The Utah Jazz digitally designed Non-Fungible Token

The Utah Jazz became the first professional sports program in the World to sell a digitally designed Non-Fungible Token (NFT) with exclusive access into a virtual locker room for the team. 

The Utah Jazz became the first professional sports program in the World to sell a digitally designed Non-Fungible Token (NFT) with exclusive access into a virtual locker room for the team. NFTs are basically collectible digital objects (images, sound clips, videos and more, like a locker room tour) that are bought and sold on the blockchain, using cryptocurrencies.

The legal nuances of this unique deal were prepared by a specialized team of global law firm Foley & Lardner LLP. 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 Jon Israel.

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 Inc. on its NFT launch.