What Are NBA Top Shot NFTs, and Why Are They Gaining Popularity?
NFTs, or non-fungible tokens, are digital assets with no identical copy that are growing increasingly popular in the digital collectibles market. Within this market, NBA Top Shot is the leading platform for tokenizing the highlights of the National Basketball Association (NBA) and turning them into collectible digital assets, referred to as NBA Top Shot NFTs.
As of March 2021, the platform has sold around $560 million worth of digital collectibles, including 3.2 million cards and nearly 4.4 million Moments, or highlight reels of sports games and players. To put this into perspective, this figure surpasses the $500 million that the global sports trading cards market made in 2020.
What Makes NBA Top Shot NFTs Valuable?
At the heart of the appeal of Top Shot lies the ability to own one-of-a-kind, immutable highlights frozen in time. Despite the disbelief regarding their authenticity, each highlight card is verified with blockchain technology and traceable on the Ethereum network. Additionally, as the platform matures, NBA Top Shot will release limited-edition highlights with fewer copies, making them exponentially more rare and valuable.
Furthermore, being a part of the NBA, Top Shot is tied to the most popular basketball league in the world. NBA highlights are revered and immortalized, stirring up emotions and igniting passion within an ever-growing fan base. This affinity towards basketball combined with the exclusivity of these highlights explains why these digital moments are sought after by many.
How Can a Beginner Invest in NBA Top Shot NFTs?
Firstly, if you are new to Top Shot, registration to become a part of the platform couldn’t be easier. Simply visit the website, create an account and verify your identity. After doing so, you can begin to explore and shop for collector’s items on the NBA Top Shot Marketplace.
For beginners looking to invest in NBA Top Shot NFTs, there are three key ways to make their purchase; the packs, auctions, and Marketplace. Here’s an overview of each:
Packs
Packs contain a selection of six cards, available with either Common, Rare, Epic, or Legendary tier designations. Newly-released packs are sold along with old packs, most of which have already been opened. Opening a pack yields closed packs and Moments, which players can resell on the marketplace.
Auction
The Auction House on the NBA Top Shot Store has one card of each rarity available at a fixed price. Starting with a minimum bid, potential buyers can keep bidding until the timer runs out and the highest bidder wins the auction.
Marketplace
The Marketplace of the platform is where pre-opened packs and Moments are sold. Here, anyone can buy, trade, or sell their collectibles with or without bid. Depending on the popularity of the card and rarity of the set, the value of these collectible items varies significantly.
A Beginner’s Guide to Growing and Managing Your NBA Top Shot NFTs Collection
Investing in the right cards is only the start. Once you have acquired the cards, you must focus on properly managing and growing your NBA Top Shot collection. Here’s a list of steps you can take to ensure that your Top Shot digital assets are safe and appreciating in value.
- Store your NFTs in a wallet.
Similar to fiat currency, you will need a digital wallet to store your NBA Top Shot assets safely. As the marketplace is built on Ethereum, we recommend using Ethereum-supported wallets such as MetaMask or a hardware wallet for additional security.
- Read up on market trends
The digital collectibles market is constantly shifting, and staying up to date is key to making the right decisions. Keep track of upcoming launches, rumored speculation, and collectible data to stay informed.
- Analyze the demand
Take note of the demand for certain cards and sets to make your purchase decisions. Check the listings to see how many are sold, the history of pricing, and who owns each card. This detailed analysis will help you get an idea of whether the card is holding its value.
- Invest in content
Many NBA Top Shot users have ventured into the world of content creation surrounding NFTs and digital collectibles. By putting time into creating artwork, animations, or stories featuring highlights, you can reach an even wider audience who may be interested in buying your cards.
- Participate in giveaways
It doesn’t hurt to join giveaway communities and increase your chances of winning collectibles without having to buy them. Find active communities on social media or other platforms and enter for the chance to win valuable tokens.
NBA Top Shot NFTs are amongst the most valuable digital assets on the Ethereum blockchain. Buyers are enticed by their scarcity and their connection to the NBA, creating a platform that increasingly attracts digital collectors. For novice investors looking to start their NBA Top Shot collection, now is the perfect time as the marketplace is still relatively new and there are opportunities to purchase at a reasonable price. For more advanced buyers, there are multiple ways to grow your collection, such as participating in content creation and giveaways.
If you have been looking for a unique way to collect memorabilia or invest in digital assets, NBA Top Shot is the perfect choice. Whether you are looking for a long-term investment or just want to add a great piece of NBA history to your collection, the possibilities are endless.
