Are NFTs Still a Hot Commodity? Surprisingly, Yes!
Even amidst the crypto market’s ups and downs, Non-Fungible Tokens (NFTs) are proving their staying power. Remember the NFT craze? Well, it’s not over! Just look at the numbers: OpenSea, a major NFT marketplace, recorded a staggering $3.5 billion in sales in January 2022 alone. That’s huge!
And then there’s NBA Top Shot, the NFT collection from Dapper Labs that burst onto the scene in October 2020. What’s cool about Top Shot? It was designed for everyone, even if you weren’t a crypto expert. You could buy these digital collectibles with good old-fashioned money – no need to navigate the complexities of cryptocurrencies or blockchain to get involved.
Guess what? NBA Top Shot is not just surviving; it’s thriving! According to CryptoSlam, in the last month, Top Shot NFTs racked up $53.8 million in sales. Hold on, it gets better – that’s a 72 percent jump! Talk about momentum. This surge coincides with a new campaign featuring NBA superstar Kevin Durant. New Top Shot users are even getting a free Durant NFT moment. It’s clear big names are betting big on NFTs, with Durant also becoming a Coinbase ambassador and Stephen Curry joining FTX as a global ambassador.
Dapper Labs isn’t stopping with basketball. They’re stepping into the octagon with UFC Strike NFT Collectibles. This is their first foray into UFC NFTs, featuring video highlights from UFC events. Packs of these collectibles dropped on January 23rd, marking a new arena for sports NFTs.
NFL to Tackle the NFT Space
Following in the footsteps of the NBA, the National Football League (NFL) is also entering the NFT arena with NFL All Day, launching on the Flow Blockchain after the current NFL season concludes. Imagine owning digital video highlights as NFTs! Will they reach the same popularity as NBA Top Shot? That remains to be seen, but the potential is definitely there.
To give you an idea of the market, the most expensive NBA Top Shot NFT sold in the last 24 hours was #16538716, fetching a cool $10,000. The total sales volume for Top Shot in that period? A whopping $1.47 million.
Why is Top Shot Still a Big Deal?
It’s true, NFTs like CryptoPunks, Bored Ape Yacht Club, Meebits, and World of Women often grab the crypto spotlight. But NBA Top Shot has carved out its own dedicated fanbase, proving that NFTs aren’t just for digital art or avatars. The recent sales surge could be partly attributed to Kevin Durant’s campaign, bringing in a fresh wave of collectors. But there’s more to it than just celebrity endorsements.
NBA Top Shot: Quietly Outperforming CryptoKitties and More
You might be surprised to learn that NBA Top Shot NFTs have, at times, even outsold CryptoKitties, one of the earliest NFT sensations. In the first week of June 2021, DappRadar tracked over 70,000 traders buying and selling NBA Top Shot digital cards. Volume jumped by 67 percent to over $8 million during that period. That’s significant activity in the NFT space!
The success of Dapper Labs and NBA Top Shot hasn’t gone unnoticed by investors. In March 2021, Dapper Labs secured a massive $305 million in funding, with investment from big names like Michael Jordan and, you guessed it, Kevin Durant. Talk about validation!
Launched in October 2020, NBA Top Shot has already seen individual NFTs sell for hundreds of thousands of dollars. Even Dallas Mavericks owner Mark Cuban is a believer, owning 87 “Moments” NFTs himself. This isn’t just a fleeting trend; it’s building into a substantial market.
Key Takeaways:
- Sports NFTs are gaining traction: NBA Top Shot and now NFL All Day are demonstrating the appeal of sports-related digital collectibles.
- Mainstream accessibility matters: Top Shot’s success is partly due to its ease of use for non-crypto natives.
- Celebrity endorsements boost visibility: Stars like Kevin Durant and Stephen Curry are bringing NFTs to a wider audience.
- Long-term potential: The continued growth and investment in Dapper Labs and sports NFTs suggest a lasting presence in the digital collectible market.
What does this mean for you? If you’re interested in NFTs but find the crypto world intimidating, NBA Top Shot could be a great entry point. It’s a fun way to collect digital moments from your favorite sport and potentially participate in a growing market. Keep an eye on NFL All Day too – the NFL’s entry could further expand the sports NFT landscape.
In Conclusion: NBA Top Shot’s ongoing success and the NFL’s entry into NFTs signal a strong future for sports-related digital collectibles. While the broader crypto market fluctuates, specific NFT niches like sports are showing resilience and attracting both seasoned crypto enthusiasts and mainstream fans. The game is just getting started in the world of sports NFTs!
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