Kobe Bryant’s legacy will continue to live on in the digital form. The team behind the KB24 NFT project has just revealed an official launch date for their non-fungible token art collection inspired by the late NBA star. According to a press release, the project’s drop date is October 8th and has received support from NBA players such as Dwight Howard, Nerlens Noel, Metta World Peace and, Kenny Smith.
“I am amazed at how fast the KB24 community has grown in such a short amount of time,” Howard, the Los Angeles Laker center, said to Forbes. “I’m excited to engage more in the NFT space, and this is a movement that carries great significance in the art world. It’s thrilling to be supporting the Mamba & Mambacita Foundation!”
Proceeds from the NFT will benefit the Mamba and Mambacita Sports Foundation. The KB24 project is explained as a collection of 10,000 algorithmically generated NFTs that exist on the blockchain with each NFTs having its own unique attributes across eight categories. Each NFT has an initial value of 0.08 ETH, which equates to roughly $250, and the newly minted KB24 NFTs will cost their equivalent Ethereum rate.
The nonprofits created in Kobe and Gianna Bryant’s honor are set to receive money from this project through the initial sales of the NFT. If the KB24 project sells all 10,000 NFTs on the first day, as anticipated, it would generate approximately $2.5 Million.
COMING. SOON. KB24 ???
— KB24 NFT (@KB24NFT) September 21, 2021
“We want to change the NFT space,” Andy Treys, one of the project’s co-founders, said to Forbes. “There’s so much room for the NFT community to give back to charities and make this world a better place. We’re not doing this for fame or fortune, we’re doing this because we want to extend Kobe’s legacy to the digital realm forever.”
NFT creators earn royalties from each sale and each time an NFT is sold, royalties are paid to the creators not only for sales but also for future resales. Each time a KB24 NFT is sold, a 10% fee will be collected and used to donate to the Mamba & Mambacita Foundation.
The project is estimated to generate over $50 million in royalties throughout its lifetime, which will be used to donate to the Foundation.