NBA Top Shot Collectibles continues its meteoric rise with more than $ 50 million in sales in one week
NBA Top Shot, a blockchain-based platform that allows fans to buy and sell numbered versions of video clips of player highlights called “Moments,” generated $ 53.9 million in sales over the past seven days, as hugely popular digital collectibles show no signs of slowing down.
The platform attracted 33,000 new users last week and completed around 475,000 transactions.
In the past 30 days, the site achieved $ 106.3 million in sales, according to crypto tracker CryptoSlam, an extraordinary increase of 1,129% over the previous 30-day period.
Included in that total is a pair of Zion Williamson and LeBron James Moments that sold for $ 100,000 each.
“This has everything the sports card world has, but better and faster,” Steve Poland, who runs a website that tracks the Top Shot market, says ESPN. “This is the future.”
NBA Top Shot is a joint venture, started in July 2019, between the National Basketball Association, the NBA Players Association and Dapper Labs, which is best known as the creator of CryptoKitties (which before Top Shot was considered the most popular blockchain-based game in the world). Top Shot was just uploaded Five months ago, in October 2020. The product itself can be difficult to explain and understand (the moments have been called “virtual collectible cards”), but a key part of its success is that every NBA Top Shot video card has value due to its authenticity and rarity being secured by blockchain technology (an immutable internet ledger). In some ways, Top Shot marries two markets that are both incredibly popular and lucrative for now: cryptocurrency and sportscards. However, unlike forms of cryptocurrency, such as bitcoin, which is easily traded, every NBA Top Shot moment is a non-fungible token. NFTs are used “to create verifiable digital scarcity” and digital ownership. This month, NBA Top Shot became, based on sales, the the largest NFT market never.
Mavericks owner Mark Cuban is a Top Shot fan, having made some purchases on the platform himself. “Some people might complain that I can get the same video from the internet anywhere and anytime and watch it,” Cuban written in his blog. “Well guess what, I can get the same image on any traditional physical card on the internet and print it out, and it doesn’t change the value of the card.” Cuban notes that when collecting traditional sports cards or stamps, the owner should be concerned with storing and protecting their collection. If they choose to sell the items, shipping the stamps or cards involves considerable risk. With TopShot Moments, Cuban argues, “you have all the fun, none of the risk, and the value is always set by the same laws of supply and demand.”
$ 17 million: this is the total amount of sales generated on the Top Shot platform in the past 24 hours.
According to Bleacher Report, Dapper Labs is developing a mobile game, which will allow Moments to function like the in-game purchases you can unlock in NBA 2K. And, according to ESPN, the company has also entered into discussions with retired NBA players to secure the rights to the historical highlights.
In ‘NBA Top Shot,’ the digital highlights market is worth millions (Launderer’s report)