By Weston Blasi
Top Shot, the newest digital asset from the NBA, is on fire.
NBA Top Shot has done over $230 million in transactions since its inception in October 2020, with 90% of it coming in the past month, according to token monitoring site CryptoSlam .
Digital assets like cryptocurrencies have become more popular in recent years and the NBA is trying to get in on the action.
Here’s what you need to know about NBA Top Shot:
What is NBA Top Shot?
NBA Top Shot is an online-only marketplace where users can buy, sell and trade NBA highlights. These highlights, or “moments,” are owned by users through a unique number.
They’re basically virtual sports cards, but instead of a picture of a player with statistics on the back, you get a video highlight of a play like a LeBron James dunk or a Steph Curry 3-pointer.
Here’s an example of a moment that recently sold for $208,000
How much do moments cost?
Not every moment like this LeBron James dunk sells for that much. Prices of moments vary depending on a few factors.
One factor is who the player is. For example, a dunk highlight of Denver Nuggets forward JaMychal Green is probably going to go for less on the marketplace than a dunk by James.
Another is how rare the moment is. Similar to sports trading cards, there is a finite number of them and the company decides how many to release, so getting a moment that is 1 of 25 is more valuable than getting one that is 1 of 500.
How do you buy them?
Users can buy packs, like sports cards, when they come out on the Top Shot website, or they can purchase moments from other users on the marketplace .
Currently the lowest price for a single moment is $16 and the highest price is $250,000.
Packs are sold in extremely limited quantities every so often, so its important to try to buy them right when they’re released.