NBA Top Shot

NBA Top Shot NFTs Makes Over $50 Million Sales in one Week

NBA Top Shot has generated a sum estimated to be over $50 million in the last one week in sales. This is an indication that the growing popularity of the basketball-based NFT collectibles is showing no sign of slowing down at all.

The blockchain-based platform, which became popular around last year, gives users the opportunity to buy and sell video clips of player highlights. The video highlights, known as Moments, which are also now referred to as Virtual Trading Cards, is a merger of cryptocurrency and sportscards. Thus, each individual NBA Top Shot video card is very valuable due to its authenticity and scarcity because it is secured by a blockchain technology.

During this period, 33,000 new users were registered and 475,000 transactions were completed. Not only that, in the last 24hours alone, NBA Top Shot videos were able to generate $17million in sales. A crypto analytic site, CryptoSlam, says the sales of the Moments surged by over 1000% which equates to a sales of over $100 million in the last 30 days.

Notably, the sales have  included video clips of superstars like Zion Williamson and LeBron James Moments that sold for $100,000 each.

NBA Top Shot Gains Positive Reviews

The NBA Top Shot collectibles have enjoyed positive remarks from some prominent names in the basketball world. Popular American billionaire and owner of Mavericks Dallas, Mark Cuban, has hailed the initiative saying that “Some people might complain that I can get the same video on the internet anywhere anytime and watch it,” before adding “guess what, I can get the same picture on any traditional, physical card on the internet and print it out, and that doesn’t change the value of the card.”

Steve Poland, whose website tracks the NBA Top Shot market also commends the platform and was quoted to have said that “this has everything sport cards has, but better and faster” while acknowledging that it is the future.

Dapper Labs, the creator of Top Shot, is  reportedly working on developing a mobile game that makes Moment function like in-game purchases. 

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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