Foley & Lardner advised Utah Jazz on the deal.
The Utah Jazz announced 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.
The Foley team was led by Partner Kevin Schulz (Picture) and Special Counsel Catherine Zhu.
Law Firms: Foley & Lardner LLP;
Clients: Utah Jazz;