Would you like a three seconds of a clip by Bama Adebay blocking an Atlanta Hawks player in a random regular season? What about the $ 40,000 drop on Jimmy Butler’s footage hitting a three? May I interest you in the $ 100,000 LeBron James dunk peak?
No? It looks crazy, doesn’t it? No one would ever do that, right?
But they would, and they are. Tens of thousands of people, to be exact, are doing just that on a new platform called NBA best shot, a blockchain-based platform that allows fans to buy, sell and trade numbered versions of certain, officially licensed videos.
Welcome to the future sport cards, where they are no longer kept in the closet of the room where you grew up in your parents’ house, but on the Internet, like everything else. You’re welcome, Mom!
While the rest of us focused on everything but digital trading cards during the first year of COVID, the NBA teamed up with a company called Dapper Labs to create a platform called the NBA Top Shot. After its official launch last week, CEO Dapper Labs Roham Gharegozlou said the product as “a revolutionary new experience in which dramatic performances and memorable prominent elements become collectibles that you can own forever.”
Sounds pretty useful, doesn’t it? A bunch of 12-year-olds trading cards on their tablets? No, it’s not that. These are things for the big guys here. Top Shot has a lot more in common with the episode “Billions” than with anything that has to do with children.
$ 106.3 million: Total sales made on the NBA Top Shot platform over the past 30 days
$ 53.9 million: total sales in the past seven days
? $ 16 million: total sales yesterday (new one-day record)
– Meeting room (@boardboard) February 21, 2021
Top Shot “cards” are called NFTs or irreplaceable tokens. An irreplaceable token is a special type of cryptographic token that can represent something unique. You’ve heard of Bitcoin. Imagine dunking Bam Adebay as BamCoin. If he has good results, he also has his coin, increasing value like a stock. Because these forged clips are limited, they have value for collectors.
Unlike your traditional trading cards, Top Shot moments can be swapped online in minutes. It is not unlike buying and selling stocks. There is currently no equal store, but the company says it is done, along with many other features, such as cards that are only available to fans who are in the area for a particular game or QR codes that will be displayed in a show that you can scan the code houses.
Miami Heat shooter Tyler Herro was one of the first NBA players to join the product. His name and similarities have been released across the platform for weeks, and he has lent his voice to some tutorials that users can watch to learn how Top Shot works. Heat player Andre Iguodala is also involved in the project, as are several other players, including JaVale McGee of the Cleveland Cavaliers and Spencer Dinwiddie of the Brooklyn Nets.
Still confused? You are not alone. The website is still in beta as Dapper Labs solves the problems and most users only joined last month. Only last week ESPN and other major news catch the wind phenomena, throwing the eBay-style market into a frenzy that saw $ 2 cards jump to hundreds of dollars.
Top Shot and the NBA bet that the future of trading cards is no longer in the physical card, which people have to send by mail to rate them, but in digital assets that they can pick up on their phones and show to each other. When you think about it in that sense, it’s not that crazy. Everything from your entire financial portfolio to every one of your families you’ve ever had is stored online, so why would basketball tickets differ?
Think of it this way: You can print a picture of a Babe Ruth baseball card, but that doesn’t mean you own it. The same can be said for a clip of Jimmy Butler playing basketball: just because you watch him on YouTube doesn’t mean you own him. But with Top Shots you can. Well, a certain amount of people can, just like the traditional one sport card. The only difference now is that it exists online, not in the hard plastic case you need to take home to show it to friends.
Players are even starting to gain interest in possession theirs expires. You’ll soon hear the player shout, “That’s a top hit!” after dunking. Not if – but when.
“Some people may complain that they can get the same video anywhere and anytime on the internet and watch it. Well, guess what, I can get the same image on any traditional physical card on the Internet and print it, and that doesn’t change the value of the card. “-@mcuban pic.twitter.com/HlRY4O1vD7
– Meeting room (@boardboard) February 21, 2021
Top Shot is such a new, changeable and fast growing product that even those who understand it have a hard time wrapping their heads around what it has become. There are beta users who joined in October and blindly invested only a few thousand dollars, not knowing if it would turn into anything. Now some of those same collectors have collections worth over $ 10 million.
Last month, Top Shot released 2,500 packs of tickets costing $ 999. When the cards become available, 25,000 people entered the lottery system achieve one package, spend $ 2.6 million in a few minutes. Semi-regularly, the site releases 50,000 packages containing three tickets each. The price is $ 9, and they sell as fast as Top Shot makes them available.
So now you know that thing exists. It’s either your new addiction (trust me) or something you still don’t believe in. No matter where you fall, the next time you see Tyler Herro drain a three or Bam Adebayo refuses an opponent’s attempt outside the bounds, you may be witnessing something that will line up in thousands of people to pay thousands.
Multiple Miami Heat fans and investors have probably done just that for the time you need to read this article.
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