NBA TopShot allows collectors and investors to spend cryptocurrency in exchange for ownership of some of the greatest moments in the NBA. Essentially, the platform allows you to buy and sell video highlights of your favourite players and earn more cryptocurrency.
While decentralized finance projects living on the blockchain are seeing investors lock up billions of dollars of crypto wealth into smart contracts all for the sake of earning interest, another segment of the market is quickly grabbing market share in its own right. That segment is crypto collectibles.
Many crypto collectibles are just projects invented by programmers with no particular branding or licensing agreements accompanying them. NBA TopShot is different. It’s a project run by Dapper Labs out of Vancouver, British Columbia, Canada in direct coordination with the NBA. It’s an officially licensed digital collectible product.
If you’re new to Bitcoin and other cryptocurrencies, and your parents taught you growing up that collecting sports cards was a worthless endeavour, using crypto to collect video highlights you can watch on YouTube is probably too much to wrap your head around. But don’t kid yourself, as much is laying down crypto on the favorite during the NBA finals or the Super Bowl seems like a great bet, crypto collectibles can help you build your bankroll while still feeding your thirst for gambling in a whole new way.
More on NBA TopShot and the Moments
TopShot essentially sells the NBA’s most memorable video highlights as scarce collectibles. You can watch the highlights themselves on YouTube, but the production value of what NBA TopShot is creating goes far beyond that. TopShot’s moments come with a description of what happened in the moment. They also include statistics and box scores. The moments themselves are also divided into packs. Some packs are inexpensive and others come at a premium, but give you access to more scarce moments that are more valuable. Just how valuable are these moments? It depends on how much you spend.
Investors and Gamblers are Earning Serious Coin with TopShot
In the world a physically tangible collectibles, who has what, what they paid for it and what they’re selling it for can only be found on third-party websites. When an investor/gambler sees those numbers, they have to factor in fees, macroeconomics, and the particular platform there looking at versus other platforms. It’s really difficult to figure out what something is really worth.
With NBA TopShot, you can invest in packs of moments and take the traditional gamble of not knowing what you’re going to open up, or you can buy individual moments and add them to your personal collection. But the best part about it is that every transaction is registered on Ethereum’s blockchain. This means you can actually see what these moments are worth once they’re out of the pack. It turns out that some of them are worth thousands of dollars. The ability to profit off of these moments is nothing to sneeze at.
CryptoSlam.io tells you all you need to know about whether or not NBA TopShot is worth the gamble. A base set of moments can cost you less than $10 USD, yet according to CryptoSlam.io, a moment featuring a dunk by reigning regular-season MVP Giannis Antetokounmpo from that base set sold for $999 USD within just the last two weeks. More scarce moments from higher and packs are selling for nearly five figures.
So regardless of what you might think about gambling on digital collectibles, the reality is that scarcity creates value and NBA TopShot is proving there really is value in collecting digital Moments. Perhaps it’s time to take a break from the sportsbook and go into digital sports collectibles residing on the blockchain.