NBA Top Shot market value represents another era is coming

NBA Top Shot market value is driving people crazy! About two years ago, the NBA and its Players Union (NBPA) began working with Vancouver-based blockchain company Dapper Labs to develop a new digital platform called NBA Top Shot. Fast forward to the present, this platform is at the forefront of the development of sports collectibles.

Top Shot is a non-fungible token (NFT) market where fans can buy, sell and trade NBA moments. These moments are packaged wonderful video clips that operate like a star trading card. Like the way basketball enthusiasts collect physical objects, Top Shot effectively brings this experience into the digital realm, where users expect the value of the video highlights they collect to increase over time.

Searching for keywords such as Sports Cards Buy-Sell on Facebook can find many groups. There are many groups with more than 20,000 members, and these groups have thousands of posts every day. The r/basketballcards section on Reddit has 17,000 followers. In addition, the section of single star card brands such as r/PaniniStickerSwap also generally has thousands of followers. Most of these discussion or interest group users will conduct card transactions on eBay.

NBA Top Shot is developed based on the Flow blockchain. Flow is a public chain developed by CryptoKitties’ development team Dapper Labs in cooperation with the blockchain team of Warner Music Group in 2019. Unlike Ethereum and most public chains, Flow adopts the name The cryptography technology of "Proof of Secret Knowledge Professional (SPoCK)" adopts a pipeline architecture design, which can achieve decentralized high performance without fragmentation or with the help of Layer 2, and achieves a high level of protection for developers. Throughput is more in line with the needs of decentralized game applications, and NBA Top Shot is the project that the team was "simultaneous development" in the early stages of Flow development.

NBA Top Shot officially opened its internal beta at the end of May last year. During the internal beta of about 2 months, the NBA Top Shot secondary market accumulated more than 900 active users and completed a $1.2 million "digital star card" transaction. In early August of the same year The project officially opened a public beta to invited users. Although the official website of the project is still marked as the BETA version, it has officially opened for registration. Everyone can start a new "collection card" journey after simply registering.

On Top Shot, buyers lined up for "pack drops" and then bid on the "moments" of the stars, such as the three-point lore of Warriors star Steph Curry and the Lakers Team star LeBron James (LeBron James) violent dunk, as well as Pelicans rookie Zion Williamson (Zion Williamson) blocked shots turned out to be sold for a high price of $100,000 in January. On NBA Top Shot, these wonderful moments are called "digital trading cards", but it is not entirely correct to describe them as "cards" because they are videos, not static images.

According to the data released by CryptoSlam, the hottest period of NBA Top Shot market value was in the blockchain game. The transaction volume of the game exceeded 2.1 million US dollars within 24 hours. This data is nearly 46 times that of Sorare, which ranked second at the time. , Which is much higher than the sum of the daily trading volume of the games ranked 2-30 on the list. Estimated based on the total number of transactions in the past 24 hours, on average, more than 33 star cards will be sold on NBA Top Shot every minute.

NBA Top Shot has become a long-term commitment of the NBA League, and there will be more surprises to be launched. Imagine what it would be like when the NBA began adding classic material to Top Shot, such as "The Break of the Century: Havlicek steals!", "Michael Jordan sticks his tongue out and buckles"-when these How much impact will NFT bring to the market?

Different from the high requirements of physical star cards for storage, rating and other links, the almost zero storage cost of NFT star cards has greatly reduced the threshold for such collections, and the stronger liquidity of the assets on the chain also makes the collection of star cards more ideal. Investment properties. Once people begin to gradually understand and accept the collection value of NFT assets, NBA Top Shot market value may open up a market that is more than tens of billions of dollars that have been created by physical star cards.