NBA Top Shot: Everything You Need To Know
What is NBA Top Shot?
What exactly is the NBA Top Shot? NBA Top Shot is an NFT marketplace for buying, selling, and trading basketball video clips, and it’s designed specifically for lovers of the sport.
Launched in 2020 and is the result of a collaboration between the National Basketball Association and Dapper Labs, the company that developed CryptoKitties. Michael Jordan, Kevin Durant, and Klay Thompson are just a few of the legendary NBA players that have invested in the company.
Users of the site have the opportunity to trade digital assets based on video clips from NBA games. The platform is powered by Dapper Labs’ Flow blockchain and is administered by the company. Transactions on a variety of other sports NFT platforms, like NFL All Day and UFC Strike, can be completed using the Flow blockchain.
In September of 2021, NBA Top Shot boasted a user base of more than one million registered players. According to information obtained from the NFT marketplace tracker DappRadar, more than half a million NBA Top Shot were traded for a total amount of almost one billion dollars on the site when it first opened for business.
How does NBA Top Shot work?
How does NBA Top Shot work? Users can buy, sell, and collect NBA NFTs that highlight significant “Moments” minted on the FLOW blockchain through the usage of the NBA Top Shot platform. Certain Moments are harder to find than others, but the ones that are the hardest to find are the most valuable.
Moments are distributed in “Packs,” much like the way traditional trading cards are packaged and distributed. As a component of a Series, Packs are issued in the form of Sets. The schedule for each Series is designed to follow the same pattern as the NBA season.
As a result, customers have the opportunity to get brand new digital packs of NFT Moments around once each week. These digital packs highlight the most notable plays from the previous season. Legacy enthusiasts don’t have to worry about not being able to own their favorite plays from the past, even though pack drops are determined by the events that are happening in the current season. There are numerous opportunities available to get retroactive Moments. You might, for instance, get the dunk that Michael Carter-Williams made in 2013.
The project’s ultimate goal is to produce a gamified experience for the audience’s consumption. Users can engage in Top Shot challenges using their NFTs, and the winners of these challenges can earn prizes, moments, and rare packs. As an illustration, users were required to submit 12 unique series-3 metallic silver fandom edition moments to obtain a Series 3 2022 All-Star Standard pack for participation in one of the challenges.
What are the different types of packs and Moments?
What are the differences between the various packs and Moments that are available? Moments can be broken down into one of these four categories. You can get them by opening packs, completing challenges, or purchasing and selling them in the marketplace:
Common: Moments that have been minted in quantities of at least 10,000 copies a piece.
Fandom: You can earn one of these by either purchasing a limited-edition Moment in person, acquiring one for promotional purposes, or completing a unique task known as a Quest that is not part of a specific set.
Rare: Only 500 to 5,000 of these cards were manufactured, making them available in packs and on the market.
Legendary: Even rarer than rare! There are only fifty to five hundred of each Moment in existence.
There are also three distinct varieties of packs, including common, rare, and legendary, each of which offers a unique combination of the Moments described in the previous section.
How do you buy Moments?
How do you buy Moments? Moments can be acquired in one of two ways: through the NBA Top Shot marketplace, where users from all over the world buy and sell them, or through the packs that are included in the various Top Shot drops.
These drops are advertised by email and on various social media platforms. New users can acquire starter packs consisting of three Moments for as little as $9, making it possible for fans to develop their collections at a price point that is not too expensive.
What can you do with Moments once you own them?
Once you have acquired Moments, what are some of the things you can do with them? When you have a Moment in your possession, you have the option of treating it like any other investment and keeping it, selling it in the peer-to-peer marketplace, or using it to compete in Top Shot contests to win prizes.
You have the opportunity to win prizes both online and in real life by participating in these challenges, which are based on live NBA games. These rewards include free flights to the NBA Draft and Finals, as well as in-person events with great players who have been in your favorite Moments.
NBA Top Shot allows fans to relive their favorite highlights, brings them closer to the game, and connects them with an active community of basketball fans who are truly passionate about the sport. It only takes a few mouse clicks to get started participating in the exciting future of NFTs and digital collectibles.
Can you make money on NBA Top Shot?
Is it possible to turn a profit playing NBA Top Shot? There is no shortage of incredible accounts of legendary NBA Top Shot Moments now on the market, and their prices continue to astound.
Moments’ worth is determined by supply and demand, just as the value of physical trading cards. When compared to a dunk by LeBron James, a moment that is generated in more quantity or features players with less notoriety is not as valuable.
Blockchain technology enables collectors to see who previously owned each moment, how much it was sold for, and how many moments are in circulation.
At the time that this article was being written, the site Cryptoslam!, which monitors the sales and values of NFTs across a variety of online marketplaces, including NBA Top Shot, had many Moments advertised for as little as $4 each.
These non-fungible tokens are investments much like any other, even though some early adopters have acquired collections worth millions of dollars. The performance of the company in the past is not necessarily indicative of its performance in the future, particularly if the market is becoming less active.
Advantages of NBA Top Shot
The benefits of NBA Top Shot are listed below.
Ease of operation.
People who are fresh to the world of cryptocurrencies and NFTs were in mind when Dapper Labs produced NBA Top Shot. To use the marketplace, you don’t need to have any prior knowledge of blockchain technology or investing in cryptocurrencies. All you need is a passion for basketball and a solid understanding of supply and demand to be successful in this business.
Fantastic opportunity to acquire items.
If you collect physical trading cards, you are responsible for keeping them in good condition, putting them away safely, and possibly determining whether or not they are legitimate. Because Moments are digital and are stored online, they cannot be lost, destroyed, or stolen, and they will not lose their value over time as physical cards will. Because its genuineness has already been validated on the blockchain, there is no longer a requirement for an expensive grading procedure.
Protection against an excess of supply.
NBA Top Shot controls the quantity of products available on the market through its ability to mint and license all of the Moments it creates.
This could help prevent the market from being flooded with duplicate products, which should prevent the kind of market glut that was observed with baseball cards in the 1990s.
Reduces the difficulty of getting started for new NFT collectors.
The value of collectibles in many other categories, including NFTs, has experienced significant price increases over the past few years. The ability to accumulate NFTs is made easier with NBA Top Shot.
Disadvantages of NBA Top Shot
The following are some of NBA Top Shot’s drawbacks.
Lengthy verification process.
Due to Dapper Labs’ lengthy verification process, collectors who are hoping to make a profit from a speedy sale may find themselves unable to do so. The worth of a moment might change at any given moment, which means that delays can be expensive.
Taking the chance of losing money.
It is entirely possible to incur financial losses when participating in NBA Top Shot’s NFTs, just as it is with any other type of investment. Some collectors have reported buying packs, only to later learn that the Moments included within them are worth significantly less than the price of the pack itself.
Furthermore, there are no assurances that a seller will be able to sell their Moments to a buyer who is prepared to pay the price that the seller has set for them.
NFT values depend on market demand.
As is the case with all NFTs, the value of NBA Top Shot’s Moments is determined only by the price that another player is prepared to pay for them. Basketball fans are the ones that drive up the costs, so they have no real value in and of themselves. It is impossible to forecast when prices will shift, which will result in a significant decrease in the value of some formerly valuable Moments.
The use of cryptocurrency in gaming is at the forefront of an ongoing economic and digital revolution. At Lunar Sky Games, we are a team of gaming product consultants with over 10 years of expertise in the industry. We work in partnership with web3 companies to help them build and grow their products. We help turn your vision into a reality. Contact us now for a consultation.