The most important NBA trophy awarded to a team rather than individuals, is The Larry O' Brien trophy, which awarded to the team that wins the NBA Finals after the playoffs. Each team that wins in a given year get a championship trophy they get to keep. Furthermore, there is also a trophy that each team that wins the conference finals (semifinals) gets too. However, there are many other NBA trophies awarded to individual players also. These include: the MVP award (awarded for greatest individual performance in the regular season), the Finals MVP award (awarded for the greatest individual performance in the NBA Finals), the Defensive Player of the year award (given to the best individual defender during the regular season), Sixth Man of the year (awarded to the best player the isn't a starter), and the Most Improved Player award (given to the player with the greatest improvement from his prior season).
The championship trophy given for basketball is called The Larry O' Brien trophy, and is earned by the NBA team that wins the NBA Postseason. The Larry O'Brien trophy was created in 1978 by the National Basketball Association (NBA). It's name was changed in 1984 in honor of Larry O' Brien, a former NBA Commissioner. Who was the commissioner from 1975-1984 and was later inducted into the basketball hall of fame for his work. From 1964-1984 the trophy was known as the Walter A. Brown trophy, and before that it was simply called the NBA Finals trophy.This is the only trophy awarded for team success for basketball and also the most important one. Furthermore, players and coaches on the championship team will also receive championship rings to commemorate their success that year too.
The team with the most trophies in NBA history is the Boston Celtics who have 17 NBA championship trophies. The Celtics earned 11 of those 17 trophies when they won 11 titles in 13 years in the 1960s, which is considered to be arguably the greatest basketball dynasty ever. The Celtics though are only one championship trophy ahead of their greatest rivals, the Los Angeles Lakers, who have won 16 NBA Championships and won 4 or more championships in three separate decades. So in total the Lakers and Celtics account for 33 of the previous 72 NBA titles, and no other team has more than 6 NBA championships in total. Showing that only a few teams dominate in basketball, as only 10 out of the 30 NBA franchises have more than one championship, and 9 teams only have one championship. Meaning that 11 of the 30 teams have no championships and 20 teams have one or less championship overall.
The NBA championship trophy has had the same design for over 40 years, and has been made by the same company, Tiffany and Co, since the 1978 season. The trophy itself is two feet tall and made of 16 pounds of sterling silver, with a 24 karat gold overlay on top of the silver. So even though the trophy is not entirely all gold it is still very expensive at an estimated 13,500 dollars from the silver plus gold overlay. The trophy itself is in the shape of a basketball net with a single rod extending from the base of the trophy to the ball. Additionally, players and coaches also get championship rings, and these are often made from gold with diamonds in them. They are typically customized every year unlike the Larry O'Brien trophy, by the team or players that win it. Typically, the ring's design has the championship team's logo along with the Larry O'Brien trophy on it.