2017 was the year of bitcoin. In 2021, NFTs are taking center stage, and professional athletes are getting in on the game. Last week, Tiger Woods became the latest sports celebrity to grab his piece of the NFT pie.
Autograph: Tom Brady’s New NFT Company
Under the guidance of Upper Deck, Tampa Bay Buccaneers quarterback Tom Brady started an NFT company called Autograph. A star-studded operation, its advisory board is a who’s who of athletic luminaries, including Tony Hawk, Derek Jeter, Wayne Gretzky, Simone Biles, and Naomi Osaka.
Tiger Woods NFT Collection Launches With Autograph
Tiger Woods is joining the Autograph family with an inaugural NFT collection launching on September 28, 2021. The first drop includes 10,000 digital pictures, 300 of which are digitally autographed. Each object is priced between $12 and $1,500.
When asked about the project, Woods said:
“The intersection of sports and technology is such an interesting space to me, and I’m thrilled to partner with Autograph as they lead the charge by ushering a new era of digital collecting. It’s been an honor to join their advisory board among so many iconic athletes, and I’m looking forward to bringing fans closer to my memorable sports moments at an accessible price, and to the game I respect so much.”
Understanding NFTs
So here’s a question: If you purchase a Tiger Woods NFT, do you own it outright?
Not exactly.
What you will own is a token linked to the object. But Woods, the NFTs’ creator, maintains intellectual property rights.
Did that make you go, “HUH!?” If so, keep reading.
What Are NFTs?
NFT stands for non-fungible token. So what does non-fungible mean?
There’s a complex legal and investing definition, but for this discussion, suffice it to say that non-fungible means you can’t exchange or trade it for something else of the same value. It’s unique.
For example, you can sell one bitcoin and receive something of value in return. But non-fungible assets aren’t structured for one-to-one exchanges. Instead, they’re unique objects, like a media file, image, or even a tweet.
NFT Example
Take the Nyan Cat NFT that sold for $590,000. Even though someone paid big bucks, ownership of the meme is still in the hands of its creator. The buyer has a record proving ownership of the token linked to the digital asset. So, other people can download Nyan anytime and use it on social media without owning the NFT, but the buyer has the collectible.
Jeffrey Thompson, associate professor at the Stevens Institute of Technology in Hoboken, New Jersey, explained it like this:
“NFTs challenge the idea of ownership: digital files can be reproduced infinitely and you do not (usually) buy the copyright or a license when purchasing an NFT.”
Consult With an NFT Attorney
The Kelly Law Firm works with crypto-related businesses and individuals across North America, Asia, and Europe, on various blockchain and NFT matters. If you’re ready to speak with an NFT attorney, get in touch using the form below. We’ll get back to you within 24 hours.
