What Is NBA Top shot?
Blockchain Collectibles Explained
NBA Top Shot is very much the first of its kind, with the platform having already achieved fantastic growth. In fact, some collectables are worth as much as $100,000. Having sold over $2 million in cards during it’s private beta phase, the platform was opened to the public in October 2020. On this page, we will outline exactly how NBA Top Shot works.
NBA Top Shot was established in July 2019 by the National Basketball Association (NBA), NBA Players Association and Dapper Labs. Fully licensed and regulated, NBA Top Shot is a blockchain platform for both fans and collectors. Users can buy, sell and trade digital items, including official video highlight reels. Acting in a similar way to cryptocurrency, collectors can make transactions with virtual cards, which contain licensed NBA highlights.
How Does NBA Top Shot Work?
Before getting involved, it is worth understanding exactly how NBA Top Shot works. Before landing on the platform, the NBA edits highlights, with Dapper Labs then deciding on just how much each clip will be worth. Each highlight package is then transferred into a digital pack, before being sold on the official Top Shot site. Prices range significantly, with there having already been a host of sales worth over $20,000. For example, an item containing in-demand Lebron James highlights was purchased for some $71,000. Users can only buy, sell and trade on the official NBA Top Shot website, with packs being added regularly.
Highlights are also referred to as Moments at NBA Top Shot. Each package contains video clips, an action shot and a host of statistics. Moments are added to the Top Shot marketplace and sold in themed packs. Packs are normally separated by teams, players, plays, debuts and stats. Collectors do have the opportunity to hold packs, meaning that they can be opening later on. However, such packs will ultimately be made available to others on the Top Shot marketplace. Packs surrounding the likes of James, James Harden and Tyler Herro are among the most in-demand, with packs generally ranging from $9 to $230.
Packs are only available for a limited time, while they are categorized into common, rare and legendary items. Once a pack has been sold, it can only them be traded on the NBA Top Shot marketplace. Collectors never know exactly what they are purchasing until they open the pack either, adding to the fun.
Peer to Peer Marketplace
Those unhappy with what they have purchased can look to sell packs on the NBA Top Shot marketplace. Collectors can buy, sell and trade items, in order to either make a profit or add to their collection. For example, a Lebron James legendary pack that was originally purchased for $230 recently sold for $38,000 on the marketplace. Transactions made on the Top Shot marketplace are processed in seconds, with everything in this area being handled by Flow, a decentralized blockchain, which has already formed the foundation of many games and apps.
In order to gain more information regarding what new collectables are available and claim content that is never available in packs, challenges must be completed. Here, collectors will have to collect a host of specific Moments in a set period of time. In most cases, anywhere between 9 and 14 moments must be collected, with around 3 weeks being available to do so. Once acquired, collectors must then ensure that they keep hold of them until the challenge ends. It is easy to see the challenges that are active at any one time, as well as their progress.
Upon a challenge expiring, NBA Top Shot will determine which collectors have met the requirements. The list of qualifying collectors is then randomized, with rewards being handed out on the same day. Collectors are hoping to receive the No.1 serial number, giving them the rarest items available. Once challenges are complete, Moments will never be available to create another collectable with.
Normally, a small number of challenges are active at any given time, with the Challenges page allowing users to check all necessary information. Meanwhile, collectors can also browse the NBA Top Shot marketplace for any items that will help them achieve their goals.
Most Valuable Highlights at NBA Top Shot
The price of packs at NBA Top Shot are determined by their authenticity and scarcity. Such factors are determined by the blockchain, with the quality of the highlight and player also having an impact. While packs sell for as little as $9, it is the following that have achieved the highest value to date:
Legendary Cosmic – $230
This set will only ever contain one play from each of the 30 teams from the 2019/2020 NBA season, and features players like Zion Williamson and Ja Morant, hand-selected by fans like you! Only 49 of each of these Moments will ever exist.
NBA 2020 Finals – $230
This drop celebrates 9 of the most memorable Moments from the battle between Western Conference Finals champions Los Angeles Lakers and Eastern Conference Finals champions Miami Heat in the 2019/2020 NBA Finals in Orlando, FL.
Lace Em’ Up – $230
This first drop contains 27 of the best Moments from 27 unique NBA teams in the 2019/2020 NBA season. Only 75 of each of these Moments will ever exist.
Deck the Hoops – $230
Just the second drop of the 2020/2021 season, this set contains 11 Legendary Moments from 11 players. Only 85 of each of these Moments will ever exist.
Rookie Debut – $59
This second drop includes 9 Moments from the rookie class of the 2019/2020 NBA season. The rare Rookie Debut (Drop 2) pack celebrates the NBA’s rising stars by guaranteeing one of the best rookie highlights from the 2019/2020 season: Collect Rui Hachimura’s debut Moment when the Wizards’ breakout star took off for an explosive one-handed flush over the Cavaliers’ defense, Hawks’ 3-and-D freshman wing De’Andre Hunter soaring through the air to finish emphatically over Miami’s two All-Stars, Nuggets’ 7-foot spectacle Bol Bol crossing up the defense en route to an emphatic jam, and many more. The first drop of these packs sold out fast, so don’t miss the opportunity to get in on the ground floor with a Moment from a future phenom.
What is a Blockchain?
NBA Top Shot operates using a blockchain. This is a structure which holds information surrounding all transactions, while also ensuring for security and transparency. Records are held on a decentralized platform, meaning that they are not controlled by one single authority. The NBA Top Shot blockchain is now available to collectors across the globe, developed by Flow. Highlights purchased are stored on their encrypted wallet, with the difference between Top Shot and their competitors being their peer to peer market.
Should I Invest in the NBA Top Shot Blockchain?
NBA Top Shot has attracted collectors for a host of reasons. Investors get involved in an attempt to make a profit, while traders search for inefficiencies and potential bargains. Meanwhile, collectors simply enjoy owning rare highlight reels. The ability to own digital items on a secure blockchain is more appealing than purchasing physical memorabilia for many today. Some collectors have been able to achieve returns of as much as 4,588% on investments, with packs purchased for single figures being worth thousands of dollars in some cases.
Despite the potential benefits, there are still reasons for potential users to be wary. Moments at NBA Top Shot are what is known as non-fungible tokens (NFTs), which have not been proven to be sustainable over extended periods. For example, CrytpoKitties, which many believed would be the next big thing, is now worth a fraction of its former value. Meanwhile, items at NBA Top Shot are ultimately only worth as much someone is willing to pay for them, so it is not something that will immediately prove profitable for collectors.
NBA Top Shot FAQs
What is NBA top shot?
Is NBA Top Shot legit?
How to buy NBA shot packs?
Shot packs are only available for purchase on the official NBA Top Shot website. Collectors must create and account, before browsing the packs page or marketplace.
Can you make money on NBA Top Shot?
Yes. However, it is not guaranteed. Those who purchase packs at the right time may well be able to sell their assets for a higher amount in the future.
What is the most valuable NBA Top Shot highlight?
Packs at NBA Top Shot range from $9 to $230. However, highlights packages are worth hundreds of thousands of dollars in some cases, especially those surrounding leading NBA players and teams.