EVERYTHING YOU NEED TO KNOW ABOUT NBA TOP SHOT: IS THIS THE FUTURE OF COLLECTIBLES?
As sports fans, we love reliving some of the most unforgettable moments from great games. The rush of nostalgia and the adrenaline experienced when watching these moments can now be purchased. If you want to see Michael Jordan’s final shot with the Bulls or Reggie Miller scoring 8 points in 8.9 seconds, you can trade them both via NBA Top Shot, which has been deemed the “next level of collectibles” for basketball fans.
So, what is NBA Top Shot?
Dapper Labs used blockchain technology to develop NBA Top Shot. We can find non-fungible tokens (NFTs) inside a blockchain. Unlike cryptocurrencies like Bitcoin, each of these tokens have a unique identifier, which ensures they won’t be replicated or separated. Each video moment is an NFT for Top Shot. This allows video moments to be traded and sold in the virtual marketplace. If you want more than one moment, Top Shot has you covered with digital packs that contain a random variety of moments.
These moments, like physical basketball cards, have a rarity scale. There are common moments with more than 1,000 copies available to the public. Rare cards are next, with only 150 to 999 copies available. Climbing up the ranks with legendary cards that have just 25 to 99 digital copies. We also have three Platinum Ultimate moments and one Genesis Ultimate moment for those fortunate fans.
How do you get started?
Despite the fact that it is still in the testing process, NBA Top Shot has had a lot of success. With a remarkable $278 million in sales, they have reached over 88,000 customers. One of the most notable sales to date was an impressive $208,000 for the moment LeBron James dunks on Nemanja Bjelica in 2019. That is one devoted fan! You must reserve a spot in a digital queue depending on when you click the link to buy these packs on the Top Shot website. If a pack is left when you reach the front, you can buy it, but act fast because once they’re gone, they’re gone.
The platform’s popularity has been increasing with the participation of players. As they progressively create their own collections, encouraging more fans to do the same. The NBA and Dapper Labs have built the perfect storm by combining a friendly interface with the excitement of collecting sports cards and the ability to participate in cryptocurrency. According to the CEO of Dapper Labs, the sports trading card market is worth $5 billion dollars, so Top Shots’ success will continue. Roham also hinted that Dapper Labs will be working on deals with other major leagues in the near future.