The importance of NBA Top Shot can’t be understated, with strong support from NFT collectors, investors, and trading card aficionados alike.
Few things could have been done more to raise public awareness of blockchain and non-fungible tokens (NFTs) than this effort.
The data, for those skeptics out there, basically speaks for itself. The virtual platform has over 1.1 million registered members as of 2021, who exchanged $800 million in NFTs.
As a result, it’s hard to analyze the emergence of NFTs without including NBA Top Shot in the discourse.
Since its inception in 2020, the partnership between the National Basketball Association (NBA) and non-fungible powerhouse Dapper Labs (creators of the CryptoKitties NFTs) has grown dramatically. It’s not hard to understand why.
Top Shot is a place where those who are interested in NFTs, collectibles, and, most importantly, basketball can get together to exchange sports memorabilia. This brought fans closer to their favorite teams, players, and sporting events than ever before.
Whether you’re new to NBA Top Shot or a seasoned NFT collector, here’s everything you need to know to get started and make an informed collection decision.
What is an NBA Top Shot, exactly?
Top Shot is a blockchain-based virtual trading card platform developed by the NBA. The NBA, the NBA Players Association, and Dapper Labs collaborated on the project.
The platform is built on Dapper Labs’ FLOW blockchain, which was designed to be a “developer-friendly blockchain developed to enable the next generation of games, applications, and digital assets.“
In the end, the system works similarly to trading cards, only it incorporates NBA highlights and digital graphics. The NBA licenses reels to Dapper Laps, who then turns the film into Moments.
NFTs have video highlights linked to them, which are referred to as moments. Each contains a one-of-a-kind digital serial number that ensures authenticity and emphasizes the rarity of the moment. The Top Shot ecosystem is built on the foundation of moments.
To generate scarcity, the team only produces a limited quantity of NFTs, similar to trading cards. As a result, the rarity of individual moments rises, as does their monetary worth.
In June 2020, Topshop began beta testing the platform with a restricted group of early backers. It was open to the public by October of the same year.
During SportsPro Live, Caty Tedman, head of partnerships at Dapper Labs, highlighted that the development was driven by fans. “When we put Top Shot into closed beta, we didn’t have any financial goals in mind.” We wanted to create something sticky, that people would want to return to daily, and that is evocative of basketball love.
I believe we accomplished that. We started from the standpoint of the fans, so it was difficult for them not to enjoy it. “We’re fans who adore it,” she stated.
What is the NBA Top Shot and how does it work?
NBA Top Shot lets users purchase, sell, and collect NBA NFTs that are created on the FLOW blockchain and include key “Moments.” Some moments are more valuable than others because they are more uncommon.
Moments are coined in “packs,” similar to how real trading cards are minted. As part of a series, packs are coined in sets. Each series has a timeframe that corresponds to the NBA season.
As a result, consumers may purchase fresh digital packs of NFT Moments every week or so, which highlight the season’s most important plays.
Although the current season’s events drive pack drops, legacy fans don’t have to worry about losing out on their favorite plays from the past.
There have been several opportunities to acquire Moments in the past. You can acquire Michael Carter-Williams’ 2013 dunk, for example.
Finally, the idea aims to provide fans with a gamified experience. Users may compete in “Top Shot” competitions with their NFTs and earn prizes, moments, and rare packs.
For example, users had to send in 12 specific Series 3 metallic silver fandom edition moments to get a Series 3 2022 All-Star Standard pack.
What do the various NBA Packs and Moments entail?
Collecting entails more than merely purchasing and selling your favorite moments.
As previously said, each moment is part of a pack, which is part of a set, and you never know what moments you’ll get until you make a purchase.
Finally, the rarity of a moment varies greatly depending on the type of set or pack from which it originates.
What are the Top Shot Moments in the NBA?
Moments are video highlights that fall into four categories: common, fandom, rare, and legendary.
There is also an ultimate rarity, but this class of highly sought-after moments can only be obtained through auction with a limited edition size of one or three.
The following is a breakdown of how each one works:
The majority of total moments (96.6%) are common. These are the largest edition sizes, and they’re meant to be “shared, communal experiences for fans all across the world.” They’re inexpensive and commonly accessible. Take Carmelo Anthony’s three-pointer, for example. 40,000 NFT Moments are in circulation.
Fandom: In Top Shots, there is no defined proportion for Fandom NFTs because they are based on unique experiences that are linked to certain events. For example, you could be able to purchase a moment at a significant real-life event.
There’s Killian Hayes Assist, for example. There were 2,776 NFTs manufactured at that moment, and they were only accessible to people who were in attendance.
Rare moments account for 2.25 percent of total moments. Rare Moments are more exclusive and harder to obtain on Top Shot. They usually highlight classic NBA plays by legends. There are 750 copies of Trae Young’s shoulder shimmy three-pointer in circulation, for example.
Only.11 percent of total moments are legendary. opportunities are incredibly uncommon and tough to come by. There are 120 moments of Giannis Antetokounmpo’s block in the NBA Finals, for example.
What exactly are NBA Top Shot Packs, and how do I obtain one?
Top Shot Moments are organized into packs, which are made up of sets that are part of a series. These are divided into two categories: base and non-base.
Base Sets are exactly what they sound like: limited-edition sets distributed regularly for a reasonable price (typically $9). Base Sets are removed in the sequence of series and releases. Series 1 has 12 releases, for example.
These are always of common rarity and include three basic moments, making them ideal for people who are just getting started or seeking to complete a collection.
Non-Base Sets, on the other hand, come in a wide range of styles. A common moment will always be included in non-base sets, as well as anything rare and/or legendary.
Non-base set packs, such as “Playoffs,” “Premium Pack,” and “Run It Back,” all have significantly more flashy packaging. These are, of course, more expensive.
What is the monetary worth of Top Shot Moments?
Scarcity will always be a big element of value in both NFTs and trading cards. Top Shot makes it simple to see which moments are rarer than others at a glance.
Moment Ranks can also assist you in figuring out how much your moment is worth.
Furthermore, assess. A market is a fantastic tool for keeping track of your portfolio and its value over time.
Low (1–99) and flawless (100/100) mint numbers frequently command higher prices. This was true when trading cards were valued, and it is still true with NFTs. Vanity numbers like 69, 420, 888, and others are also highly sought after.
When you acquire a mint number that matches a player’s jersey number, it’s a particularly great gain. In other words, if LeBron is wearing # 23 at the moment, mint # 23 will most likely be worth as much as the pack’s #1 mint.
Under the name of the Moment in the Top Shot marketplace, you’ll notice a CC or LE. The number of editions of that moment now in circulation is denoted by the letter CC. This is an open edition of These Moments.
There is no limit to the number of coins that may be produced, and they will be sold until they run out. LE stands for “Limited Edition,” implying that certain moments are limited in quantity (edition sizes of 50, 100, 750, and so on). These LEDs normally account for the majority of the site’s sales.
When you have a lot of moments, you may sell, give, and exhibit them (make a collection/album out of them).
What are Top Shot quests and challenges?
If opening packs aren’t thrilling enough for you, the Top Shot ecosystem also includes challenges and quests.
Challenges, which are distinct from pack drops and marketplace purchases, award incentives to participants who perform tasks within a certain time limit. In most cases, Top Shot will offer a challenge to collect a certain number of moments in a certain number of days or hours. When the challenge is over, each person who completed it will earn a newly created moment.
If you need additional information, OTM NFT has the most complete and up-to-date information on difficulties.
Quests are similar to challenges in that they require you to complete a task. Instead of giving users directions on how to acquire certain Moments, Top Shot puts them on a treasure quest to uncover and promote Moments that fit certain criteria.
Quests are a little more “do your research,” whether it’s assembling a roster of players with a specified number of assists or gathering all 2021 points-per-game season leaders. Those who finish these tasks will receive prizes comparable to those who complete challenges.
What are “Trade Tickets” and How Do I Get Them?
Top Shot provides a solution for you if you open a pack only to find a moment or two that you don’t want: Trade Tickets. In April 2021, Trade Tickets were launched as a tool to ensure that all users’ moments are useful.
Collectors will be able to spend Trade Tickets to get rare packs that are only accessible with Trade Tickets, and each Moment will be worth precisely one Trade Ticket, regardless of rarity.
Where can I get the NBA Top Shot Moments?
To get started with NBA Top Shot, you must first register with sports. You may do so by going to the Top Shot website and choosing “sign up.” Creating a Dapper account provides you with a wallet where you can keep your coins and buy crypto items.
It’s no secret that users have made a lot of money by purchasing and selling Top Shot Moments. Whether you like basketball or not, the financial benefits are difficult to overlook. So, if you’re thinking about joining the Top Shot group, here are a few things to think about:
Make a budget that you can live with. Never put more money into anything than you’re willing to lose.
Always have a strategy in place. If you’re buying a moment to sell it immediately, make sure you sell it quickly. If your plan doesn’t work out, don’t buy something you wouldn’t be pleased to keep.
Check the circulation of the moment. This is similar to the CC vs. LE debate. High-edition Top Shot Moments are delivered slowly over time. The higher the scarcity, the better.
Take into account the historical relevance. The sales charts are dominated by superstar players, but a player’s first basket or assist will always be a moment that fans will remember.
Keep an eye out for typos. Dapper Labs has a fantastic development staff, but that doesn’t imply that everything is always flawless. There are always typos and mistakes, like when Marcus Smart’s jersey number is written as 7 when it’s 36, or when Jameer Nelson’s assist is written as a dunk when it was an assist.
NBA Top Shot NFT sales were the most costly
A group led by FantasyLabs co-founders Jonathan Bales and Peter Jennings paid $35,000 for a Ja Morant Moment in January 2021.
At the time, this was the biggest purchase the platform had ever made, which helped both its popularity and its income.
SnapBack Sports founder Jack Settleman negotiated for a group of people to pay $47,500 for the Serial No. 23 instant of LeBron James’ legendary “Kobe Tribute” slam.
Not to be outdone, tech investor Jeremy Levine purchased the # 1 Zion Holo Moment for $100,000 the same month. In April of 2021, an NBA Top Shot Moment of a LeBron James highlight sold for $387,600.
The NBA Top Shot’s Future
The Top Shot platform has a bright future ahead of it. While the general NFT market slowed in the first half of 2022, Top Shot NFT sales increased by 70%.
The NBA All-Star VIP Pass NFT Auction and Giveaway, organized by Top Shot, was announced by Dapper Labs in February 2022. Every NBA franchise was represented by 30 distinct NFTs and rare digital collectibles at the auction.
Each owner will receive a VIP pass to the next five NBA All-Star games, allowing them to enjoy the ultimate fan experience. Roham Gharegozlou, the CEO of Dapper Labs, has also tweeted about a variety of opportunities for Moment owners, such as signed goods, VIP passes, voting on future Moments, and more.
Time will tell what is chosen, but it looks like there are a lot of ideas.
All of this appears to be the start for NBA Top Shot, with an emphasis on utility appearing to be at the heart of the company’s future. So far, here’s what’s been teased.
Hardcourt is a mobile game for NBA Top Shot that can be played with Moments. It’s an arcade-style game in which players may customize their traits based on the moments they have on their accounts.
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Former players who aren’t members of the Retired Players Association have yet to be onboarded by the NBA. in particular, Michael Jordan.
But since MJ worked with Kevin Durant, Will Smith, Klay Thompson, 2 Chainz, and others during Top Shot’s March 2021 financing round, it’s safe to assume that similar one-time partnerships will continue.
New “Crafting Challenges,” in which fans permanently lock several Moments that fulfill certain requirements in return for ultra-limited goodies, more IRL events, spend-based incentives, and FLOW token support, are among the other additions.
It’ll be interesting to watch what more famous names are brought to the ecosystem during the next NFT market inflow, especially with high-profile personalities like Gharegozlou stating their support for Top Shot.