NBA Top Shot NFT Explaining: How Does It Work?
The answer to the question “What is NBA Top Shot?” may be interesting for basketball fans, investors, and Blockchain enthusiasts. In this article, readers will find comprehensive information on this topic, including definitions, explanations, and available options to pay attention to.
What Is NBA Top Shot?
It is an online exchange that sells non-fungible tokens (NFTs) of NBA highlights. However, this would not be the comprehensive answer to the question: What is NBA Top Shot? NBA highlights are licensed digital collectibles from the association.
During the last NBA season, over $230 million was spent on Top Shot NFTs. After making a purchase, buyers are provided with verified ownership of a URL. It leads to the website, where the NBA highlight is located.
Any owner of a digital asset or file can turn it into an NFT. If you wonder who owns NBA Top Shot, it is the NBA. The organization sells Top Shot NFTs with a range of restrictions. In particular, such digital items are prohibited for changing or commercialization. Based on the existing license attached to these digital assets, owners of highlights can perform a limited range of actions, such as buying, storing, and selling. Usually, NBA highlights are short clips with special moments.
The Technology Behind It
NBA Top Shot packs come in the NFT format. In essence, an NFT is a digital file registered on a blockchain. The network verifies ownership, ensuring that the NFT is available for trading. Unlike traditional crypto coins, each NFT is unique. So, there are no two identical NFTs; however, there may be similar NFTs that come with a few minor changes. In other words, one bitcoin is the same as another bitcoin, while one NFT is not identical to another NFT. Each NFT can be easily distinguished from others because it contains a range of unique properties.
Virtually any digital item can be turned into an NFT. However, this technology is most commonly used for GIFs, art, music, videos, screenshots, and sports highlights. The NFT ownership is unimpeachable. Thanks to the specifics of blockchain technology, ownership of such digital items can always be publicly verified. NFTs can be purchased on various digital marketplaces.
Tiers of Top Shot Moments
A Moment is the base unit of Top Shot and can be compared to physical card collectibles. They come in the form of a clip displaying part of a game and allow observing the event from different angles. Each Moment has certain properties, such as serial number, series, rarity tier, and others.
NBA Top Shot packs provide collectors with a great way to build an excellent collection. They are also separated into tiers based on rarities:
It will also be interesting to check some stats on NBA Top Shot sales.
How to Get NBA Top Shot Packs
Many people wonder how to buy NBA Top Shot items, but they may not know that it is possible to obtain such digital collectibles in different ways. Find out about all the available methods to become the owners of NBA highlights.
The very first question to ask is where to buy NBA Top Shot items. There is an official platform where such highlights are available. However, everything is not that simple as it may seem.
Everything begins with signing up on the official NBA Top Shot website. This allows getting notifications about new items launched by the NBA. They will be received via email. Once you get such an email, open it because it contains a link leading you to the necessary page. It will specify all the important information you need to know, such as the expected time when packs become available for purchase.
If the item you want to hold is available for purchase, click on the “Join Drop” button. Shortly, you will appear in a pack-buying queue. You will see the number of users waiting for their turn. A simple rule works here: first come, first served.
There is always information on how many packs are released, so you can estimate your chances of purchasing the desired packs. For example, if the number of people ahead of you is greater than the number of packs available for sale, it is not your day.
Here are a couple of tips that will help you make your buying experience better:
NBA Top Shot NFT items can be shown off to earn various types of rewards, such as packs, exclusive prizes, and others. Users get rewards based on what is included in the collection.
During the most basic type of the challenges, collectors are asked to complete a given set of digital cards. They have a limited time for this purpose. Everyone who completes the task gets a reward.
A great number of rare moments increases the chances of winning such contests. Some challenges run regularly. They are an amazing opportunity to stay engaged with the community. Usually, two types of users take part in such events, including investors and collectors. This is where users can also trade items.
NBA Top Shot NFT items can also be found on secondary marketplaces. One of them has been launched by Dapper Labs. There, users can conduct various transactions with NBA highlights and, specifically, exchange their unwanted moments for trade tickets.
Once a digital item has been purchased, it can be re-sold. Everything works like traditional physical card trading but only with the help of Blockchain technology. Users just need to find reliable and convenient blockchain marketplaces designed for such transactions.
How You Can Use It
Now that you get the main question explained, you want to know how such items can be used. As mentioned above, these digital assets are released under a license protecting them from modification and some other actions. Those who are most interested in purchasing NBA highlights are collectors, basketball fans, and investors who want to earn some income. Once an item is purchased, it becomes available for storing, viewing, and selling.
For example, if an investor wants to generate some income, they may purchase a certain NBA highlight. Then, he or she waits until the price for the digital item increases and sells it.
Is NBA Top Shot a Good Investment?
Knowing the answer to the question “What is NBA Top Shot?” is not enough to decide whether it is worth your attention. If you are an investor looking for reliable opportunities to earn money in the future, you need to look at such assets from different angles.
So, is NBA Top Shot a good investment? Yes, it is. There are at least four reasons to purchase these items:
Liquidity. It is a highly significant reason to purchase NBA highlights. Thanks to the nature of Blockchain technology, sales are conducted nearly instantly. If you buy some Moments, you will be able to obtain them right away. It will also be quick and easy to sell such digital items.
Digital Asset. Blockchain technology has a bright future, and the same goes for NFTs. So, taking advantage of this technology by purchasing an NBA highlight may be a good idea.
Safety. The chances to be scammed are much greater with physical collectibles. NBA Top Shot is more protected from this perspective. While it is still possible to be scammed, this will not happen to you as long as you clearly understand how Blockchain functions.
Digital Footprint. When a collector purchases sports cards, one will have no doubts about their previous owners. Thanks to NBA Top Shot, everything is clear with the ownership chain. This also helps in detecting scammers.
Why Are They So Expensive?
To understand why such items are expensive, it is essential to know the answer to the question: How does NBA Top Shot work? The value of these digital assets may be high because the licensing conditions ensure their uniqueness.
Each Top Shot NFT comes with a unique serial number, so if there are copied NBA highlights, they can be distinguished easily. Another reason for the high price of such items is that the NBA releases only a limited number of NFTs, so demand is greater than supply, which naturally leads to an increase in price. However, copyright owners can produce similar NFTs that will only be different in a few little things. This can decrease the value of the initial NBA highlight.
Top 5 Most Expensive NBA Top Shot NFTs
Now, after answering the question “What is NBA Top Shot?” and providing more interesting information on this topic, it is time to check out five NBA shots that got into the highest sale list.
LeBron James, Cosmic Series 1, #29
It is the most expensive NBA Top Shot. In February 2021, its price reached $280,000. The short clip is about LeBron’s famous dunk for the LA Lakers that took place in 2019.
LeBron James, From the top, #12
This digital item was sold in February at the price of $125,000. It is about LeBron’s dunk from the 2019/20 season.
LeBron James, From the top, #1
The buyer of this item can enjoy the best moments of the Lakers. Among others, the clip contains the video of LeBron. The price of this digital item is $100,000.
Ja Morant, Holo MMX, #8
The price for this NBA highlight has reached $100,000. The clip contains Ja Morant’s dunk in a battle versus the Phoenix Suns.
Zion Williamson, Holo MMX, #1
Finally, $100,000 was paid for the clip with the memories of how the forward of the New Orleans Pelicans had pawed away an attempt of the Denver Nuggets.
Some of the best NBA Top Shot moments to buy are also expected to become available in the future.
We hope that we have provided you with the comprehensive answer to the question “What is NBA Top Shot?” and supplement it with other interesting information on the topic. The nature of Blockchain technology allows for a safer and more convenient way to collect valuable sports highlights. There are many reasons to consider purchasing NBA items even if you are not a basketball fan. Some of them promise high returns, which may be obtained in the future for reselling the items. It is possible to find NBA Top Shot packs for sale on the official platform and across various marketplaces, but you need to compare the fees and read their guides on how to sell and buy the assets first. Mind that these assets are in high demand, so you should be quick to catch the right offer at a reasonable price.
Frequently Asked Questions
What Is NBA Top Shot?
It is an online platform based on Blockchain that sells NFTs of NBA highlights. Users can buy and sell officially licensed videos on this platform.
How to Buy NBA Top Shot?
It is possible to purchase Top Shots directly on the official NBA Top Shots platform or a secondary marketplace.
Is NBA Top Shot a Good Investment?
There are several reasons to invest in NBA highlights. They include safety, convenience, and a good potential return.