The inaugural World Basketball Festival will run from Aug. 12-22 and to commemorate the occasion, Jay-Z has teamed up with Nike to release new limited edition sneakers.

Jay-Z and Nike debuted the new "All Black Everything" Air Forces Ones to represent each of the countries participating in the international basketball festival. Only two pairs of each sneaker have been created. One pair of the custom kicks are being auctioned off on eBay to benefit Jay-Z's non-profit Shawn Carter Scholarship Foundation, while Mr. Carter will be allowed to keep the additional pairs. "We're also honored to collaborate with Jay-Z on limited edition Air Force 1s that celebrates the countries participating in this inaugural event," Nike VP Global Brand and Category Management, Trevor Edwards said.

Jay-Z will take the stage for a special performance at New York's Radio City Music Hall, during the World Basketball Festival, on August 12. The performance will follow a showcase featuring the finalists for the USA Basketball World Championship Team and it will stream live on Facebook/wbf.com at 6:30PM EDT.