What is NBA Top Shot? NBA Top Shot is an NFT Marketplace that allows users to buy, sell, and trade player highlights tokenized as NFTs. So what’s special about NBA Top Shot? Let’s find out with Weakhand in this article.
Before jumping into the article, everyone can refer to some of the following articles to understand better.
- What is Sports NFT? Unique combination of sports and Blockchain technology
- 12 Types of NFTs: From Art to Memes
- What is NFT Marketplace? Operating mechanism and some prominent NFT Marketplaces
What is NBA Top Shot?
NBA Top Shot Overview
NBA Top Shot is an NFT Marketplace platform that allows users to buy, sell and trade NFT-coded videos and clips created from highlights of NBA games and players. These moments could be a 3-point shot from mid-court, a dunk, team or player details, or anything else that makes the moment stand out.
What is NBA Top Shot
NBA Top Shot was launched in 2019 on Blockchain Flow by the US National Basketball Association (NBA) and Dapper Labs. The project spent most of its time developing in 2020 and has become extremely explosive in 2021 when it has surpassed the milestone of more than 1M users, accumulated revenue of up to 700M USD and reached an impressive peak figure. 250,000 users visit its platform daily.
How NBA Top Shot works
To create diversity, scarcity and value for each NFT on its platform. NBA Top Shot has created different levels of NFTs including:
- Common: This is the most popular type of NFT on NBA Top Shot as the number in circulation is typically 4000 NFTs or more. They are also available in packet form or can be easily purchased from the market.
- Fandom: This type of NFT offers the most exciting collection experience for fans. Circulation quantity is driven by user demand and is not hard-fixed to the initial default quantity. These NFTs can be found in special promotional activities.
- Rare: This is a rare NFT marked with Neon corners on the front. Each of these collections has a circulation of 250 to 2,022.
- Legendary: This is the rarest type of NFT and most sought after by collectors. Each Legendary NFT collection ranges in quantity from 50 to 125 with each NFT marked with Neon torches.
In addition to the NFT levels above, NBA Top Shot also introduces users to NBA Top Shot Packs including 3 types of Packs:
- Common packs: These bundles typically contain Common NFTs and are the most widely purchased bundles by users.
- Rare packs: These are packs with quality between Common Packs and Legendary Packs. The NFTs in Rare Packs include a combination of Common NFTs and several other NFTs that are not Common NFTs.
- Legendary packs: This is the most expensive and most in-demand package. Each Legendary Packs usually includes 1 Legendary NFT, 3 Rare NFTs and many Common NFTs.
Currently, there are 3 ways users can collect NFTs on NBA Top Shot including:
- Buy package: Most of the first NFTs were released as part of bundles that users could purchase directly on NBA Top Shot. Like a traditional trading card pack, buyers don’t know what specific NFTs are in each pack before purchasing and opening the pack. NBA Top Shot also released new packs in several themes such as the Christmas-themed “Deck the Hoops” pack released in January 2021 and the “Rising Stars” pack released in March 2021 .
- Join the challenge: NBA Top Shot also occasionally offers challenges to users, giving users the opportunity to earn new NFTs. In each challenge, users have a fixed amount of time to accumulate a specific pool of NFTs. After the allotted time expires, every user holding all required NFTs from the claiming challenge will receive additional NFTs. The NFT rewards won in the challenge often cannot be found anywhere else. Therefore, the challenge encourages users to trade with each other, thereby adding dynamism and excitement to the market.
-
Peer-to-peer (P2P) transactions: Users can also buy or sell their NFTs on NBA Top Shot’s NFT Marketplace. This is also where more than 95% of total sales on the NBA Top Shot platform account for.
Core Team
NBA Top Shot is developed by the US National Basketball Association (NBA) and Dapper Labs. With Dapper Labs – this is a team that is not unfamiliar in the NFT market as it is also the development team behind the extremely famous and successful project CryptoKitties. With market knowledge, Dapper Labs has helped NBA Top Shot become one of the most successful platforms in the Crypto market at the present time.
Investor
- March 2021: NBA Top Shot announced the successful call for 305M USD from investment funds such as: Coatue, A16z, Kevin Durant,…
- September 2021: NBA Top Shot announced the successful call for 250M USD from investment funds such as: Coatue, A16z, …
Tokenomics
Update…
Information Channel of NBA Top Shot Project
- Website: https://nbatopshot.com/
- Twitter: https://twitter.com/nbatopshot
- Discord:
summary
NBA Top Shot is one of the most successful NFT Marketplaces on the market at the moment, although the platform only deploys on the less popular Blockchain, Flow. Above is all the information that I want to introduce in this article, hope everyone has received useful knowledge.
