27,000 People Trade NBA Top Shots Card In 24hours
Non Fungible Tokens (NFTs) are beginning to form an integral part of the cryptocurrency space, as the unpopular tokens are beginning to attract many. Several digital arts have recently been converted into NFTs, with most subjected to bids worth millions of dollars.
In recent news, NBA Top Shots, a growing blockchain NFT trader of basketball-themed cards, has recently seen its fortunes plummet as the NFTs trader have now witnessed a transaction volume of more than $32.4 million from 139,000 trades. The data, according to cryptoslam, now puts NBA Top shots at the peak of the NFT market.
NBA Top Shots already on top from the beginning of the year
For the uninitiated, NBA Top Shots are a digitally backed version of collectible trading cards with the cards typically in the form of an NFT. The NBA Top Shots are currently stored on Dapper Labs-owned Flow blockchain. Dapper Labs are currently one of the leading partners of the NBA Top Shots projects, as the technology platform is leveraging their experience to ensure the NFT is successful.
The NBA’s role in the NBA Top Shots NFT project is also not questionable, as several of its members, like Mark Cuban, are big investors in the traded cards. Mark Cuban is the owner of NBA the club Dallas Maverick, and he is also a prominent member of the NBA, hence his huge involvement in NBA Top Shots. The traded cards are classified and sold according to these classifications.
The most sold ones are called the Top shots, which go for as low as $29. On the other hand, the rarely sold cards are called Rarer, and they are sold from as low as $10,000. The sales of these cards have been on a high recently and are why NBA Top Shots currently tops the NFT chart. Last month alone, NBA Top Shots made more than $150 million of sales from traded cards, a figure higher than Crypto punks, the next on the chart with barely $60 million.
NFT market still developing
The NFT market is still at birth, as reports suggest that they barely account for less than 3% of the $2 trillion worth cryptocurrency market. NFTs are crypto tokens but cannot be likened to other tokens, as they are unique works of art and always associated with an owner.
Crypto collectibles like NBA Top Shots, CryptoKitties, Cryptopunk work by creating non-fungible tokens (NFTs) on a blockchain. Dapper Labs, one of the top shots behind NBA Top Shots, has been backing many of the several NFT projects springing up in the crypto space.
Unlike NBA Top Shots, many of these projects are currently unpopular and make little to no revenue as the market continues to spring up. However, the NFTs seem to be on-demand now, although not compared to other crypto tokens, as analysts believe that, just like DeFi, the market could well become popular too soon.