NBA
Retro NFT packs drive frenzied Top Shot speculation
NFTs celebrating significant basketball moments from the mid-2000s have proved to be a big hit among NBA Top Shot collectors.
Trade volume for NBA Top Shot’s nonfungible tokens has skyrocketed over the weekend following the launch of their retro Run It Back 2005-06 packs on Friday, Oct. 15.
According to Crypto Slam, daily volume on Top Shot’s marketplace jumped by more than 440% from $829,520 on Oct. 14 to more than $4.5 million the next day. Oct. 16 also saw more than $4 million worth of tokens trade hands.
Top Shot’s NFTs feature video highlights depicting key moments from the history of professional basketball, with the latest packs celebrating the stars of the 2005 - 2006 season.
On Oct. 17, NBA Top Shot tweeted that nearly 10,000 Run It Back packs had been sold in 24 hours at a rate of seven purchases per minute.
7️⃣ purchases a minute. For the last 24 hours. ⏰
— NBA Top Shot (@nbatopshot) October 17, 2021
Over the past day, we’ve seen 9,921 purchases of Run It Back 2005-06 Moment™️ Collectibles alone.
Find RIB Moments ➡️ https://t.co/fuCnRDcRJA pic.twitter.com/LcxNHsiwuE
The packs started at $169 each, with collectors competing to snag moments depicting basketball legends such as LeBron James and Shaquille O'Neal. Top Shot’s packs feature three tiers of rarity ranging from “common” to “legendary.”
Crypto Slam data shows that the NBA Top Shot marketplace has hosted a whopping $744 million worth of secondary sales since July 2020. Top Shot trade activity peaked during the first quarter of 2021, with $45.7 million worth of trades occurring within 24 hours on Feb. 22.
While more than $200 million worth of Top Shot NFTs changed hands during the months of February and March, monthly volume has since retraced sharply with approximately $20 million of trades taking place during September and October.
Related: Top Shot to sell exclusive NFT moments at live basketball games
After its weekend surge, Top Shot is ranked as the third-largest NFT project by daily secondary volume, with more than $2.5 million in tokens trading hands in the last 24 hours according to Crypto Slam.
Axie Infinity ranks in first place with $18.6 million worth of trades for the past day, while CryptoPunks is second with a 24-hour volume of $6.2 million.
In late September, Dapper Labs, the team behind Top Shot, announced plans to branch out beyond basketball and launch an NFT platform and marketplace in partnership with the National Football League (NFL). Dapper Labs is currently targeting to have completed its first NFL drop by the end of 2021.
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Dallas Mavs fans who spend more than $150 worth of Dogecoin in one transaction will receive a $25 e-gift card that they can use for purchases on the team's online store.
Dallas Mavericks, Mark Cuban’s NBA franchise, started a cashback rewards program to incentivize merchandise and ticket payments in Dogecoin (DOGE).
The rewards program is dubbed “Mavs Cryptomania,” and customers who spend more than $150 worth of Dogecoin in one transaction will receive a $25 e-gift card that they can use for online purchases in the Dallas Mavs shop.
The program is slated to finish on September 30. At the time of writing, users will need to outlay 505 Doge in order to receive the e-gift card.
The Mavs started accepting DOGE for payments back in March and were also one of the first NBA franchises to accept Bitcoin (BTC) payments for tickets and merchandise back in 2019.
Cuban is a major Dogecoin proponent and stated in April that while the coin started as a joke, it is “becoming a digital currency” due to its increasing adoption rate.
The billionaire investor stated in May that Dogecoin had outperformed other crypto assets in terms of merchandise purchases, as he noted that “we sell more Mavs merchandise for DOGE on a typical day [...] than we did in a year with BTC or ETH.”
Cuban has become a prominent figure in crypto and blockchain tech in 2021 and has backed various crypto and blockchain projects such as Ethereum-based scaling solution Polygon, NFT protocol Alethea AI and NFT marketplace providers Genius, to name a few.
The Mavs owner recently fired back in response to Donald Trump’s latest FUD in which he suggested that Bitcoin and cryptocurrencies were a “disaster waiting to happen.”
Related: Doge meme hits $220M valuation, as Sotheby's Bored Apes auction is tipped to fetch $18M
Senior NBA analyst Bill Ingram stated on Sept. 2 that “I'm not one to agree with the former president on much of anything, but I have long wondered whether we really need another form of currency that only has a pretend value because some group of people decides to pretend it does.”
Cuban responded by urging Ingram to not think of crypto assets as “currencies,” as he emphasized the underlying tech that drives the sector:
“Think of them as decentralized, secure, networked platforms with features that allow for the development of apps that can have unique utility for individuals and businesses.”
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