Discover how does NBA top shot works and if this platform is the best place for sports fans and blockchain enthusiasts to work together.
Are you wondering how the NBA Top Shot works? Don’t worry, you are not alone.
The fantastic world of NFTs and blockchain can be confusing to most of us, so defining the NBA Top Shot as a platform where loyal fans can buy, sell or trade video highlights is a great way to start this journey.
Basketball fans worldwide are buzzing about this new trend, so it’s time to get to the bottom of it and understand the hype behind the project.
Let’s get started and make this one a “Fast Break.”
Table of Contents
What Is NBA Top Shot?
NBA Top Shot is a National Basketball Players Association-licensed platform developed with Dapper Labs. As a result of this collaboration, every player has the right to have their Moment created and featured in a Top Shot package.
The company developed the non-fungible token or NFT over a year before being public. Now it’s a complete platform ready to operate and engage the fans.
The project idea is to transfer tangible collections to the online world. Considering modern technology allowed us to share experiences worldwide, NBA Top Shot founders kept up with trends and made it possible to share the collections known as video highlights.
But what are the highlights or moments?
You can now own and trade video highlights on a virtual platform like trading sports cards in the past. The principles of trading are the same – rare pieces are more expensive. This trend has been present in the blockchain from the beginning, so it’s not surprising that the rarity of an item increases the value.
Imagine having a signed card from your favorite player. This collectible can become priceless in a couple of years, and people would offer you money to buy it. Apply those principles to the NFT trading platform, and you get why NBA Top Shot is becoming so popular.
It’s a place where you can meet like-minded people, share stories, and even make some money.
Moments, Packs, and Sets
While moments are the NFTs that make the Top Shot system work, they are only a part of the bigger picture. Each moment is a part of a pack, and each pack is a part of a unique set. So, the ultimate value of the moment will depend on various factors.
The original cards we collected in the past now represent moments minted in packs and sets. Opening the pack can be just as exciting as opening a box of physical cards – you never know what to expect.
Keep in mind that the moments reflect the current events in the league, but there are always some legacies like this LeBron James – Dunk you can collect.
How Does NBA Top Shot Work?
NBA Top Shot works like a trading NFT platform where fans can collect, buy or sell items – or in this case, video highlights.
Only a selected few could make the purchases at the beginning of the project and in the early beta version that was closed to the public. Once creators opened the platform to the public, it became viral, and they now have over 1.1 million registered users.
The impressive number of users is also on the Discord group designed to help everyone navigate the new world of NFTs.
But, how does the NBA top shot work?
Once the official site releases the pack for sale, you can click on the link and buy the package. However, with millions of users wanting the same thing, you need to be fast if you wish to the precious moment in your collection.
After the initial sale, you can only access the highlights on the marketplace and trade with other users.
Get Started With NBA Top Shot
Now that you know how NBA Top Shot works are you ready to become a part of the $780 million market?
Here are the steps:
- Make an NBA Top Shot account;
- Connect your payment method;
- Wait for the official sale or;
- Buy individual virtual cards on the marketplace;
Sounds simple, but with millions of users, the reality is trickier as you have to own multiple moments to create collections albums and sell the NFTs.
Other Ways To Collect
If you are not interested in waiting and purchasing packs, there are a few more ways you can make your collection bigger. The platform offers Challenges and Quests where users can compete for new packs.
- Challenges – NBA Top Shot announces the challenge with instructions for players along with the like of collecting a certain amount of moments during a limited amount of time. Every participant who manages to complete the challenge gets a minted Moment;
- Quests – Users are prompted to look for and build a showcase for moments that meet particular criteria. Quests are typically more challenging to accomplish since users must be highly creative and access information that only the most devoted fans have.
The Future of NBA Top Shot
Even though the NFTs are still new and many people are not familiar with the concept, the future looks bright for NBA Top Shot.
Virtual wallets and moments might complicate the system’s structure for many, but sports enthusiasts and blockchain supporters believe it’s one of the best platforms created. In addition, the fantastic team at Dapper Labs always has a backup plan, so we are optimistic.
