The NFTs is booming with celebrities, influencers, actors, and even some of the world’s largest brands jumping on the bandwagon.
In this guide, you will learn about NBA Topshot and how you can start collecting “NBA Topshot Moments” NFTs that may become worth a lot more in the future.
What is NBA Topshot?
NBA Topshot is an NFT collectibles game that allows you to buy, sell, trade, and collect “Moments.”
Topshot Moments are short in-game video clips of particularly amazing plays that exist as unique, non-fungible tokens on the Ethereum blockchain.
At the time of writing, the cheapest NBA Topshot was only $5 on their secondary marketplace, it increased to $6 while before publication. The most expensive was $240,000!
Like collectIble cards from your childhood, where you didn’t know what was in the pack until you ripped it open NBA Topshot has a variety of packs to choose from.
Why is an NBA Topshot NFT Worth as Much as a House?
The simple answer is something is worth whatever anyone is willing to pay for it.
So what makes a limited edition video clip of Ja Morant dunking in 2019 worth so much more than a common edition video clip of Patrick Beverley doing a lay-up in 2020? What makes these worth anything at all when you could watch the entire game replay for free?
Let’s take a deep dive into an industry that has the potential to become the norm rather than the new thing.
Digital Assets are Going Mainstream
Gamers have been swapping real dollars for in-game currencies and character modifications or skins for years. Usually, these assets are not transferrable outside of that game. NFTs are revolutionizing this space with the mission of making them transferable across any platform.
NBA Topshot is capitalizing on this adoption by allowing fans to own a moment of NBA history.
Why is an old jersey or basketball with a player’s signature worth more than a new one you can buy at the store? Because fans say they are.
Recording these collectibles on the blockchain means you won’t have to get an expert to verify the signature is authentic before buying or selling your prized memorabilia. It’s recorded on the blockchain that these are authentic and licensed.
Being digital with unique serial numbers and on the blockchain means no longer having to worry about the grading of a coin, stamp, card. NFTs are always verifiable and kept in pristine condition.
There are four collectible tiers:
- Common Tier – Are open edition like the art world where the artist can print as many copies as they like. There will be a minimum of 10,000 and the cc shows the number minted so far.
- Rare Tier – Are a limited edition of between 500-4999.
- Legendary Tier – Are a limited edition of between 50-499.
- Ultimate Tier – These are only available via auction. Ultimate Tier has two sub-tiers:
- Platinum Ice is an Edition of 3.
- Genesis is an Edition of 1.
How Do You Buy NBA Top Shot Moments?
If you already have an account, log in. If you need to set up an account you will need to register with Dapper before you can use NBA Topshot. Dapper Labs is the company that built NBA Topshot.
Like other account and payment services (for example, PayPal or a Steam wallet), Dapper will store your approved payment methods, your prized digital goods, and your digital currencies.
If you don’t have a free Google account you will need to sign up for one. If you have one you can sign up and after getting a verification code on your phone you will be given a recovery code.
Make sure you store your recovery code safely. The one in the above screenshot is not yours, do not write this one down. Think that online services can be hacked, as can your computer and many things can happen to a piece of paper left on a desk. It would be a sad day if your $10 NBA Topshot today became a $10,000 NBA Topshot in the future and you couldn’t access it.
The next screen gives you the option to be notified of when new packs are released. If you want to buy Moments as investments, you may want to be alerted of new releases.
Next, you can join other fans in the NBA Topshot discord and pick your favorite team. Which is yours?
The NFT collectibles game also requires you to verify your identity. In light of how much money your Moments could potentially be worth it’s good to verify your account and attach it to your name.
Once you are ready to buy your first moment, you have the option to pay with cryptocurrency or a credit card.
One of the reasons why Topshot Moments have become so popular so quickly isn’t just due to the loyal following of NBA teams and players. It’s that you don’t need to know anything about the blockchain or cryptocurrencies to own these.
If you pay with a credit card it’s just like going shopping anywhere else. This is where the digital asset space is moving to be as seamless as regular shopping.
Nothing in this how-to guide should be considered investment advice. Every collectible market from art to wine to cars has cycles, and there are certain items for a multitude of reasons that outperform other items. Only you can decide if these are for you.
If you want to continue learning about digital assets, subscribe to Bitcoin Market Journal newsletter today!
ShapeShift Launches Decentralized Trading Through THORChain, RUNE at ATH
In an announcement on April 13, the Switzerland-based non-custodial crypto company stated that it was now fully integrated with THORChain, enabling users to trade native Bitcoin with Litecoin and Ethereum for the first time.
The move is a big deal because it is the first time a decentralized exchange has enabled crypto asset swaps across different blockchains without the need for bridging technology or custodian controlled wrapped tokens.
Launch all the things! 🚀 🚀 🚀 pic.twitter.com/lgkUxl2QJ6
— ShapeShift 🦊 (@ShapeShift_io) April 13, 2021
THORchain Crossing the Chains
THORchain launched its long-awaited MCCN, ‘multi-chain chaos net’ platform on Tuesday, April 13 amid a great deal of hype from the crypto community including ShapeShift CEO Erik Voorhees.
Less than a day before the launch, Voorhees stated that it would be a huge deal for crypto.
“Native cross-chain decentralized exchange. Never been done before. Arguably the biggest event in crypto this week, though it may not be obvious for a year or two.”
THORchain uses its own native token RUNE as collateral and an intermediary, so those wanting to trade BTC for ETH, for example, will have the trade go via RUNE yet the end-user will not notice.
The revolutionary platform has been in development for three years and yesterday’s launch could bring big improvements to the rapidly evolving DEX space.
Voorhees continued to extol its virtues:
“We saw the power of this technology and wanted to bring it to our users immediately. This is a continuation of our commitment to offer users an easy, self-custody platform for their decentralized trading needs.”
ShapeShift DEX users, including those making trades via the new THORChain integration, can also earn FOX Tokens with every trade which enables eligibility for other rewards on the platform.
FOX Pumps 45%, RUNE Hits ATH
ShapeShift’s FOX token exploded on the news, pumping 45% to reach an intraday high of $1.30. The exchange-based token has made 180% over the past month and hit an all-time high of $1.60 on April 6.
THORchain’s RUNE token has also been on fire, surging 19% on the day to hit an all-time high of $14.60 at the time of writing according to Coingecko.
RUNE has doubled in price over the past fortnight and pumped a monumental 1,150% since the beginning of the year.
AAX Exchange reveals: HKD, SDG, and GBP Top FIAT currencies deposited in April
[Press Release – Singapore, April 13, 2021 ]
After the 2021 easter holiday, AAX recorded the highest amount of fiat deposits into the exchange with a total over 10 million USD in 10 days. The top three currencies are Hong Kong Dollar, Singapore Dollar and Great Britain Pound.
AAX supports three methods for depositing fiat, including peer-to-peer trading, fiat gateways supported by fiat gateway partners, and direct bank transfer powered by First Digital Trust, the digital custody arm of Hong Kong-licensed and publicly registered trust company, Legacy Trust.
“For many years, the on and off-ramps between crypto and fiat have acted as a bottleneck,” said AAX’s CEO, Thor Chan. “Now that the infrastructure is in place, we’re seeing more and more individuals transition into Bitcoin for its disinflationary qualities or seek exposure to altcoins for portfolio diversification.”
“While our peer-to-peer and Fast Buy platforms are effective in serving most retail traders, with First Digital Trust we’re also able to serve high net worth investors as well as traders that are looking for cross-currency arbitrage opportunities.”
AAX, a member of the London Stock Exchange Group’s institutional partner platform, gives its investors the same tools and market infrastructure as what institutional investors generally expect to see on traditional exchanges.
Investors of all levels will find that AAX’s platform caters to their every need. Its newly created fiat deposit services provided through First Digital Trust adds an extra layer of trust to ease any concerns new investors in crypto might have when entering the crypto space.
AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange’s LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
Stellar-based gaming and collectibles platform Litemint to integrate DigitalBits
Non-fungible tokens or NFTs have stolen headlines the world over, plastered across both crypto and mainstream media. And, it’s no surprise. Beeple’s “Everyday’s – The First 5000 Days” sold at Christie’s for an astounding $69,346,250, asserting Beeple as one of the top three most valuable living artists. This sale established two historical landmarks: the first sale of a wholly digital piece of art with a unique NFT, and the acceptance of cryptocurrency (ETH) as the form of payment.
Paris Hilton recently released a comprehensive article on NFTs and their potential to empower creators. She also hinted at releasing her own. And this is only the tip of the iceberg, with musicians such as 3LAU and the King of Leons, as well as sports superstars like Tom Brady and Rob Gronkowski getting in on the action.
The DigitalBits Project, first launched in 2017 with an initial focus on consumer digital assets, has since expanded to include branded stablecoins as well as the rapidly growing world of esports and gaming. The XDB Foundation, the primary contributor to the DigitalBits Project, is now looking to enter the NFT space, having recently sealed a partnership with leading NFT and Collectibles Marketplace, Litemint, a technology company specializing in the creation of unique experiences for crypto enthusiasts, collectors, and gamers.
The introduction of NFT functionality to the DigitalBits blockchain introduces a wholly new vertical to the platform. As scalability issues continue to plague Ethereum, DigitalBits provides a welcome alternative to creators and users alike, allowing for significantly reduced gas fees and wait times.
Built on Stellar since its inception in 2018, Litemint recently unveiled its NFT and Collectibles marketplace, expanding beyond its initial gaming value proposition. Litemint brings NFTs and digital collectibles to the online gaming experience, introducing unique elements such as true asset ownership and seamless transfer and tradeability not available within today’s leading online gaming environments.
DigitalBits’ origins as a Stellar fork make it highly compatible with Litemint’s existing technology and allows for the activation of a number of potential synergies between the XDB Foundation and Litemint.
“With its unique closeness to the mainstream, gaming industry and core compatibility with the Stellar technology, DigitalBits is a perfect match for our NFT and collectibles platform,” stated Frederic Rezeau, Founder and CEO of Litemint. “I am confident that together, provided our ability to execute on the open-source Stellar technology, we can leverage exceptional business opportunities with a seamless integration of DigitalBits and their consumer-oriented market.”
Other organizations are also looking to DigitalBits as an alternative for their NFT initiatives. The network is highly scalable, capable of processing upwards of 10 000 transactions per second, with transaction fees as low as 0.00001 XDB (less than a penny at today’s prices), and confirmation times ranging between 2-5 seconds. Although Ethereum is the current market leader for NFTs, the network’s inability to scale has resulted in exorbitant fees when minting and transferring NFTs, creating a huge barrier to entry. The integration of the DigitalBits network with platforms such as Litemint now provides an agile, low-cost alternative for creators and users, streamlining the issuance, transfer, and trade of NFTs.
“I’m very excited to see the upcoming integration of the DigitalBits network into Litemint’s NFT and collectibles marketplace,” said Michael Gord, Managing Director of the XDB Foundation. “NFTs have the ability to add an entirely new layer to the user experience, allowing for unique activations that can be implemented across numerous different industries. I look forward to seeing the ongoing innovation that continues to emerge from this new asset class as more and more people begin to use NFTs.”
Litemint acquired Stellarport, a leading decentralized exchange, and service platform within the Stellar ecosystem, in January 2020, citing the massive opportunity created by bringing together crypto users and gamers, bringing unmatched dynamism to both platforms. The DigitalBits Project is an open-source protocol layer blockchain specializing in consumer digital assets, the development of which is led by the XDB Foundation. The XDB Foundation is a non-profit organization focused on driving growth and adoption of the DigitalBits blockchain and ecosystem.
Disclaimer: This is a paid post and should not be treated as news/advice
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