What’s Hot in Crypto this Week?
NBA Top Shot. It's a hot new type of non-fungible token-type, or NFT, asset.
What are NFTs and -- what's NBA Top Shot?
NFTs are digital assets such as art, trading cards, collectibles, and even virtual pets. What makes NFTs so appealing to collectors is that because they are non-fungible, no two are alike. Rarity and scarcity are inherently built into NFTs. Also, because they are on the blockchain, their authenticity can be easily verified.
NBA Top Shot is a collaboration between Dapper Labs, the creators of Top Shot, and the National Basketball Association. These digital trading cards are licensed highlight clips, called moments, from NBA games. These highlights are packaged and sold in digital packs that allow collectors to own a numbered version of the highlight. Collectors can keep, sell, or trade their highlights amongst other Top Shot collectors.
Why Are They Hot?
NBA Top Shots are rapidly growing in popularity, with prices climbing to hundreds of thousands of dollars per moment: see this moment with Zion Williamson or this one with LeBron James.
What’s Flipside’s Take?
Everyone can see which Top Shot is selling for the most. We wanted to look at transactions to see which one had exchanged hands the most -- as a proxy for popularity.
The most traded Top Shot moment features Cole Anthony. Anthony is currently in his rookie year with the Orlando Magic. This moment has been sold nine times -- most moments have been resold just once.
Highlights are typically sold in packs ranging from $9 to $230. Depending on the player, highlight, or the scarcity of a particular moment, Top Shot prices can skyrocket. Case in point: A LeBron James moment recently sold for over $70,000. Some asking prices are now in the six figures.
The sports memorabilia market is currently a $5 billion industry. Looks like NBA Top Shot is poised to take its shot for a share of that market.
The Flipside Crypto Asset Score Tracker provides institutional and sophisticated retail investors the ability to track over 500 cryptocurrencies' fundamentals. FCAS Tracker is currently free to a select group of new users as it continues to develop the product. Visit Flipside here to gain access to Flipside Analytics.