What is NBA Top Shot?
NBA Top Shot. You may have seen or read this name on your social networks in the last few weeks. And maybe you don't know what it is. We're talking about the latest big trend in the NBA universe: collecting moments in video format. And in the United States, it is a natural sensation. In Europe, it's starting to become a trend, and it's a market that already moves millions of dollars. Here's what it's all about.
Indeed all of you have collected stickers at some point in your life. Or objects, t-shirts, something related to your hobbies and interests. But this is 2021, and technology is not slowing down. On the contrary, it accelerates to the point that we face a new phenomenon in the NBA, such as NBA TopShot.
What is NBA Top Shot?
A system for collecting audiovisual moments through an encrypted 'crypto', based on blockchain technology allows users to buy, sell or exchange moments with the technological guarantee that they are unique. The platform, officially licensed by the NBA and developed by Dapper Lab, started its operation in November 2020 and has moved billions of dollars since then. It is absolute madness, to the point that it currently does not admit new users due to the high demand for existing traffic.
It all starts with buying packs, like traditional sticker packs. And those packs contain moments. A small digital concept that includes a video of the action and a robust design of the player it represents and a unique numbering can only be accessed by the owner. That's where it all begins.
The Top Shot phenomenon involves different variables that aim to consolidate its success. The collecting factor, traditionally very present in the United States, has been joined by the possibility of generating business and profits with these moments. It is a kind of investment, with its obvious risks, in a system of assets whose accurate prices and values go up and down depending on demand and the possibility of future revaluation. And that is where the sporting factor comes into play. Certain plays or good performances increase their value and order in the market depending on real life. An example to understand all this is the moments related to Obi Toppin, the rookie of the New York Knicks. Once his participation in the dunk contest became known, the price of his moments increased, partly because of the expectations that he could win it. And some people bought them with that in mind, of course. But, after his bad performance and seeing that the contest was slipping away from him, the price of those Obi Toppin moments fell again.
Here we clarify some doubts regarding the use of the platform:
-What is the best way to get started in the Top Shot world?
The first thing, as in any investment platform, whether it is the stock market, cryptocurrencies, collectibles .... is to be very clear that you should not put money at stake that you can not afford to lose. To get into the TopShot phenomenon, the first step is to know exactly what it is. It seems like a simple step, but it is essential because knowing what you are investing in is fundamental when you have to invest money. Once you know you want to enter, we advise you to dive into the NBA TopShot website, a very functional website with a friendly interface. It is also important to rely on Twitter accounts related to it, which will surely give you more information about it.
-Which moments are most valuable and why?
Roughly speaking, the more little a moment is, the more expensive it is. Moments are separated into three ranges:
Common: More than 10000 units for each moment.
Rare: Between 500 and 4999 units for each moment.
Legendary: Between 50 and 499 units for each time.
But many more factors come into play when determining the value of a moment. One of the most curious and most affecting is the serial number of your moment. To give you an example, having a Luka Doncic moment whose serial number is 77 (his jersey number) ensures that you will earn a lot of money for it, even if it is a standard range moment. Generally, the lower the serial number, the more valuable it is.
Other precious moments are those of the rookies and the first moments of each player.
The highest-grossing cards in the American trading card ecosystem have always been the rookie year cards, and TopShot is the same. At this writing, the two LaMelo Ball moments cost $3,000 and $5,000, respectively.
The rest of the players, being a new platform, do not have a moment of their rookie year. That's why the market values more the first moment of each player registered in TopShot. They are, in quotes, the equivalent of the rookie cards of the rest of the players in the league.
-If I have moments or want to buy, what do I have to watch out for on a day-to-day NBA basis as far as the game is concerned?
Keeping up to date with what's happening in the NBA can significantly benefit the TopShot user. Rookies tend to be highly rated, even more so if they are in contention for Rookie of the Year. The same would be true for those players who are running for MVP or 6th Man of the Year. The other day we shared a fascinating case: As soon as it was announced that Obi Toppin was going to the dunk contest, the sales of his moment and his price skyrocketed. The slam dunk contest came, and it was a bit of a disappointment, so he promptly lost everything he had gained. What would have happened if he had won? He probably would have gone even higher.
-How do the schedules and the system of buying new packages or times work?
NBA TopShot launches new packs when they deem appropriate; there is no planning that allows us to know when the next release will be. However, they do announce it at least 8 hours in advance.
In the different launches, a limited number of packs are sold, which has ranged between 10000 and 60000. The system works so that the people interested get in a virtual queue for 10-20 minutes, and when it ends, the system randomly assigns a position to make the purchase. Usually, there are more than 200,000 people in line, so not everyone can buy, and with this system, they make it fairer, and everyone has the same chances.
The marketplace is always open to buying moments individually unless ongoing package releases, issues, or maintenance. It is important to note that the platform is in Beta. There have been some minor problems and some crashes, but nothing major.