NBA Top Shot Destroys 24-Hour NFT Sales Record

In the past 24 hours over $33.6 million has been purchased from NBA Top Shot according to NFT data aggregator Cryptoslam. With over 141,000 transactions being made. 

Last month, Dapper Labs’ NBA Top Shot surpassed CryptoKitties to become the best-selling digital collectible by volume. It is now increasing the gap between themselves and everyone else. 

Over the past seven days, the platform has generated $53.9 million in sales, showing no signs of slowing down. Having also attracted 33,000 new users and completing around 475,000 transactions over the same time period.

Over the past 30 days, NBA Top Shot has done $106.3 million in sales. A 1,129% increase over the prior 30 days.

NBA Top Shot is a block-chain based platform that allows fans to buy and sell numbered versions of video clips of player highlights called “moments”. It was a joint venture between the National Basketball Association, the NBA Players Association, and Dapper Labs. It was launched in July of 2019, but went live just five months ago.

NBA Top Shot Is Better and Faster

Steve Poland, who runs a website which tracks the Top Shot market. Told ESPN that NBA Top Shot “has everything the sports card world has, but better and faster. This is the future.”

Each NBA Top Shot video card holds value due to its authenticity and scarcity which is secured by blockchain technology. Top Shot basically combines two incredibly popular and lucrative markets in cryptocurrency and trading cards.

But unlike forms of cryptocurrency like Bitcoin, which is readily exchangeable. Every NBA Top Shot moment is a non-fungible token and NFTs are used “to create verifiable digital scarcity” and digital ownership.

And this may be only the beginning for Dapper Labs. According to Bleacher Report, they are developing a mobile game. Which will let Moments function like the in-game purchases you can unlock in NBA 2K. They have also started talks with retired NBA players to secure rights to historic highlights, according to ESPN.

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