What are NFTs? How do I buy them? How can I sell them?

DAZN is now entering the world of boxing NFTs, launching NFTs to mark the May 8 fight between Saul ‘Canelo’ Alvarez and Billy Joe Saunders, shown on the network worldwide (except in Mexico). We look at what NFTs are, how they work, and how to buy them.

What are NFTs? How do they work? Which are the most expensive and how do I buy and sell them?

NFTs, or Non-Fungible Tokens have been in use for the best part of a decade, but have now broken into the mainstream, for some items going for millions of dollars as speculators, investors and fans look to get in on the action.

What are NFTs?

NFT stands for Non-Fungible Token. In essence, that means that the token is unique and can't be replaced. One bitcoin, or one pound coin, can be replaced by another bitcoin or pound coin, but a signed LeBron James jersey from a particular NBA game can't be replaced by just any Lakers jersey. The bitcoin and coin are fungible, the LeBron shirt is not.

An NFT is a token that represents ownership of a particular digital asset, and any copies or reproductions of that asset are not verified as the original. Should someone produce a physical or digital asset - a painting, a tweet, a house - the NFT for that item can prove ownership.

How do NFTs work?

The majority of NFTs are on the Ethereum blockchain. Ethereum is one of the most prominent cryptocurrencies, and allows NFTs to hold more information including the details of what the NFT is a certificate for. In theory the blockchain - a kind of digital public register - should provide a record of ownership that can’t be hacked or overwritten.

What is the blockchain?

A blockchain is a kind of database. Instead of a spreadsheet though or another database, there are key differences. Whereas you can delete, amend or replace a cell or table in a spreadsheet, you can't alter the information on a blockchain. You can instead put additional information on another block, and add them together, forming a chain. New information leads to new blocks and a larger chain.

Because information is added rather than altered, it forms an irreversible history of data, meaning ownership is something that can't be changed in the database, only tracked.

How do I buy NFTs?

OpenSea, Mintable, Rarible are the three main platforms to buy NFTs. You can bid on items as you would on eBay or other internet auctions sites/apps, and some platforms allow you to purchase items for a set fee. You can initially only purchase these DAZN NFTs on OpenSea .

What are the most expensive NFTs?

3. CryptoPunk #7804 - $7.57 million

As of 8 April, the third most expensive NFT is the CryptoPunk #7804 is one of nine ‘Alien CryptoPunks’ designed by Larva Labs, and it is one of its rarest designs. This particular design has an alien with sunglasses, wearing a cap and smoking a pipe. It was auctioned off for $7.57 million.

2. Crypto Punk #311  - $7.58 million

CryptoPunk #3100 went for $7.58 million, and is also an Alien Punk. This turquoise alien has a blue and white headband. On 11th March, its most recent sale, it became the most expensive of all the alien NFTs.

1. Everydays: the First 5,000 Days - $69 million

The most expensive NFT was sold by Christie’s auction house for $69 million dollars. It is a collage of Beeple’s Everydays artwork series, with 5000 pieces of art created since May 2007.

DAZN is launching Canelo and Saunders boxing NFTs - how to get them

As part of the build-up to the latest stage for Canelo’s pursuit of unifying the super middleweight division, DAZN are launching a series of NFTs to commemorate the fight.

There are a range of NFTs up for grabs, with some unique items set to go to auction before and after the fight.

At 12 noon ET/ 5:00pm BST on May 5, there will be an auction for a single, gold 'Tale of the Tape' for Canelo, and another for Saunders. There are also another 50 silver Tale of the Tape NFTs for each fighter to be bought at a fixed price. The winning bidder for the gold Tale of the Tapes will receive signed gloves from either Canelo Alvarez or Eddie Hearn, and there are other prizes behind each NFT.

As well as that, there are Prediction NFTs to guess the round of victory, with potential prizes including tickets to the next Canelo or Saunders fight.

There’s also the chance to join the bidding for an exclusive Knockout NFT for each fighter, with the winner for each boxer getting a digitally signed 3D representation of their gloves, as well as signed fight gloves - from either Canelo or Hearn - and more. Remember, some items are due to be put up for auction, while others will be on sale at a fixed price.

On May 10, there will be more NFTs to bid on, including the Winning Moment for the victor, as well as Ring Walk NFTs for both Canelo and Saunders.

How does bidding on OpenSea work?

You can bid for items as you do on eBay and other auction sites, but in the final ten minutes of an auction, every new bid extends the auction time by a further 10 minutes. For example, if you bid at 10:55 for an item due to finish at 11:00, the new deadline would be reset to 11:05, and so on.

For our Prediction Gold NFTs only that will be sold at auction, if any of them extend into the fight itself, DAZN will manually accept the highest offer at the time the fight starts. This is because their value is tied to the result of the fight.

How can I sell NFTs?

You can sell NFTs on marketplaces such as OpenSea described above.

You can buy and bid for DAZN’s Canelo vs. Saunders NFTs from May 5 at 12pm EST/5pm BST. Full details about DAZN’s drop are available at DAZNBoxing.io. You can register your interest before the sale by leaving your email address on our landing page. The NFTs will be available on OpenSea.

Boxing NFTs: Tale of the Tape

Prediction

Knockout

Fight Highlights