What is NBA Top Shot? The NFT Project Explained

In an interview with nft now, long-time NBA Top Shot supporter TSF noted that the project’s massive dip in value was to be expected, given these moves. “Account values shot up exponentially in January and February of 2021, as way more users flooded in than there was what is render payment supply to satisfy in the short term. […] Constructively, Top Shot has tried to be too many things to too many people at times,” he said. In February 2022, Dapper Labs announced the launch of the NBA All-Star VIP Pass NFT Auction and Giveaway hosted by Top Shot.

  • While some early adopters have amassed collections worth millions, these NFTs are like any investment.
  • For example, you can get Michael Carter-Williams’ 2013 dunk.
  • There may be some new mechanics coming in the future, such as games or challenges where users have to burn their NFTs to participate.
  • It’s one of the NFT space’s most important IPs, and a testament to how sports could one day seize the lead Web3.
  • At the connected marketplace NFTs from over 30 creators can be traded.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG. Some of the collectors I spoke to wanted to see bigger rewards — so if you hold a specific set of Moments, maybe you get all of that team’s merch, or you get guaranteed tickets to certain games. Schwarz points out that his famously expensive Moment was one of 49 Moments made of that dunk — so maybe all of those 49 people could get to meet a player or something.

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And with even less transactions the MotoGp contract reached an even higher total sales volume. It seems that the financial success of NFT collectible projects is not determined by its age or number of transactions, but by the value that the collectors attribute to the NFTs. The platform is run using Dapper Labs’s Flow blockchain, and gives users the ability to trade digital assets based on video clips from NBA games.

nba topshot

The smart contracts are written in Cadence, a new resource oriented smart contract programming language designed for the Flow Blockchain. This repository contains the smart contracts and transactions that implement the core functionality of NBA Top Shot. Flow blockchain—which Dapper Labs created to launch Top Shot and other projects—saw an even sharper drop last month. DappRadar points to a 60% fall in NFT trading volume on Flow in October, from nearly $39 million in September to about $15.6 million in October.

What are NBA Top Shot packs?

It is now June 2022, and Schwarz is still holding the NFT, but the number of monthly unique buyers on Top Shot tumbled by more than half. In May, the average price of an NFT on the platform was just $17.71. “The purchase I made about a year ago, that was kind of the peak,” Schwarz says. He then compared Top Shot Moments unfavorably to Bored Ape Yacht Club, another NFT project.

The new version of the market contract is currently NOT DEPLOYED to mainnet, but it will be deployed and utilized in the near future. Emitted when a seller changes the percentage cut that is taken from their sales and sent to a beneficiary. A Top Shot Sale Collection contains a capability to the owner’s moment collection that allows the sale to withdraw the moment when it is purchased. Id refers to the global Moment ID. If the collection was in an account’s storage when it was deposited, to will show the address of the account that it was deposited to.

nba topshot

This event is emitted when the TopShot contract is created. After the contracts have been deployed, you can run the sample transactions to interact with the contracts. The sample transactions are meant to be used in an automated context, so they use transaction arguments and string template fields. These make it easier for a program to use and interact with them. If you are running these transactions manually in the Flow Playground or vscode extension, you will need to remove the transaction arguments and hard code the values that they are used for.

Robyn Conti is a freelance financial writer based in Los Angeles, CA. She has been writing about workplace retirement plans, investing, and personal finance for the past 20+ years. When she isn’t feverishly working to meet a deadline, Robyn enjoys hanging out with her kids, drinking coffee, reading, https://cryptolisting.org/ and hiking. First, you need to sign up and get verified on the official NBA Top Shot marketplace. Sign up for Verge Deals to get deals on products we’ve tested sent to your inbox daily. Despite their criticisms, these users are still involved in Top Shot, and do have positive things to say about it.

Like all NFTs, NBA Top Shot’s Moments are only worth what someone else is willing to pay for them. On their own, they have no real intrinsic value—basketball fans drive the prices. It’s impossible to predict when prices will fluctuate, rendering some formerly valuable Moments worth much less. Dapper Labs designed NBA Top Shot with people new to cryptocurrency and NFTs in mind. You don’t need to know anything about blockchain or crypto investing to use the marketplace. All you need is a love of basketball and a healthy understanding of supply and demand.

Just recently, on September 14th, 2021 the Chainmonster⁷ NFTs Genesis drop happened. Chainmonsters claims that almost everything in the game is an NFT. There are four types of Chainmons available in the game regarding their scarcity. The rarity is named to be normal variation and shadow variation — both with unlimited supply, chrystal variation and amber variation — both with limited supply only offered within a certain timeframe. The new product doesn’t have a catchy name yet like its precursor, “NBA Top Shot,” but the NFL has entered the world of non-fungible token highlights.

dapperlabs/nba-smart-contracts

Deploy the NonFungibleToken & TopShot contracts to the flow emulator. Configure the contracts & deployment section of the initialized flow.json file. In NonFungibleToken.cdc, click the deploy contract to accountabove the Dummy contract at the bottom of the file to deploy it. These rules are in place to ensure the scarcity of sets and editions once they are closed. The price of collectibles in many categories, including NFTs, has seen major spikes higher in recent years. While some early adopters have amassed collections worth millions, these NFTs are like any investment.

nba topshot

The data would indicate the platform’s remaining supporters are actively engaged, buying up moments they perceive to be available on the cheap. NBA Topshot is a popular NFT marketplace for the basketball world. It is the only basketball NFT marketplace selling officially licensed products of the National Basketball Association.

README.md

Right now, that’s based on something called a “collector score,” which is based on how active users are on the platform, according to Peressini. In February 2021, Jesse Schwarz bought a Top Shot NFT of LeBron James dunking for $208,000, setting a record. It was the most expensive sale in the platform’s short history; at the time, the average price of a Moment — Top Shot lingo for an NFT — was $181.81, according to CryptoSlam. “To invest and set that record with the $208,000 purchase on LeBron just was an awesome Moment as a fan but obviously as an investor, too,” Schwarz told me then.

Overview of Cryptocurrency

An NFT is a blockchain token that represents ownership in a unique item. They’re often used for digital goods such as artwork, sports and entertainment collectibles, and video game items. In the case of NBA Top Shot, each NFT represents an individually numbered collectible featuring a memorable video highlight from the league, plus animated visual flourishes. As with any investment, it’s entirely possible to lose money on NBA Top Shot’s NFTs. Some collectors have reported purchasing packs, then discovering the Moments inside are worth less than the cost of the pack itself. In addition, there are no guarantees that a seller will be able to sell their Moments to a buyer willing to pay the asking price.

Rare Moments from top players can go for hefty sums, while others sell for just a few dollars. When you buy or sell Moments on the marketplace, you do so directly with another community member. The transaction is like buying and selling a product on eBay where the transaction takes place. Apart from buying packs, you can search for individual Moments according to subcategories like rookies and top sales. For example, the homepage of the marketplace lets you choose which subcategory you like, as seen in the screenshot below. Packs are blind purchases that offer a chance to get random Moments.

*For people who ask me what is the essence of Bitcoin and cryptocurrencies*

“NFTs had a peak moment of frenzied interest, and it has since quieted,” Roberts said. I know not everyone wants to lock their sets for mere blended packs, but for those who have been waiting until the last possible moment, we have a few days left. The momentID is the global unique identifier that differentiates a Moment from all other Top Shot Moments in existence.

Doucet figures part of the problem is that the business model for sports is different than the business model for NFTs. Mobile apps are in development, and Dapper is also exploring the possibility of letting third-party developers build on top of Top Shot, Peressini says. There may be some new mechanics coming in the future, such as games or challenges where users have to burn their NFTs to participate. That could help with supply problems, which would in turn theoretically lift prices. The way Levy figures it, there was a lot of hype around Top Shot, which led to the number of users increasing about a hundredfold.

The auction included 30 unique NFTs and exclusive digital collectibles representing every NBA team. These grant each owner a VIP pass for the ultimate fan experience at the next five NBA All-Stars. Dapper Labs CEO, Roham Gharegozlou, has also tweeted about all sorts of possibilities for Moment owners, including signed merch, VIP tickets, voting on new Moments, and more. Time will tell what actually gets implemented, but it seems there’s no shortage of ideas. The future is looking bright for the Top Shot platform.

Each Top Shot Moment NFT represents a play from a game in the NBA season. Plays are grouped into sets which usually have some overarching theme, like rarity or the type of the play. Scripts contain read-only transactions to get information about the state of someone’s Collection or about the state of the TopShot contract. The directories here are organized into contracts, scripts, and transactions. The NBA Top Shot contracts utilize the Flow NFT standardwhich is equivalent to ERC-721 or ERC-1155 on Ethereum.

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