Partner Kevin Schulz and special counsel Catherine Zhu were quoted in a Wisconsin Law Journal article, “Foley & Lardner assists Milwaukee Bucks with NFT launch,” regarding their work assisting the NBA franchise with the launch of its 1971 Championship NFT (non-fungible token) collection.
In June, the Bucks became the third NBA team to launch its own NFTs, which are digital assets sold through online marketplaces. The intangible items such as videos and images have become increasingly popular with collectors.
The limited-edition collection consists of three digital collectibles commemorating the 50th anniversary of the Bucks’ first NBA championship. The Bucks won their second NBA title in July.
All three items have been purchased and were up for bid through OpenSea, the world’s first and largest NFT marketplace. Items included:
- A commemorative 1971 NBA Finals Game 1 ticket.
- A commemorative 1971 NBA Finals Game 3 ticket; the owner also received a VIP package for the Bucks’ 2021-22 regular-season home opener at Fiserv Forum.
- A championship banner commemorating the 1971 NBA title; the owner also received a Bucks Ultimate Ticket, redeemable for two tickets to any future Bucks game, including NBA Finals games.
“The distinguishing factor of NFTs is the scope of legal issues is so vast,” Zhu said. “There’s definitely more gray area on the IP issues. There are securities laws we have to look into, potential money-transmission regulatory issues. It’s definitely a broader bucket of regulatory issues.”