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What is NBA Top Shot -- in a Nutshell?

Posted By Craig Whitley     March 10, 2021     622 views     1 like     0 comments
NBA Top Shot is a new digital collectible created by Dapper Labs for the NBA.  Digital video clips, or "Moments," are sold at NBATopShot.com.  Through early March 2021, total sales of these digitally encrypted collectible video clips have already topped $230 million since going live in October 2020.

What is NBA Top Shot -- in a nutshell? 

This article highlights the major talking points and what you need to know about a relatively new and fantastic collectible electronic asset called NBA Top Shot that has already garnered over $230 million since going live in October 2020 at www.nbatopshots.com, with 90% of it being available in the past month, according to crypto token monitoring site CryptoSlam.

NBA Top Shot is using innovative blockchain encryption to reinvent sports card collectibles in the world of NBA basketball. Top Shot is the newest electronic property from the NBA, and one might say it is "On Fireeeeee!"

Digital possessions like cryptocurrencies have become much more preferred in the last few years and the NBA is trying to get in on the activity.  Heck, just today, a Christi's auction set a record by auctioning a piece of digital art for $13 million dollars.  And, not knowing how the auction would do, Christi's started the opening bid at only $100.  Can you imagine an auction skyrocketing from an open of $100 to $13 million in a matter of minutes?

Basic Facts about NBA Top Shot:

What is NBA Top Shot?

NBA Top Shot is an online-only industry where individuals can buy, sell and trade NBA highlights. These highlights, aka "minutes" or "moments," are owned by the individuals that buy them and each is encrypted with its own unique serial number.  Because it is digital, for the first time we have a collectible sports moment where we don't have to worry about ragged edges or off-center cards, crunched corners, etc.

These are real NBA real game collectible video clips, yet as opposed to a photo of a gamer with data on the back, you get a video clip highlight of a play like a LeBron James dunk, a Zion Williamson rebound or a Steph Curry 3-pointer.  These moments are licensed by the NBA to Top Shot's creator, Dapper Labs, and generate revenue for the league and the NBA players when they are sold through the NBA Top Shot Marketplace. 

How much do moments cost?

Not every NBA moment like this LeBron James dunk sells for so much. Prices of moments differ depending upon several factors or elements.

One factor, obviously, is who the player is that is performing the play. As an example, a dunk moment performed by Denver Nuggets forward JaMychal Green will most definitely sell for a lot less than a dunk by his highness, King James (i.e., Lebron James). 

As an example, a user named YoDough purchased a Lebron James moment for $208,000.
https://twitter.com/i/status/1363969592779890690

Another factor is just how rare the NBA moment is considered. Similar to sports trading cards, there is a finite number of these moments and the company decides how many to launch, so getting a moment that is 1 of 25 is more valuable than getting one that is 1 of 500.

Exactly how do you buy them?

Customers can get packs, like sports cards, when they appear on the Top Shot website's "Marketplace," or they can purchase NBA Top Shot moments from individual owners.  I see them being sold on Ebay all the time.

Presently the most affordable rate for a single minute is $16 and also the highest price is $250,000 for a Lebron James moment and a Zion Williamson moment.  The $250,000 Lebron James moment currently has 8 moments for sale, ranging from a low of $99,000 to the high of $250,000.  It can be viewed at NBATopShot.com on the following page. at https://assets.nbatopshot.com/editions/1_from_the_top_legendary/0f883540-25fa-4fc9-9ee8-f1354d687b9c/play_0f883540-25fa-4fc9-9ee8-f1354d687b9c_1_from_the_top_legendary_capture_Animated_1080_1920_Black.mp4

Top Shot packs are marketed in very restricted quantities every now and then, so its vital to try to buy them right when they're launched.  Check the NBATopShot.com website often to see when packs become available.

Are these legit? Who supervises them?

All Top Shots are formally licensed by the NBA. The organization partnered with Dapper Labs from Vancouver, British Colombia.  Dapper is a firm that specializes in blockchain, and established the NBA Top Shot.

Dapper Labs takes a 5% fee for each transactions.  Dapper is the same company behind CryptoKitty, a collectible digital art type of non-fungible symbols (NFT).

NBA Top Shot uses Blockchain?

Yes. After a customer makes a collectible moment acquisition, it is stored and kept in a secure Top Shot digital wallet. This is where the secure feathers of blockchain comes in.

Blockchains are databases of information that's linked together that can be made use of to record possession or deals of an item. Its journal stops a lone user from gaining control of the network.

Blockchain is the technology that prominent cryptocurrencies like Bitcoin BTCUSD and also Ethereum ETHUSD use.

Why would I pay for something I can view on YouTube or Twitter TWTR, totally free of cost?

This is a fair inquiry and the response depends on you. Yes, the moment you bought is probably available online to view totally free. Nonetheless, people can likewise go on the internet and also publish a copy of the Mona Lisa and hang it in their living room. The worth of the minute, like art, is whatever someone wants to spend for it.  The value comes from some of the factors I've mentioned above, plus the fact that they have their own unique serial numbers and a limited number of each encrypted Top Shot moment exists.

Individuals who own an NBA Top Shot moment don't own the video clip itself, but simply the NBA Top Shot moment.  It is for this reason that NBA broadcast partners can still show show a video clip that might contain a portion or all of a Top Shot video moment.

Dallas Mavericks owner Mark Cuban is probably the most often quoted NBA owner, and is one smart guy.  Remember, he became a billionaire by founding Broadcast.com and selling it during the Dot Com boom.  Thus, he's a tech savvy guy and it's only natural that he "gets it" when it comes to blockchain technology and the value of these digital collectibles.  Granted, it's also fair to say that since he's an NBA owner, his voice might not be considered an unbiased opinion, but his views and take on the matter are very interesting, nonetheless.

Says Cuban, “I get to enjoy knowing I own my Maxi Klieber dunk Moment, along with knowing the serial number and much more. Some people might complain that I can get the same video on the internet anywhere any time and watch it. Well guess what, I can get the same picture on any traditional, physical card on the internet and print it out, and that doesn’t change the value of the card.”

Cuban also wrote, “and when I want to sell the card, NBA Top Shots offers a marketplace I can sell it in, which by virtue of the site being created on Flow BlockChain offers me the ability to see every Maxi card being offered, the serial number, its price and more. All the foundations required for a consumer friendly, efficient marketplace.”

Who is making money off of these digital collectibles?

NBA Top Shot produces revenue from pack sales and purchase fees.

As previously stated, Top Shot developer Dapper Labs takes a 5% purchase charge on sales in the Top Shot marketplace, according to the company. The NBA as well as the NBA player's union get a cut of those peer-to-peer sales on the marketplace, according to "The Athletic."

Dapper Labs likewise takes a cash-out charge to cover the cost of financial institution transfers. NBA top Shot accepts payments through credit or debit cards and also cryptocurrencies consisting of Ethereum, Bitcoin and also Bitcoin cash money.

We encourage all NBA Top Shot collectors to become a member of TopCollections.com and help us build an NBA Top Shot Collectors community, where you can blog about your collection and collection adventures, create your own online store and sell your Top Shot moments, create photo and video albums, meet other collectors, join our Top Shot group, create Top Shot events, etc.  As a special promotion, you can sign up within 90 days and get a free lifetime Platinum level membership.  Just contact us and ask for the special promo code before signing up.  

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