Topline
NBA Top Shot, a blockchain-based platform on which users buy and sell officially licensed NBA collection platforms called “Moments,” has generated more than $ 205 million in sales total since living less than six months ago – with nearly 65% of that total processed in the past week.
LeBron James # 23 of the Los Angeles Lakers throws past defenders spurs during first-half action at … [+]
Getty Images
Key facts
Generating momentum into February, the market for Moments has declined in recent weeks, with the Top Shot site generating $ 132.5 million in sales in just seven days. gone.
According to crypto administrator CryptoSlam, Top Shot has generated $ 187.3 million in sales over the past month, a staggering increase of 1,197% compared to the previous 30-day expansion.
Over just the past 24 hours, the platform has added nearly 27,000 users and processed 80,000 actions.
On Monday, one LeBron James highs sold for a $ 208,000 position.
Key background information:
Starting in July 2019 as a joint venture between the National Basketball Association, the NBA Players Association and Dapper Labs, the NBA Top Shot beta site went live in October 2020. The individual video scenes, called Moments, are sales in limited edition packages for between $ 9 and $ 230. This month, packages have sold out in seconds. After packages sell out, the only way to get Moments on the peer-to-peer market is the platform. Each individual Moment has value due to its authenticity and lack of security with blockchain technology (inaccessible internet ledger). The value of each Moment is determined by the player (better players reach high purchase prices), scarcity, and serial number (to how much will be taken out). The LeBron James Moment above, for example, was one of only 49 ever recorded, and was dragged from a package sold for $ 230. Lower numbers are usually more valuable, although the serial number that matches the player’s jersey number is quite impressive. Once purchased, the Moment is transferred into the buyer’s encrypted wallet.
What to look for:
Dapper Labs has reportedly begun talks with retired NBA players to secure rights to historic ambitions. It was rumored that the company would like to expand the product to other major professional sports, such as the NFL and MLB.
Tangent:
Multiple NBA players, including Orlando’s Terrence Ross and New Orleans’ Josh Hart, promoted the product on their social media accounts and broadcast live streams of them opening packages.
Quote Cruise:
“We believe in this tech and product and we believe this is a long-term partnership,” Adrienne O’Keeffe, NBA vice president of licensing for licensing, told ESPN. “We believe blockchain technology has staying power and a lot of promise for our industry.”
Further reading:
NBA Top Shot Collectibles follows meteoric rise with over $ 50 million in sales in a week (Forbes)
‘This is the future’: NBA Top Shot and the sad world of digital collectibles (ESPN)
Inside ‘NBA Top Shot,’ the Digital Highlights Marketplace Worth Millions (Bleacher Report)