What is NBA Top Shot? NBA Top Shot is an Non-Fungible Token Marketplace that allows users to buy, sell, and trade player highlights tokenized as Non-Fungible Token. So what's special about NBA Top Shot? Let's find out with Hak Research in this article.
Before jumping into the article, everyone can refer to some of the following articles to understand better.
What is NBA Top Shot?
NBA Top Shot Overview
NBA Top Shot is an Non-Fungible Token Marketplace platform that allows users to buy, sell and trade Non-Fungible Token -coded videos and clips created from highlights of NBA games and players. These moments could be a 3-point shot from mid-court, a dunk, team or player details, or anything else that makes the moment stand out.
What is NBA Top Shot
NBA Top Shot was launched in 2019 on Blockchain Flow by the National Basketball Association (NBA) and Dapper Labs . The project spent most of its time developing in 2020 and has become extremely explosive in 2021 when it has surpassed the milestone of more than 1M users, accumulated revenue of up to 700M USD and reached an impressive peak figure. 250,000 users visit its platform daily.
How NBA Top Shot works
To create diversity, scarcity and value for each Non-Fungible Token on its platform. NBA Top Shot has created different levels of Non-Fungible Token including:
- Common: This is the most popular type of Non-Fungible Token on NBA Top Shot as the amount in circulation is typically 4000 Non-Fungible Token or more. They are also available in packet form or can be easily purchased from the market.
- Fandom: This type of Non-Fungible Token provides the most exciting collection experience for fans. Circulation quantity is driven by user demand and is not hard-fixed to the initial default quantity. These Non Fungible Tokens can be found in special promotional activities.
- Rare: This is a rare Non-Fungible Token marked with Neon corners on the front. Each of these collections has a circulation of 250 to 2,022.
- Legendary: This is the rarest type of Non-Fungible Token and most sought after by collectors. Each Legendary Non-Fungible Token collection ranges in quantity from 50 to 125 with each Non-Fungible Token marked with Neon torches.
In addition to the Non-Fungible Token levels above, NBA Top Shot also introduces users to NBA Top Shot Packs including 3 types of Packs:
- Common packs: These packs often contain Common Non-Fungible Token and are the most widely purchased packs by users.
- Rare packs: These are packs with quality between Common Packs and Legendary Packs. The Non Fungible Tokens in Rare Packs include a combination of Common Non-Fungible Token and several other Non-Fungible Token that are not Common Non-Fungible Token.
- Legendary packs: This is the most expensive and most in-demand pack. Each Legendary Packs usually includes 1 Legendary Non-Fungible Token, 3 Rare Non-Fungible Token and many Common Non-Fungible Token.
Currently, there are 3 ways users can collect Non Fungible Tokens on NBA Top Shot including:
- Buy bundles: Most of the first Non Fungible Tokens were released as part of bundles that users could purchase directly on NBA Top Shot. Like a traditional trading card pack, buyers don't know what specific Non-Fungible Token are in each pack before purchasing and opening the pack. NBA Top Shot also released new packs in several themes such as the Christmas-themed “Deck the Hoops” pack released in January 2021 and the “Rising Stars” pack released in March 2021 .
- Participate in challenges: NBA Top Shot also occasionally offers challenges to users, giving users the opportunity to earn new Non-Fungible Token . In each challenge, users have a fixed amount of time to accumulate a specific pool of Non-Fungible Token . After the allotted time expires, every user holding all required Non-Fungible Token from the claiming challenge will receive additional Non Fungible Tokens . The Non-Fungible Token rewards won in the challenge often cannot be found anywhere else. Therefore, the challenge encourages users to trade with each other, thereby adding dynamism and excitement to the market.
- Peer-to-Peer (P2P) Trading: Users can also buy or sell their Non Fungible Tokens on NBA Top Shot's Non-Fungible Token Marketplace. This is also where more than 95% of total sales on the NBA Top Shot platform account for.
Core Team
NBA Top Shot is developed by the US National Basketball Association (NBA) and Dapper Labs. With Dapper Labs - this is a team that is not unfamiliar in the Non-Fungible Token market as it is also the development team behind the extremely famous and successful project CryptoKitties. With market knowledge, Dapper Labs has helped NBA Top Shot become one of the most successful platforms in the Crypto market at the present time.
Investor
- March 2021: NBA Top Shot announced the successful call for 305M USD from investment funds such as: Coatue, A16z, Kevin Durant,...
- September 2021: NBA Top Shot announced the successful call for 250M USD from investment funds such as: Coatue, A16z, ...
Tokenomics
Update…
Information Channel of NBA Top Shot Project
- Website: https://nbatopshot.com/
- Twitter: https://twitter.com/nbatopshot
- Discord: https://discord.com/invite/nbatopshot
summary
NBA Top Shot is one of the most successful Non-Fungible Token Marketplaces on the market at the moment, although the platform only deploys on the less popular Blockchain, Flow. Above is all the information that I want to introduce in this article, hope everyone has received useful knowledge.
The post What is NBA Top Shot? NBA Top Shot Cryptocurrency Overview appeared first on HakResearch .
