Foley & Lardner LLP assisted the Utah Jazz in the launch of their Jazz NFT program, JAZZXR, which combines the franchise’s first-ever digitally designed non-fungible token (NFT) with access to a unique live experience with Jazz icons.
Using virtual reality technology such as Oculus headsets, Jazz NFT owners will have exclusive access to a virtual tour of the Jazz’s locker room – a first-of-its-kind opportunity in the professional sports industry. These “meet and greet” interactions will take place in the metaverse and be hosted by Jazz owner Ryan Smith.
The first drop of Jazz digital NFTs, minted through Ethereum blockchain, was up for auction on Rarible, the largest decentralized, creator-centric NFT marketplace. The limited-edition collection consisted of only 30 NFTs in its initial offering. For additional details of the Jazz’s limited-edition NFT collection, visit nba.com/jazz/nft.
The Foley team was led by Partner Kevin Schulz and Special Counsel Catherine Zhu, who are members of Foley’s multidisciplinary NFT Task Force. Led by Partner Jonathan Israel, the NFT Task Force is comprised of attorneys with experience in areas such as Cryptocurrency & Blockchain; Patents; Payment Systems; Trademark & Copyright; Licensing & Data Sharing; Privacy; Monetization; Contracts; and Securities Regulations, attending to all aspects and legal issues in the NFT process. Schulz and Israel also head Foley’s Sports & Entertainment Group.
The launch of the Utah Jazz’s NFT collection marks Foley’s second engagement with an NBA team on minting and launching an NFT drop, after having previously advised the Milwaukee Bucks on its NFT launch, and adds to the firm’s work with clients in the exciting and evolving NFT space.