⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

NBA Top Shot’s Run It Back NFTs Record 7 Purchases per Minute

Published 10/18/2021, 08:04 AM
Updated 10/18/2021, 08:30 AM
NBA Top Shot’s Run It Back NFTs Record 7 Purchases per Minute
TWTR
-
AXS/USD
-

  • Most of the NBA Top Shot collectors enter the NFT craze and are frenzied over the Retro NFT packs.
  • In its Twitter (NYSE:TWTR) account, NBA Top Shot hinted that the NFT pack records 7 purchases per minute.
  • Also, the tweet mentioned 9,921 purchases of Run It Back 2005-06 Moment Collectibles alone.

2021 saw the relentless rise of NFTs (non-fungible tokens). One of the major contributors to this growth is NBA Top Shot — an officially licensed digital collectables marketplace.

According to Crypto Slam, the marketplace already records a high daily volume. However, with NBA Top Shot’s new collectables, Run It Back, it catapulted to over 440% daily volume from $829,520 on Oct. 14 to around $4.5 million the next day. The day after, moreover, the marketplace already reached more than $4 million worth of tokens in circulation.

In addition, NBA Top Shot tweeted yesterday, October 17, that around 10,000 Run It Back packs have already been sold in 24 hours — with a rate of seven purchases per minute.

To clarify, NBA Top Shots NFTs feature some videos highlighting key moments in NBA history. The latest packs, Run It Back, celebrate the stars of the 2005 – 2006 season. More so, it features three tiers of rarity — common to legendary.

In detail, the packs started at $169 each. Collectors compete and try to snag NFTs depicting the basketball legends like Lebron James and Shaquille O’Neal.

Data shows that since July 2020, the NBA Top Shot marketplace hosted a staggering $744 million worth of secondary sales. The trading activity in the marketplace peaked during the first quarter of 2021 with $45.7 million worth of trades. This occurred within 24 hours since February 22.

Meanwhile, NBA Top Shot is now the third-largest NFT project by daily secondary volume, thanks to its recent weekend surge — slightly falling behind Axie Infinity and Crypto Punks.

Furthermore, Dapper Labs, the team behind Top Shot announced plans to expand and branch out beyond basketball. Similarly, the team wants to launch an NFT platform and marketplace in partnership with the National Football League (NFL). Finally, DapperLabs aims to complete its first NFL drop by the end of this year.

Continue reading on CoinQuora

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.