Jalen Suggs officially declared for the 2021 NBA draft on Monday by releasing a one-of-one non-fungible token (NFT) of his incredible game-winning shot in the NCAA Men's Tournament semis.
This moment was just the beginning. As I officially turn pro, The Shot is now a 1-of-1 NFT, accompanied by my signed, game-worn shoes from the semis. The auction is live now on @opensea: https://t.co/YAQrBdnPVH pic.twitter.com/lHGzZUO1bc
— Jalen Suggs (@JalenSuggs2020) April 19, 2021
The guard announced that a signed pair of his game-worn shoes from the win vs. UCLA would also go to the winner of the auction.
NFT is an umbrella term for any asset that has been verified using blockchain technology, a record keeping method in which a network of computers gives buyers proof of authenticity and ownership by recording transactions. The basic purpose of NFTs is to permanently connect a digital file to its creator, giving artists a way to transform digital work that could have been endlessly copied into something unique, making it sellable.
When someone purchases an NFT, what they are effectively receiving is the knowledge they own the official version of a virtual thing. A simple way to conceptualize this, using physical art as an example, is that anyone can buy a print of a painting but only one person can own the original piece of art at a time.
Suggs, 19, was one of the top freshmen in the NCAA all year, averaging 14.4 points, 5.3 rebounds and 4.5 assists per game. But his signature moment came in the March Madness semi-finals when he hit a jaw-dropping buzzer-beater to beat UCLA and send the Bulldogs to the championship game.
JALEN SUGGS WITH THE OVERTIME BUZZER BEATER TO SEND GONZAGA TO THE CHAMPIONSHIP!
: @CBSSports pic.twitter.com/jTjWmJ1nFX— Sportsnet (@Sportsnet) April 4, 2021
The guard is expected to be a top-10 pick in this summer's NBA draft.
