NBA Top Shot Trading For Dummies
Since the NFT movement is now on the rise, 1xBit offers a comprehensive guide on the latest sports collectibles hotshot - the NBA Top Shot.
Table of contents:
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WTF is NFT?
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Paying big bucks for big shots.
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Can I get some of those tokens, please?
WTF is NFT?
If you are at least a tiny bit familiar with the latest developments in the cryptocurrency space, then the word combination “non-fungible tokens,” or NFTs, must be familiar to you because of the real money-spending frenzy that has overtaken this market. For those of you who aren’t familiar with this term yet, non-fungible tokens represent a unit of cryptographic data written on a blockchain that contains some unique element, which makes such token non-interchangeable. Unlike its interchangeable peers like Bitcoin (BTC) or Ethereum (ETH), one unit of which can be exchanged for another without the change in its content, function, or value, an NFT doesn’t act as a mean of exchange but rather as a proof of ownership of digitized intellectual property like art or music.
Paying big bucks for big shots
The past few weeks were filled with stories about artists and celebrities selling non-fungible tokens for absolutely insane amounts of money. But the other niche where NFTs have been selling like hotcakes is sports, particularly basketball. One of our previous articles featured the story about NBA Top Shot, an insanely popular NFT market that once generated a daily trading volume of $32 million. The participants are buying and selling tokens that contain the best highlights from memorable basketball games in this elite sports association.
The statistics provided by CryptoSlam has it that in the past 30 days, over 100,000 users have splashed some huge cash on the highlight reels of jump shots, dunks, and ankle-breaking dribbles by star players. The price range for these tokens could easily go from a mere $15 to a quarter of a million, which is truly amazing, given that you can watch all these plays on YouTube for free.
The NBA Top Shot blockchain-based collectibles are divided into three tiers: 25-499 cards, 150-4,999 cards, and over 10,000 cards, with smaller packages containing increased amounts of rare cards.
Can I get some of those tokens, please?
Each of those thousands of awe-inspiring sports moments is being recorded and stored on the Flow blockchain that was created by the Dapper Labs company that is known for giving the world CryptoKitties. So, in order to scoop those NFTs, you’d need to create an account with Dapper Labs and install their proprietary wallet.
Once the account is verified, you can go straight to the NBA Top Shot section, choose your favorite teams and start exploring the packages. Should some available collection catch your fancy, you can purchase it with BTC, ETH, BCH, DAI, and USDC that were deposited to the Dapper account beforehand. Please mind that due to the high demand for such tokens, the network fees could be pretty steep. Once the collectibles land in your wallet, you can either savor those highlights for as long as you want or sell them at a higher price on that very same marketplace.