NIC Teaming

Hi All

I didn't see this in the forum and it is not clear from my Lowe book.

If I setup NIC teaming in vmsrv does each NIC card on my server need a separate IP address?

For example if four NICs are a team does each have an IP address or do they share one?

If I have 32 NICs on a server will I need enough IP addresses in my subnet for each to have an IP address if they're all used for vm activity?

Thanks in advance