NBA Top Shot Collector's Platform

Dapper Labs has created a platform called NBA Top Shot that allows fans to collect, swap and showcase licensed highlights from NBA games. Called "Moments," these digital collectibles are created as NFTs, and in this article we'll take a closer look at them and the platform.

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The NBA Top Shot platform from Web 3.0 company Dapper Labs has a major role to play in the NFT sports memorabilia market. It stands out from similar platforms mainly because of its direct connection to the National Basketball Association (NBA) and the National Basketball Players Association (NBPA).

How does the platform work?

The most important part of the NBA Top Shot platform are the so-called "Moments", which are short videos of the best NBA games. All Moments have unique serial numbers and there are a limited number of units per Moment. Due to their rarity and popularity with players, their value is increasing. There are several types to choose from, such as winning baskets, smashes or assists. These types are further divided into different levels of rarity: common, rare and legendary. The rarer the Moment, the more valuable it is.

Packages

Users can acquire Moments through packages. This is a similar principle to collecting the classic physical card decks with which we are all familiar. There are random Moments in each deck, which are divided into three main types: common, rare and legendary. Common decks are easy to find as they are plentiful but they contain cheaper NFTs. On the other hand, rare and legendary packs contain more valuable NFTs but are more difficult to get hold of as they usually sell out within minutes of release.

Marketplace

The NBA Top Shot marketplace is used for buying, selling and exchanging Moments between users. Users set the price themselves based on rarity, serial number, or the player who has been immortalized in the clip. Users can use a filter to make searching easier by team, specific player or rarity. And, of course, all transactions on the marketplace are quick and secure thanks to the underlying blockchain technology.

Collecting and investing

Moments are not only for fans of NBA games who want to own NFTs as collectible items, but also for users who see them as investments. Collectors generally grow their collections based on the team they support, and try to get as many of these NFT Moments as possible, simply for their own enjoyment. Investors, on the other hand, collect various NFT Moments regardless of the team or player, as they see a potential profit in doing so. Both collectors and investors focus on high rarity cards because they tend to have the highest value.

Challenges and risks

As with collecting any NFT, there are some challenges and risks involved with Moments, as the NFT market is very volatile and prices fluctuate greatly. Apart from rapid changes in price, there is also a concern about the safety of these digital assets. Users must first and foremost ensure the security of their accounts to avoid losing their precious NFTs.

Despite all the challenges associated with these NFT Moments, there are many users who have sold their NFTs with large profits. One of the most famous Moments sales was the LeBron James smash, which sold for over 200,000 USD. All these successful sales are translating into an increased level of interest in these NFTs, and new users being attracted to the NBA Top Shot platform.

What does the future hold for sports NFTs?

More and more sports fans are taking the plunge and starting to collect digital items, which could mean a decline in demand for physical items as a knock-on effect. With digital collectibles being available to virtually everyone in the world, they have a huge advantage over physical items that may not be available in some parts of the world. Digital platforms and blockchain technology can also reduce the problems associated with the counterfeiting and storage of these items.

The success of the NBA Top Shot has sparked interest in expanding the concept to other sports and industries. Dapper Labs has already partnered with other sports organizations, including the Ultimate Fighting Championship (UFC).

The NBA Top Shot platform has cemented its place in the digital collectibles market through partnerships with sports organizations. Their unique blend of sports, technology and collectibles has attracted many new users to the Web 3.0 space. With further development and expansion into more sports, the platform is set to play a  major role in the future of sports and entertainment in the Web 3.0 industry.

Source: nftnewstoday.com