With NBA Top Shot on a fast break, it’s pushing NFT’s higher and is gaining wider attention in the crypto space
NBA Top Shot is a blockchain application that has been officially licensed with the National Basketball Association. NBA Top Shot are rare collectibles, or virtual items that are represented with tokens that fans can buy, sell, and trade with each other just like traditional player cards but it’s all digital.
Recently, NBA Top Shot exploded with popularity with a single day volume exceeding $1 million. In total to date, NBA Top Shot has garnered $43 million in sales, with 20k buyers and 33k collectors. With each collectible, it contains an NBA moment for a player that you can collect and make yours, all minted on a blockchain.
These are considered nonfungible tokens (NFT) in the world of blockchains and cryptocurrencies. Basically this means that the collectible has been issued on a blockchain, in particular for NBA Top Shot, on the FLOW blockchain, which has a scarce limited supply of tokens similar to well known coins like Bitcoin.
In January, the LeBron James NBA Top Shot moment was sold for $71,455, making it one of the top grossing Top Shot collectibles.