 years of age, it can be assumed he will become even more of a fan favorite.