Non fungible tokens, better known as NFTs, come in all shapes and sizes. Thanks to the technology, virtually any asset on the blockchain can become an NFT. By now we all know the pictures such as CryptoPunks or the Bored Aped Yacht Club, but much more is possible. The explosive growth of NFTs shows us that we massively crave a unique asset on the blockchain and that we are also willing to pay monster amounts for it.
This development is no different in the sports industry. Sports clubs are increasingly seeing the possibilities of crypto, such as the use of social tokens, but NFTs are also conquering their position here. What is NBA Top Shot and what are NFTs in the world of sports? Discover it in this blog!
View quickly
- View quickly
- Sports and crypto
- Social tokens
- What is NBA?
- What is NBA Top Shot?
- Flow Blockchain
- NBA Top Shot Marketplace
- tiers
- Moments
- packs
- Kits
- Base
- Non base
- challenges
- How do you buy an NFT on NBA Top Shots?
- Dapper wallet
- Statistics
- Critical note
- Conclusion
- Make money with NFTs?
- Start immediately with our NFT Blueprint!
Watch an introduction to NBA Top Shot in the video below:
Sports and crypto
The acceptance of crypto is growing, you may not have missed it. In more and more major competitions, advertisements from different exchanges and / or cryptocurrencies are popping up. In 2021 we saw how Max Verstappen became Formula 1 world champion while advertising from crypto.com was shown in the background.
Social tokens
More and more clubs are embracing the use of crypto and are also launching their own social token . This is to build their community and bind fans to them thanks to blockchain technology. These tokens, which are fungible by the way, give token holders voting rights in the future of the club. But thanks to the technology of these non-fungible tokens, we go one step further.
What is NBA?
One of the biggest sports in America is, of course, basketball. Year after year, all of dribbling America returns to the most prestigious basketball league in the world, the National Basketball Association (NBA). The NBA consists of 30 teams, which, according to various sources, are worth more than $50 billion.
That such a large industry decides to enter the NFT market is a good sign. Thanks to the freedom of the NFT concept, the NBA can also participate in this new development. They do this thanks to what they call ‘top shot’.
What is NBA Top Shot?
NBA Top Shot is an NFT marketplace, launched in October 2020, where you can purchase your favorite video clips from basketball history as a digital collectible, these NFTs call them ‘Moments’. Collect Moments from your favorite player and/or club and receive even more valuable NFTs as a reward. Let’s see how NBA Top Shot works exactly.
Flow Blockchain
NBA Top Shot is an NFT marketplace built on Flow’s blockchain. The team deliberately chose this because Flow is a developer-based blockchain with a view to developments for dApps and digital assets. The blockchain is designed to be easily scalable for millions of users so that everyone can access NFTs in an easy and efficient way.
The blockchain was designed by Dapper Labs, which is also the team behind NBA Top Shot. So it’s no surprise that they chose Flow. Nevertheless, you can also trade on the basis of Ether and on the basis of dollars. We also do not often see the latter at NFT marketplaces.
nbatopshots.com
NBA Top Shot Marketplace
NBA Top Shot’s NFT marketplace is the core of the platform. Here you can look for your favorite moments of different basketball players. At every moment, you get details about the video clip. Consider, for example, the result of that match, but also information about the player.
We see that Jordin Canada was born on August 11, 1995 in Los Angeles and that he is 5’6” tall and weighs 135 lb, but also his sports results in previous competitions. All collected at this NFT.
tiers
NBA Top Shot has different tiers. This is a category in the rarity of the NFT . They have following tiers here, based on the number of collectibles that can exist. The edition size determines how many people can buy and own this NFT.
- Common: + 10,000 minutes of video material
- Fandom: dynamic offering
- Rare tier: 150 minutes of video material
- Legendary: 25 minutes of video material
The Common NFTs are very accessible and for a few dollars you can have your own NBA NFT at your disposal. With Legendary, this is a different story. The most expensive currently on sale is Zion Williamson’s with an average sale price of nearly $70,000.
nbatopshots.com
Moments
Each moment is divided into different categories . You can filter per player, but you can also search per set. For example specifically on 2020 NBA finals. You can also search by player or by team. This way you can collect your favorite moments from only your favorite team. Each moment comes from a pack . And each package is part of a certain set. That way you can collect entire packs or even series.
packs
A pack is a collection of 3 unknown moments that you can purchase for a certain price. The cheapest pack is currently $9, but the most expensive is Holo Icon, which costs $999. You can compare this with the packs of Pokémon cards that you can buy. You pay a certain price, but you don’t know exactly what’s in it. It is possible that for this price you have a very rare NBA Top Shot, which is simply worth much more than your purchase price. In this way, the platform aims to boost trading of their NFTs.
|
Starter Pack – $8 |
Holo Icon – 999$ |
Premium 89$ |
|
4 Common |
7 Common |
5 Common |
|
|
1 Weird |
1 Weird |
|
|
1 legendary |
|
If you own different moments or even packs, you can create your own collection and showcase it on the platform. This as a showpiece to show the community which NFTs you own. We can compare this with the trends of Pokémon. Everyone knows which unique cards exist, but owning one is the goal. Here, too, it is about collecting and obtaining the most unique collectibles.
Kits
A set is a collection of certain packs. This can be about several Top Shots from one match, or players from one team. Between sets there is also a distinction between a base set and a non-base set.
Base
These base sets have large editions, are released with some regularity and are for sale at very affordable prices. So you already have a starter pack for only 8 dollars. These also come in order of series and release. Series 1 had 12 releases, Series 2 has over 40. These always fall into the ‘Common’ category and contain 3 or 4 basic top shots.
Non base
Non-base Top Shots are much more diverse . Packs that are part of a non-base set contain both Common top shots and NFTs from the Legendary category. These are also more expensive to purchase, but the chance that you will get valuable NFTs for this is also greater.
challenges
Thanks to these challenges you can collect even more NBA Top Shots moments. This requires you to complete several tasks in a given time period to receive additional NFTs. Examples of this are that you have to create a showcase with 5 players who have made the most attempts to score on a certain day or in a certain match. But as a reward you will receive certain Moments for doing so. In the example below you will receive a Series 2 Base Set Pack for this.
https://nbatopshot.com
How do you buy an NFT on NBA Top Shots?
Unlike NFT marketplaces such as OpenSea, NBA Top Shot does not use a software wallet. Before you can trade in these NFTs, you need an account. You can create this via your G-mail account or your Dapper account. You have several options to buy your NBA Top Shot:
- Credit card
- Crypto
- Brave balance
nbatopshot.com
Dapper wallet
NBA Top Shot exists on the Flow blockchain, created by Dapper Labs and therefore uses a Dapper wallet. Dapper wallet is a smart wallet that supports both ERC721 tokens, the token standard of NFTs on the Ethereum network, as well as a range of ERC20 tokens. This is a software wallet as we know it at Metamask, based on a chrome extension. Various NFT marketplaces are accessible thanks to your private software wallet, which is decentralized and gives you more control.
Dapper wallet aims to make blockchain technology accessible to everyone. This makes the registration process easier than, for example, MetaMask, where you immediately have to note and keep track of the seed phrases. At Dapper Wallet you simply create your own account thanks to an e-mail and a password. It has the advantages of decentralization where you have control over your own personal data, but the ease of use of other standard registration procedures.
Statistics
Before we can call NBA Top Shot NFT marketplace successful, it is always advisable to look at statistics. Via statisa.com we can consult the number of buyers and the corresponding volume from July 2020 to December 2021. We can see that the first quarter of 2021 was very successful. During the months of February and March, the total volume was above $200,000 and there were never as many buyers as in March 2021.
Statisa.com
When we compare this with competitors such as OpenSea, we see that this is only a fraction of the total trading volume in that period. And this can be explained very logically. A typical NFT marketplace as we know it has a wide range of different types of NFTs . Think about:
- Collectibles
- digital art
- Photography
- Music
- Game NFTs
- …
Critical note
NBA Top Shot Marketplace exists exclusively around the historic video clips of the American NBA . This gives you a very clear niche . The number of users is therefore rather limited. Consider that only a fraction of NBA enthusiasts have even heard about crypto and/or NFTs, let alone that they are going to trade in them en masse. Because if you don’t get the importance of NFT, it’s random video clips that trade for thousands of dollars.
Conclusion
With the development and application of NFTs, we also see more possibilities. The crypto market is still very young, but due to the increasing interest, new opportunities are constantly emerging. The sports industry is a multi-billion dollar industry where players not only make millions but have built a rock-solid community . We see this in the success of social tokens at football clubs, among others.
However, using an NFT marketplace built solely on one specific sport is new. NBA Top Shot is one of a kind. Loyal supporters who are already present in the crypto market and understand the importance of NFTs will invest in NBA Top Shot NFTs as a result.
The flip side of the coin is that, thanks to its distinct niche, the marketplace has significantly fewer users than competitors such as OpenSea and Rarible . We see that at the time of writing, the hype around NFTs is mainly in the eccentric collector’s cards that are trading at record amounts. This is a very different angle than NBA Top Shot’s NFTs. This is also reflected in the statistics and trading volume. Nevertheless, we should not underestimate the power of the sports industry and it may just be that within a few years, NBA enthusiasts will be lining up to invest in these historic video fragments.
Do you have any questions about NFTs or NBA Top Shot? Ask us in our AllesOverCrypto Facebook group where we now have more than 100,000 members! You can also easily find the answer to a question about crypto in our FAQs. Furthermore, you can also find a lot of information by googling your question + AllesOverCrypto.
Header image: Zero99/Shutterstock.com
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