NBA Top Shot: What’s All The Buzz About?

Taking the sports card industry (and of course, the idea of blockchain marketplaces) by storm, NBA Top Shot from Dapper Labs (the team behind Crypto Kitties on Ethereum), with assistance from NBA, is an avant-garde cyber marvel.

In July of 2019, the National Basketball Association, the NBA Players Association, and Dapper congregated to form NBA Top Shot, a “revolutionary new experience in which jaw-dropping plays and unforgettable highlights become collectibles that you can own forever,” Dapper Labs Chief Executive Officer Roham Gharegozlou(sic).

Before we leave you scratching heads about NBA Top Shot, we will define it. If you’re familair with NFT projects, this shouldn’t be challenging.

NBA Top Shot, a blockchain roots platform (based on Flow), grants fans a chance to acquire, vend, and market numbered categories of specific, officially permitted game clips. 

The multifarious NBA Highlights or “Moments” are laid out in digital packs and are exclusively sold on NBATopShot.com. Moments, technically non-fungible tokens (or NFTs), act as digital certificates enabling collectors to prove ownership of the video asset. It’s essentially NFTs, for the NBA. 

These collectibles are packaged and sold in distinct sorts of ‘moments’ as shown:

• Common moments (over 1,000 digital copies):  With starting price of $9 (the lowest) for nine moments (example). Fans can buy these in Common Packs.
• Rare (150-999 electronic copies): Found in Rare Packs and above, beginning at $22, they hold seven common moments and one rare moment.
• Legendary (25-99 cyber copies): As the name suggests, found in Legendary Packs, these cost $230. For example, a Top Shot has six common moments, three rare moments, and one legendary moment
• Platinum Ultimate (3 digitated copies) and Genesis Ultimate (1 digital copy): These can be obtained only through auctions.

How do NBA Top Shot Work: NBA Top Shots Explained

The NBA allows rights for its highlights to Dapper Labs, which then digitizes and determines the amount of each highlight they will sell and number them accordingly. Highlights are loaded into digital packs (similar to the regular trading cards), and, like we just said, the packs are sold on the official NBA Top Shot website for prices ranging from $9 to $230. The pack prices depend on the highlight quality, the player’s prominence, and scarcity of the card. After making a purchase, the highlights go into your wallet to be flaunted or re-sold on the NBA Top Shot Marketplace.

Currently, there is a highlight card of Ja Morant dunking over Aron Baynes from his Rookie of the Year season last year that is being lobbied for $100,000 on the open marketplace. 

“This takes the traditional collectible into a modern, global era,” Gharegozlou told The Action Network. “All markets are immediate and international. No longer do you have to wait for a card to be graded, or delivered, or fear of forgeries.”

So how are NBA Top Shot doing in terms of sales?

NBA Top Shot Sales

Just at the outset, global enthusiasts are all lining up (virtually, of course) to score the most sought-after virtual cards; still, most are left disappointed.

What’s more, people are getting rich! Lucky supporters who bagged one doubled, tripled, or 10-timed their profits on the site’s marketplace. The Action Network reports that NBA Top Shot has already eclipsed $180 million in marketplace sales, with more than 60% of that coming just in February 2021. (As you read this, the numbers are surging).

While players too get a cut of the sales via Dapper’s partnership with the NBA and the PA, some are buying their moments. In August 2020, Dapper Labs announced a $12 million round of funding, with investors like the Nets’ Spencer Dinwiddie, the Magic’s Aaron Gordon, and the Cavs’ JaVale McGee. 

A clip of a LeBron James dunk recently sold for a jaw-dropping $208,000! A Zion Williamson edition went for a little less than that. “…The trading card business is worth $5-$6 billion annually,” Gharegozlou stated to The Action Network. “I don’t see why we can’t get to a place where this business is grossing $1 billion alone.”

Best NBA Top Shot: To Buy or Not to Buy

Any investment (whether it’s on the blockchain or off it) has its share of returns and risks. Top Shot prices waver according to the demand, the moment’s rarity, and other factors. 

However, the company has consistently straightened out all the creases. Michael Ferguson, A passionate Ohio card collector, CEO, and founder of Rated Rips (online card business), says about NBA Top Shot, “It’s hard to understand yet because they’re so new and have some kinks to work out. But it’s insane the amount of money you can make on that platform. It blows my mind what people are paying for these moments. It’s a fascinating idea. It’s a big opportunity with how high everybody is in the card market right now. The only problem with it now is that it’s almost impossible to get packs because they sell out in an instant. I try to get through [on release days]. The first pack I bought was $9. I pulled a LeBron out of it, and I sold it for $380.”

“The difference with a digital item is you don’t have to prove that it’s [real]. The blockchain is what ensures authenticity.” (sic)

 The 10 Best NBA Top Shot

1: 2019-20 LeBron James “Cosmic” Dunk — $208,000

• Serial number: #29 of 49
• Current owner: Jesse
• Date sold: February 22, 2021

The biggest sale so far on the NBA Top Shot has been the recent video clip of LeBron James Dunk, lasting no more than a few dozen seconds, which was sold in February for an eye-popping US$208,000. NBA Top Shot user named “Jesse” paid an astonishing amount for this highlight. The video is indeed one of the best shots in NBA history. 

2: 2019-20 Zion Williamson “Holo MMXX” Block — $100,000

• Serial number: #1 of 50 (jersey number)
• Current owner: jervine
• Date sold: January 25, 2021

The moment shows a rookie Zion Williamson protecting the rim with determination and authority as he takes away the ball in a game against the Denver Nuggets on January 24, 2020. The moment was sold on NBA Top Shot for $100K to Jeremy Levine, a known figure in the sports market. 

It was the first sale since being drawn from the Holo pack sold by user “MatthewWoodsi,” It’s special since it’s a No. 1 serial number moment, which is Zion’s jersey number.

3. 2019-20 LeBron James “From the Top” Block — $100,000

• Serial number: #1 of 59
• Current owner: spicy_seal2934
• Date sold: January 25, 2021

With the Zion sale, this LeBron “From the Top” moment went for $100K, the max a moment could earn for, then in the NBA Top Shot marketplace. It has now expanded to $250,000. Like the Zion moment, this was the first sale of this LeBron collectible: User “j1mmy” drew it from a pack.

4. 2019-20 LeBron James “Throwdowns” Dunk — $100,000

• Serial number: #1 of 275
• Current owner: greekfreak
• Date sold: February 21, 2021

User “greekfreak” purchased this No. 1 serial number LeBron moment. There are more moments available in this release compared to the other LeBrons on this list, but the top number still went for a sky-high price.

The moment was bought from user “Pranked,” the biggest seller on the early NBA Top Shot marketplace. To date, he’s obtained over $4 million in sales, spending $348K in purchases.

5: 2019-20 LeBron James “Holo MMXX” Dunk — $99,999

• Serial number: #12 of 32
• Current owner: flamboyant_mangosteens7204
• Date sold: February 4, 2021

This moment was also sold by “Pranked”, drawn from a pack.

6: 2020-21 Steph Curry “Deck the Hoops” Handles — $85,000

• Serial number: #1 of 40
• Current owner: DeepThreePointer
• Date sold: February 22, 2021

 “DeepThreePointer” purchased the most extortionate Steph moment to date, for $85K. He bought it from user “Alex,” who drew it from a pack.

7: 2019-20 Giannis Antetokounmpo “Holo MMXX” Dunk — $85,000

• Serial number: #34 of 50 (jersey number)
• Current owner: Libruary
• Date sold: February 21, 2021

In this highlight, MVP of NBA Giannis Antetokounmpo shows off his amazing skills. During the game on November 16, 2019, he elevates for an earth-shattering left-handed dunk. With that, he overpowered two Indiana Pacers defenders with the utmost authority. NBA Top Shot user “Libruary” purchased this moment for $85,000 from user “Pranked”. 

8: 2019-20 LeBron James “From the Top” Dunk — $80,000

• Serial number: #35 of 59
• Current owner: easyaces
• Date sold: February 22, 2021

Another  LeBron bought for $80K, this time by user “easyaces,” who bought it from “j1mmy,” who drew it from a pack.

9: 2019-20 LeBron James “From the Top” Block — $78,000

• Serial number: #23 of 59 (jersey number)
• Current owner: vegasfinds777
• Date sold: January 26, 2021

this LeBron moment is valued so high because of the jersey number above. Drawn from a pack,This moment was sold by “Pranked,” too

10: 2019-20 LeBron James “From the Top” Dunk — $71,455

• Serial number: #1 of 59
• Current owner: andy8052
• Date sold: January 23, 2021

On January 25, LeBron’s “From the Top” No. 1 serial number block moment drawn from a pack, sold by “BasketballMikey” went for $100K.

What Lies Ahead

Earlier this month, Dapper raised $250 million and is now valued at $2 billion.  Planning to continue expanding its blockchain, Flow. Tedman, one of the creators of Top Shot, said it now has roughly 350,000 registered users and claimed that Flow can better handle the capacity of a high-value marketplace, compared to its CryptoKitties product.

According to her, the firm released 5,000 new packs of highlights this week as a stress test for Flow, and 90,000 people got in line to buy, making Flow pass the test well “It’s almost like if you stash together trading cards with the stock market. That in of itself is a game before we release the mobile game.”

The mobile game, to be launched in 2021, will let consumers build NBA-like rosters by getting  NFT moments, then compete in online competitions with a chance to bag more scarce, valuable  NFTs.“It can be the opportunity to have some fun with your interest and love of a sport – in this case, basketball – combined with your interest in new technology experiences and financial experiences such as cryptocurrency and NFTs,” said Richardson.

Investors like Dallas Mavericks owner Mark Cuban and influential entrepreneur Gary Vaynerchuk pronounce this as the future. StarStock and Otis ( stock markets for cards and collectibles) though different from TopShot, too presents us a futuristic view. 

Come 2051, a LeBron James NFT could be worth what a 1952 Topps Mickey Mantle card is worth at present($5.2 million). We are sure you can estimate how much a rare Michael Jordan rookie highlight NFT would sell for, in say, the next 30 years?

The NBA Top Shot team wants basketball fans to just award the platform a chance., While it aims to add games and more vintage moments to nurture the collection and make us all go bonkers!

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