NBA Top Shot: Basketball NFTs

Business | 22.12.2021
3 minut(es) read
Cryptocurrency collectors have recently found a new hobby – NBA Top Shot digital assets. These are GIFs of highlights, i.e. the most iconic moments in NBA history. These assets are represented by non-fungible tokens known as NFTs. These tokens are unique and exist in a single copy.

NBA Top Shot cards are very highly valued among these types of digital assets. In August 2021, Top Shotdid more than $37,5 million in sales. As the project attracts more and more attention, the value of digital assets is steadily increasing. At the moment, Top Shot tokens are offered for purchase for $14, and the most expensive card with an image of LeBron James’ dunk was sold for $387,600.

What is NBA Top Shot?

NBA Top Shot: Basketball NFTs

This project is the most famous example of digital collectible cards stored on a digital ledger (blockchain). Owners can send cards from their cryptocurrency wallet to another user at any time or sell highlights through the online marketplace. The cards depict moments from basketball games in the form of short videos or as  GIFs.

The circulation of these cards varies and directly affects their value. There are three categories:

  • Common – from 10,000 copies;
  • Rare – from 150 to 4,999 copies;
  • Legendary – from 25 to 499 copies.

The smaller the print run, the more expensive the NFT. Cards have a serial number, for example, 1/500 or 742/2000. Moreover, a “fancy” serial number makes the card more expensive.

All cards in packages have their own serial numbers. However, it is important to keep in mind that the price of a single copy can vary considerably. For instance, the image of Jayson Tatum’s jump shot had a starting price of $52, while it was sold at its peak for $28,000. 

A search for Top Shot cards with certain teams or players is available for the convenience of users and new crypto investors, and ranking cards by value is also possible. To buy your favorite basketball moments  or to make a pre-order, you need to create your own account in Dapper. Having found the desired moment and selected the serial numbers of specific cards, you just need to click “Buy” and then pay for the purchase. You can use a credit card.

Who Created NBA Top Shot?

Dapper Labs developed the NBA Top Shot project. Previously, the company also founded the popular virtual game CryptoKitties – a program for breeding and selling crypto kitties, which are also implemented as NFTs.

NBA Top Shot: Basketball NFTs

For the current project, Dapper chose a blockchain called FLOW, which has unique features and its own token. To not violate the existing legislation, the creators of Top Shot officially bought a specialized license from the National Basketball Association, gaining the right to sell moments from games. Importantly, cardholders don’t get the copyright on the moments themselves, they can only store, buy and sell NFTs. Gifts and exchanges are also possible.

The marketplace was launched in July 2020. By February 2021, an aggressive advertising campaign, the NFT boom, COVID restrictions, and handouts in the U.S. brought its popularity to a peak – the trading volume was $224 million. Since April 2021, there has been some decline. Nevertheless, the total volume of investment in NBA Top Shot cards continues to increase.

Is NBA Top Shot Growing?

NBA Top Shot: Basketball NFTs

In mid-2021, the cards’ value was changing dramatically: the price went up and down sharply. A specific concern was the withdrawal problem. Some users had to go through the account verification process to withdraw their money, after which they had to wait for another two months. There were even rumors within the crypto community about the NBA Top Shot creators getting away with the users’ money. 

However, the developers assure that NBA Top Shot will evolve, and a new stage in the project’s history is coming ahead. They plan to complete beta-testing and launch a full version of the marketplace in the near future, which will cause a new wave of popularity. Also, the creators are planning to hold a massive advertising campaign to encourage new crypto investors who want to get cherished cards. Finally, the main version of the project should solve several of the technical issues observed today.

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