Digital assets are taking over the world and sports like the NBA are the first ones to adapt to this new technology. NBA Top Shot are digital assets that are mainly based on blockchain technology in a way of creating collectibles.
NBA Top Shots are digital assets or otherwise known as non-fungible tokens (NFT’s) that can be bought by anyone and after the purchase, the person will be the only one with the rights for that digital card.
When it comes to NBA Top Shot, they are one of the most successful sports-themed NFT’s. Until now, they generated more than $230 million in transactions which are mind-blowing.
What is NBA Top Shot?
This is an online-only marketplace where users can buy and trade digitally made highlights of NBA games. After they bought this digital asset, the user owns the highlight through a unique number that is limited by blockchain technology.
NBA collectibles are not something new, but now the entire industry is transformed from physical cards to digital highlights.
How Much They Cost?
These unique digital assets are like their own entity and they can increase or decrease in value depending on the player included in the highlight. For example, a highlight from LeBron James from the Cosmic Series 1 set sold for $208,000.
The biggest factor when it comes to the value of the token is the featured player. For example, a dunk from JaMychal Green will probably cost much less than a dunk from LeBron James.
Currently, the lowest price for a single digital NBA highlight is $16 and the highest is $250,000.
Another important variable in the worth of the digital asset is a rarity. It is much similar to trading physical cards where there is a limited number of the same cards in the world.
How to Buy NBA Top Shots?
NBA Top Shots are sold through packs just like sports cards right on their website. Additionally, people can trade with each other in their marketplace.
In case you need to research the best NBA ball handlers in the NBA to invest, visit website of Twinspires Edge.
It is important to understand that packs are sold in limited quantities and it is important to buy them as soon as they are released just to get a chance for owning a great highlight.
Is it Legit?
Yes. In fact, all Top Shots are officially licensed by the NBA. The National Basketball League association partnered with Dapper Labs, which is a company that specializes in blockchain, to develop these tokens.
Each transaction is subjected to a 5% fee that the company receives. Also, a part of the generated money is received by the NBA which channels the money to the players.
This is a revolutionizing technology that can change sports forever. In few years, experts predict that many other sports like soccer or football will jump into this business. In the future, players can negotiate the percentage from sold NFT’s which can be a huge game-changer for the sports industry.
Why Would Somebody Pay for the Moment When they Can Watch it Online for Free?
This is probably one of the most asked questions in the NFT industry. People are wondering why they should pay for something when they can get it for free.
Well, it is a fair question and the answer is up to you. Yes, you can probably find the same highlight online, but you cannot own that highlight in any way.
The same thing goes for paintings. Everyone can make a full-size copy of the Mona Lisa and hang it in their bedroom, which doesn’t make it the real deal.
The value of the NBA Top Shot moments is like art, and the uniqueness and rarity give these digital assets value. It is worth mentioning that after purchasing an NBA Moment, you don’t own the video, and NBA broadcasting partners can still show video clips sold as moments.