The Block: Trump move over: NBA legend Scottie Pippen’s NFT drop sells out in record 77 seconds

NBA Hall of Famer Scottie Pippen’s NFT collection has broken the OpenSeas sales record previously set by actor Anthony Hopkins, after his digital-asset collection sold out in less than one-and-a-half minutes. Pippen’s 1,000-piece NFT collection sold out in a mere 77 seconds on Tuesday, according to Orange Comet, the company responsible for producing both the former NBA legend's and Hopkins' NFT collections. Selling out at such a rapid pace also means Pippen's NFT drop outpaced last week’s highly publicized drop inspired by former President Donald Trump. “After an amazing year for Orange Comet, selling out this iconic NFT collection and beating our previous record with Sir Anthony Hopkins’ drop is an incredible way to close out 2022 and a true testament to the work our team puts into the creation of these collections,” Orange Comet CEO and co-founder Dave Broome said in a statement.

Hopkins' NFT collection sold out in seven minutes in October. Orange Comet’s Pippen collection , which are essentially digital sneakers, also represents the company’s first for ay into releasing a line of “ digital wearables ” it is calling " Metawear ." Pippen and Broome recently appeared on The Scoop , a podcast by The Block.

So far Pippen's collection has yielded more than $240,000 in sales volume, according to OpenSea data.

NFT sales volumes, in U.S. dollar terms, have plummeted amid a prolonged crypto winter, making it increasingly harder to successfully launch new collections. But like Trump’s drop, which enters holders into a sweepstakes with a chance to win access to different special events, of the initial 1,000 holders of Pippen’s NFTs, 33 will receive a pair of physical speakers, according to Orange Comet. One holder and a guest also will be invited to visit Pippen’s hometown, the company’s website said. As the market for NFT collections has cooled significantly, more money is being invested into attaching added benefits (also called utility) to digital assets. Big brands and artists are hoping that more mainstream consumers will embrace NFTs if they offer consumers special privileges or opportunity to win prizes. Update: This story was updated with additional art. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.