Foley & Lardner LLP assisted the Utah Jazz in launching the second phase of its original non-fungible token (NFT) collectibles with membership in the Jazz XR Cub Club. The collection is available for public sale exclusively through the CoinZoom NFT Marketplace, the official cryptocurrency platform and NFT marketplace for the Utah Jazz.
Designed by Brux Studio, the series features three minted versions of the Jazz Bear mascot as he grows in age with related accessories. The first collectible version, released for sale on April 15, 2022, shows Jazz Bear as a cub with a rattle, pacifier, and bib. The final two versions of the mascot will be released at later dates. Purchasers of these NFTs will also receive a variety of added benefits, including participation in crypto giveaways, team merchandise, and exclusive insider access to behind-the-scenes content within the Jazz organization. The CoinZoom NFT marketplace allows fans to purchase Jazz NFTs and provides a free wallet to store them.
Foley advised the Jazz on all aspects of the launch, including the services agreement between the Jazz and CoinZoom, the NFT purchaser terms and conditions, and CoinZoom’s marketplace terms and conditions.
The Foley team was led by Partner Kevin Schulz, Of Counsel Andy Lee, and Associate Ashley Lee. All are members of Foley’s NFT Task Force, a multi-disciplinary group of attorneys who are actively engaged in guiding businesses through their NFT projects and other emergent needs. Schulz is also Co-Chair of, and Lee is Special Advisor to, Foley’s Sports & Entertainment Group.
Last September, Foley assisted the Utah Jazz in launching its NFT program that combined the franchise’s first-ever digitally designed NFT with access to a unique live experience with Jazz icons.