Hong Kong cryptocurrency start-up to display Golden State Warriors’ NBA championship rings worth US$700,000 to promote non-fungible tokens

CoinUnited.io paid US$700,000 for six rings, linked to NFTs, celebrating the titles won by the San Francisco-based basketball team

The NBA rings will be displayed at its flagship store in Causeway Bay, as it seeks to push the concept of NFT to the wider public

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A commemorative ring backed by NFT (non-fungible tokens) and authorised by NBA team the Golden State Warriors, on display at the CoinUnited.io flagship shop in Causeway Bay. Photo: Xiaomei Chen

Published: 8:00am, 24 May 2021Updated: 8:00am, 24 May 2021

Ever since a digital clip of the Los Angeles Lakers star LeBron James dunking the ball sold for a whopping US$200,000 in the form of a non-fungible token (NFT) earlier this year, a Hong Kong cryptocurrency start-up has seen the potential to broaden the appeal of this new form of digital asset beyond basketball fans.

In an effort to promote the concept of NFT to the general public, CoinUnited.io will soon be displaying six unique rings – in both digital and physical form – commemorating the six NBA championships won by the Golden State Warriors. The cryptocurrency platform bid an eye-watering US$700,000 for the NFT denoting ownership of the prized memorabilia from the San Francisco-based basketball team.

By showcasing the collection in its 10,000 square-foot flagship store in Causeway Bay when it arrives next month, CoinUnited.io hopes to popularise NFT among Hong Kong consumers, according to founder Louis Li.

“We want to be a collector of NFT, as we see them as a great medium for introducing digital assets to the general public,” said Li during an interview at the firm’s shop, which also houses seven bitcoin automatic telling machines (ATMs). “The trend of crypto assets getting bought and sold on main streets is continuing.”

The NFT is a digital certificate of ownership stored on the blockchain. It also records the bidding and trading history of the rings, and details of the design that makes them one of a kind, and non-fungible, meaning they cannot be exchanged for one another. Both the NFT and the rings, scheduled to be shipped to Hong Kong in June, are authorised by the Golden State Warriors.

Golden State Warriors guard Stephen Curry celebrates after scoring against the Phoenix Suns during the third quarter at the Chase Center. Photo: USA TODAY Sports

The owner can sell them on by using a private key tied to a crypto wallet on the blockchain.

The jury is still out as to whether NFTs are yet another speculative bubble or a serious business. Their profile was lifted when an NFT linked to a digital file of the artwork of Mike Winkelmann, a digital artist better known as Beeple, fetched a record US$69 million at a Christies online auction in March.

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