Features

NBA Top Shot: Taking NFT Boom to the next level

If you’ve been following the NFT space, you would’ve heard about NBA Top Shot. Possibly the biggest mainstream example of digital collectables, they’re basically trading cards but instead of being a physical copy, they’re a digital one kept on a blockchain. You can store these in your digital wallet and send them to other people, or sell them in online marketplaces.

This began in the July of 2019 when NBA and Dapper Labs came together to create NBA Top Shot. Touting a “revolutionary new experience in which jaw-dropping plays and unforgettable highlights become collectables that you can own forever” as described by Dapper Labs’ CEO Roham Gharegozlou.

And to say that the experiment is a success would be an understatement. Five months since its open beta, the blockchain-based collectable platform has handled more than three million transactions. It has done about $460 million in sales on the secondary marketplaces.

According to Action Network, five sales on the marketplace have already been done worth over $20,000 U.S dollars. A specific LeBron James highlight recently sold for over $71,000.

The platform also offers packs which contain a number of NFTs clubbed together as a single entity. Prices of these packs start from $9.00 for the cheapest Base set and $229.00 for the 2021- all-star game. As of now, all the packs are sold out.

Previously, a Ja Morant highlight (No. 1 of 49) was sold at a secondary marketplace for a then-record of $35,000. According to a recent Bloomberg report, the sports card and memorabilia boom are riding on the surging cryptocurrency markets with investors looking for hard assets to hedge against future inflation. However, there is a difference. While cryptocurrencies can be readily exchanged with each other, each NFT is a single entity by a single owner at a time.

Ever since the Morant sale, the marketplace has seen more than $1 million in sales on the platform every day. According to the action network, the company is clocking $20 million in sales and $6 million in packs. It is also looking at $14 million on its secondary marketplaces. Basketball veterans like Kevin Durant and Michael Jordan have also weighed in on this platform pushing the Dapper’s current valuation at $2.6 billion as per USA Today.

Five NFTs have crossed the $20,000 threshold:

  • LeBron James Dunk – $47,500
  • Ja Morant Dunk – $35,000
  • LeBron James Dunk – $26,543
  • LeBron James Dunk – $25,000
  • Giannis Antetokounmpo Dunk – $20,000

People are increasingly engaging in these digital memorabilia and there are a couple of reasons for that. First of all, the physical collection goes through an appraisal process and the inherent need for trust. Although you can buy physical sports trading cards on a number of marketplaces, the authenticity can be doubted since creating a copy of the original one isn’t a big feat these days. Moreover, the appraisal process is required to get a true value of them and all this requires additional money.

In the digital space, since all the cards (or tokens) are on the blockchain, there’s no chance of counterfeit copies of the original token on the network. Added assurance of no wear and tear issues on the digital network due to obvious reasons. Since the number of cards will always be present on the blockchain, calculating the value of that specific card wouldn’t be so troublesome.

And while engaging in communities is a substantial reason, revenue generation also plays a big role in this.

In NBA Top shot, the secondary market is also operated by the same company. This means that if a token is sold at the secondary market, just like the main company receives a cut on that purchase, every other entity will receive that cut, unlike traditional card stores or marketplaces.

Although this sounds lucrative, an important aspect acts as a stop-gap: Volatility. Some tokens will skyrocket and some tokens will tank. However, with sports memorabilia, a sense of loyalty is present. An urge to collect and remember those crisp moments, celebrate the veteran players, and an aspect of money-making as well. So while yeah, it can be argued that volatility could trouble NBA Top Shot, the possibility of one is very unlikely.

For more info related to NBA Top Shot, you can check it out on their website. For stats related to other NFT marketplaces, you can check it out on CryptoSlam.

  1. fog x

    May 3, 2021

    It’s going to be ending of mine day, except before finish I am reading this impressive article to improve my knowledge.

  2. We are a bunch of volunteers and opening a brand new scheme in our community.
    Your web site provided us with helpful info to work on. You’ve done a formidable
    activity and our whole neighborhood shall be thankful to you.

  3. 257 jamacha rd

    May 11, 2021

    Hiya very cool web site!! Man .. Excellent .. Amazing ..
    I’ll bookmark your blog and take the feeds additionally?
    I am happy to find so many helpful info right here within the submit, we need work out more techniques in this regard, thanks for
    sharing.

  4. takipçi satın al

    May 17, 2021

    I was recommended this blog by my cousin. I am not sure whether this post is
    written by him as no one else know such detailed about my difficulty.
    You are incredible! Thanks!

  5. takipçi satın al

    May 18, 2021

    We are a gaggle of volunteers and opening a brand new scheme
    in our community. Your site offered us with useful information to work on. You have done a formidable task and our whole neighborhood will be thankful to
    you.

  6. instagram takipçi satın al

    May 20, 2021

    Hello to all, how is all, I think every one is getting more
    from this website, and your views are fastidious for new
    viewers.

  7. kavin

    May 23, 2021

    Ηelⅼo i am kavin, its my first tome to commmenting anywheгe,
    when i read this article i thought i could alѕo create commnt due to tһis good article.

  8. great

    May 26, 2021

    Because the admin of this web site is working, no doubt very soon it
    will be famous, due to its quality contents.

  9. tour hồ ba bể

    May 26, 2021

    Amazing things here. I’m very satisfied to see your post.
    Thank you so much and I am having a look ahead to contact you.
    Will you kindly drop me a mail?

  10. instagram takipçi satın al

    May 27, 2021

    These are genuinely fantastic ideas in concerning blogging.
    You have touched some nice points here. Any way keep up wrinting.

  11. spacial

    May 29, 2021

    I don’t even know how I ended up here, but I thought this post
    was good. I don’t know who you are but definitely you’re going to a
    famous blogger if you aren’t already 😉 Cheers!

  12. سئو

    May 30, 2021

    Woah! I’m really enjoying the template/theme of this website.

    It’s simple, yet effective. A lot of times it’s tough to get that “perfect balance” between usability and appearance.
    I must say that you’ve done a fantastic job with this.
    Also, the blog loads super quick for me on Safari.

    Excellent Blog!

  13. v9bet

    May 30, 2021

    I was suggested this website by means of my cousin. I’m now not certain whether or not this submit is written via him as nobody else know such designated approximately my difficulty.
    You’re incredible! Thanks!

  14. internet marketing

    May 30, 2021

    I think this internet site has got some real great info for everyone :D.

  15. Bryanegairm

    May 31, 2021

    This is nicely put! !

  16. instagram takipçi satın al

    June 1, 2021

    Hi there to every body, it’s my first visit of this blog; this blog contains
    amazing and really fine information designed for readers.

  17. Bryanegairm

    June 2, 2021

    You actually stated this very well!

  18. Ucuz Takipci satin al

    June 2, 2021

    Hi there, just became aware of your blog through Google,
    and found that it’s truly informative. I’m going to watch out for brussels.
    I’ll be grateful if you continue this in future. Numerous people will be benefited from your writing.
    Cheers!

  19. Ucuz Takipci satin al

    June 4, 2021

    I don’t even know how I ended up here, but I thought this
    post was good. I don’t know who you are but definitely you’re going to a famous
    blogger if you are not already 😉 Cheers!

  20. download video tiktok

    June 4, 2021

    Your style is really unique compared to other folks I’ve read stuff from.
    Many thanks for posting when you’ve got the opportunity, Guess I’ll just bookmark this page.

  21. instagram takipçi satın al

    June 13, 2021

    I really like what you guys are usually up too.
    Such clever work and coverage! Keep up the excellent works guys I’ve
    included you guys to blogroll.

  22. blockchain

    June 22, 2021

    I got what you mean,saved to bookmarks, very nice site.

  23. cheap instagram followers

    June 22, 2021

    Hey there, I think your website might be having browser compatibility issues.
    When I look at your website in Opera, it looks fine but when opening in Internet Explorer, it has some overlapping.
    I just wanted to give you a quick heads up!

    Other then that, awesome blog!

Leave a Comment

Your email address will not be published. Required fields are marked *

Close Bitnami banner
Bitnami