NBA Top Shot is a well-known NFT marketplace for sports. In addition to the fact that sports collectibles are popular, this market also provides NFTs that are authorized by the NBA.
Think of it like baseball cards, but digitally. It shares some characteristics with sports trading cards. Collectors can buy authorized highlight videos known as “moments” through NBA Top Shot using cryptocurrencies or a credit card.
What Is NBA Top shot?
NBA Top Shot is a renowned NFT marketplace for basketball that offers fully authorized NBA highlight videos.
Overview
The usefulness of NFTs has been debated throughout the past few years. However, some argue that trading cards and NFTs make a fantastic couple because they are collectible digital works with ownership proof owing to blockchain technology. NBA top shot was founded by dapper Labs in 2020 along with CryptoKitties.
When onboarding, the majority of NFT marketplaces demand that you set up and connect MetaMask or other digital wallets, which might be challenging for non-technical users. Top Shot, in comparison, merely requires you to set up an account. For users who don’t have cryptocurrency, the platform’s credit card payment option is perfect.
The website is designed with both NBA fans and Web3 fans in mind. Despite being based on blockchain technology, Top Shot is simple to use even for individuals without any background in cryptocurrencies or NFT.
How NBA Top Shot Works
Top Shot is developed on the Flow blockchain from Dapper Labs. Each NFT “moment” is a brief video recreation of a memorable moment in NBA histories such as LeBron James’ one-handed slam against the Sacramento Kings or Jayson Tatum’s comeback three-pointer against the Brooklyn Nets.
Once you purchase an NFT clip, it is saved in your account where you can access it whenever you want, share it with friends, or make money by selling it on the peer-to-peer marketplace.
There are a set number of copies of each moment, each with a unique serial number. An NBA Top Shot moment’s copy count contributes to determining its rarity and worth.
The cost of each clip is also influenced by additional elements like the featured player and serial number. With some moments selling for over $200,000 and others struggling to sell for $12, there is a significant price discrepancy. Values might increase or decrease with time, just like any other NFT collectible.
NBA Top Shot Blockchain And Cryptocurrency
Top Shot supports five cryptocurrencies and is built on the Flow Blockchain. Top Shot was originally going to be constructed on Ethereum, but Dapper Labs chose to move it to Flow because of the issues with CryptoKitties on Ethereum. Cryptocurrencies like FLOW, BCH, BTC, DAI, ETH, and USDC are all accepted on the platform.
NBA Top Shot Fees
The seller is charged 5% for each NFT sold in the Top Shot marketplace. For instance, you would earn $95 in your wallet if you sold a minute for $100. For times of listing or delisting, the site doesn’t charge.
NBA Top Shot Drop
You can reserve your pack before it really drops on the platform when it releases unique packs of clips. A lot of bundles cost less than $20.
Go to the main navigation bar and choose Drops to see the platform’s drops. Starter bundles are also available there.
Important Things To Check Before Buying Nba Top Shots
1. Clip tiers
The rarity of a situation is determined by its tier. Common, rare, legendary, and ultimate are the four collectible tiers available on the platform. The common tier packets have 10,000 copies or more, whereas the uncommon and legendary tiers have 150 to 4,999 and 25 to 499 moments, respectively.
2. Sets
Top Shot items can be organized into decks just like trading cards. For instance, the Rookie Debut set features the best early-career NBA players like Jordan McLaughlin and Jarrel Brantley, while the Throwdowns set features 20 of the greatest dunks in basketball history.
3. Serial numbers
A moment’s serial number is one of the most crucial factors to take into account when making a purchase or evaluating its prospective value. To distinguish it from other Top Shot NFTs that feature the same highlight, each Top Shot NFT is assigned a special serial number.
How To Sell NFTs On Shot Pack
You can list your NBA Top Shot NFTs on the platform directly, but you cannot post them for sale on secondary marketplaces like OpenSea or Foundation.
Even simpler than buying, selling moments on the market involves:
- Visit the Moments page.
- Select the NFT instant you want to sell after making your decision.
- Choose Place for Sale, then enter the predetermined selling price.
How To Buy NFTs On Shot Pack
You can buy NFT moments using a credit card, a cryptocurrency, or both. You need an NBA Top Shot account regardless of how you choose to pay. You can sign in with Google or just a simple email and password combination. You must also save a recovery code and enter your phone number.
Following account creation, you receive a greeting and a brief introduction to the NBA Top Shot platform and digital collectibles community. The bottom option is to get started. You are then prompted to select your preferred basketball team and join the Discord community.
Open your wallet from the accounts page, choose Payments & Payouts from the left menu, and then enter the desired amount in the form to fund your account. Select your payment method and validate your deposit.
NFTs can be purchased on Top Shot in one of two ways:
1. Buy specific moments on Peer to Peer marketplace: Hit the search button and look for the moment of your choosing. You can narrow down your search by player, team, set, tier, price, game start, and end dates, and other criteria.
2. Buy them in packs Directly on the Platform: Users purchase packs directly from NBA Top Shot at a set price, which is a random assortment of moments. In general, the price is less expensive than purchasing moments on the secondary market, where it could increase. You won’t know which moments you’ll receive, though, until you purchase and open the packets.
Pros And Cons Of NBA Top Shot
Like every other thing on the blockchain, there are pros and cons
Pros
1. You can pay with fiat: Convenient payment options include using a Visa or Mastercard.
2. You can easily sign up on the platform: It just requires a login, but it’s a quick and easy process with no need to link a third-party wallet.
3. You have a lesser risk to deal with: There is little chance of fraud or fakes because you can only buy these NFTs via NBA Top Shot’s official website and marketplace. The NBA has granted the platform official licensing.
4. Comes with proof of concept: Trading cards with a sporting theme have proven to be profitable investments.
Cons
- Very exclusive and limited: Top Shot NFTs are not platform-neutral and can only be traded in the official marketplace.
2. The technology it is built on is not so large: Although the Flow blockchain is creative and quick, it lacks Ethereum’s extensive ecosystem.
3. The NFTs stay in your account: Since Metamask and other well-known wallets are not supported by the Flow blockchain, top Shot NFTs are local to this platform. You can currently only keep them in your Dapper wallet.
FAQs
Are NBA Top Shots worth it?
NBA Top Shot’s Moments, like all NFTs, are only valuable when someone else is willing to spend on them. Basketball fans determine the pricing but they don’t really have any intrinsic value on their own.
Is Top Shot NFT legit?
NBA Top Shot has a broad appeal because it is a legitimately authorized NBA product. A thriving community has also developed around NBA Top Shot, and many of the users are from the conventional sports trading card environment.
How do NBA Top Shot packs work?
Users of NBA Top Shot can purchase, sell, and collect NBA NFTs that feature significant “Moments” that were created on the FLOW blockchain. Moments come in a variety of rarities, with the most valuable being the rarest. Similar to conventional trading cards, moments are created in “Packs.”
Is NBA Top Shot decentralized?
Despite the fact that Top Shot uses decentralized blockchain technology to help consumers track down and confirm the authenticity and scarcity of their digital valuables, this project’s economic activities are largely centralized at its foundation.
Why are top Shots Valuable?
Simply explained, there is a much greater demand for the packets than there are available. NBA Top Shot is excellent at regulating how accessible each moment is in order to keep the moments valuable.
Summary
NBA top shot offers a cutting-edge and gamified product for devoted NBA fans and collectors using NFT technology and the NBA’s notoriety as vehicles.
Dapper Labs has a track record of successful NFT projects and is aiming to advance its ecosystem to meet the needs of its product, despite the early constraints that may come with being built on a new blockchain ecosystem like Flow.
