Toronto Raptors launch NFT line and some start at $1,500

The Toronto Raptors are the latest to come out with their very own NFTs, some of which will start at $1,500 at auction.

On July 16, the Raptors Twitter account posted a cryptic graphic of a key with the date July 23, 2021.

𝙹𝚞𝚕𝚢 𝟸𝟹𝚛𝚍, 𝟸𝟶𝟸𝟷 pic.twitter.com/KXZcaHkLS3

— Toronto Raptors (@Raptors) July 16, 2021

On July 20, they franchise revealed that it was a teaser for a line of NFT "keys" the team is dropping on July 23.

Many fans responded to the announcement saying they were hoping for news about Masai or Lowry instead and that they weren't interested, one person saying "NFTs are soo last week."

Some of the rare/legendary auctions look interesting. Who doesn't dream of sitting courtside?

— Trevor (@t88west) July 20, 2021

However, others did write that "Some of the rare/legendary auctions look interesting. Who doesn't dream of sitting courtside?" and "That's sick af."

"It's just digital art, y'all," one person wrote. "Made unique using a blockchain. Nobody is making you buy, but if you like it, go for it!"

While what you actually get out of buying most NFTs can seem a bit elusive, these NFT "keys" will unlock experiences for fans.

Also, a portion of all NFT proceeds will be donated to MLSE Foundation's Change the Game campaign, which provides equitable access to sports opportunities.

The themes are "The City," "The Team," "The Player," "The Past," "The Future" and "The Game," all of which unlock different Raptors exclusives and experiences.

While the auction prices for "legendary keys," of which there are only one each within the six themes for keys, start at $1,500, there are also "limited edition" NFT keys for single sale that are $30. In between there are "rare" level NFTs that start at $400 at auction.

The limited edition keys just unlock access to a special start-of-season virtual experience, but the legendary keys can unlock experiences like Drake's pair of courtside seats for a game, signed balls and jerseys, a meal prepared by the Raptors team chef, watching a Raptors practice or a private suite for Game 1 of the 2022 playoffs.

The auction opens July 23 at 6 p.m. and closes July 28 at 6 p.m. Auction NFTs will be sold to the highest bidder, and users can place bids across multiple NFTs as soon as auctions begin. After auctions close, successful bidders will receive their Raptors NFT Key in their DropShop collection.