2021 saw the relentless rise of NFTs (non-fungible tokens). One of the major contributors to this growth is NBA Top Shot — an officially licensed digital collectables marketplace.
According to Crypto Slam, the marketplace already records a high daily volume. However, with NBA Top Shot’s new collectables, Run It Back, it catapulted to over 440% daily volume from $829,520 on Oct. 14 to around $4.5 million the next day. The day after, moreover, the marketplace already reached more than $4 million worth of tokens in circulation.
In addition, NBA Top Shot tweeted yesterday, October 17, that around 10,000 Run It Back packs have already been sold in 24 hours — with a rate of seven purchases per minute.
To clarify, NBA Top Shots NFTs feature some videos highlighting key moments in NBA history. The latest packs, Run It Back, celebrate the stars of the 2005 – 2006 season. More so, it features three tiers of rarity — common to legendary.
In detail, the packs started at $169 each. Collectors compete and try to snag NFTs depicting the basketball legends like Lebron James and Shaquille O’Neal.
Data shows that since July 2020, the NBA Top Shot marketplace hosted a staggering $744 million worth of secondary sales. The trading activity in the marketplace peaked during the first quarter of 2021 with $45.7 million worth of trades. This occurred within 24 hours since February 22.
Meanwhile, NBA Top Shot is now the third-largest NFT project by daily secondary volume, thanks to its recent weekend surge — slightly falling behind Axie Infinity and Crypto Punks.
Furthermore, Dapper Labs, the team behind Top Shot announced plans to expand and branch out beyond basketball. Similarly, the team wants to launch an NFT platform and marketplace in partnership with the National Football League (NFL). Finally, DapperLabs aims to complete its first NFL drop by the end of this year.
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Source: Cryptocurrency - investing.com
