Connect with us

Blockchain

What is NBA Top Shot? A Booming Blockchain-based Market of NFTs

Republished by Plato

Published

on

NBA NFTs are one of the most active intersections between the cryptocurrency digital asset and collectible ecosystems, and the closest NFTs have come to the mainstream (so far.)

Created by Dapper Labs, the NFT token standard makes the act of collecting, storing, and trading digital assets a much more seamless and safe process than with physical collectible items. In lieu of a physical trading card, NBA NFTs are moments represented by a single Non-Fungible Token.

In October 2020, Dapper Labs unveiled its NBA Top Shot collectibles app. In just five months, NBA Top Shot boasts total sales of over $123 million, with nearly $60 million from upwards of 67,000 users coming in the third week of February 2021.  

Perhaps more indicative of the collectible industry’s fingerprints on the NFT digital asset collectible space, just $6 million was generated from direct purchases of digital NBA collectibles from Top Shot– the remainder was traded on the secondary marketplace. 

What is Dapper Labs?

Dapper Labs is a blockchain startup dedicated to building out the digital collectible ecosystem. If you’ve been active in cryptocurrency for a while, the name Dapper Labs may ring a bell– the team brought us the viral CryptoKitties in 2017. Our team reported a CryptoKitty auctioned for $140,000 in-person in 2018, and the reception to the event was largely incredulous. 

Since then, Dapper Labs has worked on building partnerships that would give the Ethereum NFT ecosystem life and legitimacy beyond fat cats buying digital cats in a bullish cryptocurrency ecosystem.

The Dapper Labs NBA partnership was announced in 2019, setting the foundation for NBA TOp Shot’s success in 2021. 

“Dapper Labs’ innovation and expertise make them a perfect partner to introduce this groundbreaking game and what we believe will become coveted digital collectibles for basketball fans around the world,” noted NBA Senior Director, Consumer Products & Gaming Partnerships  Adrienne O’Keeffe in the press release. 

Dapper Labs has currently raised $52.5M in equity and finance from the likes of Andreessen Horowitz, Union Square Ventures, Venrock, GV (formally known as Google Ventures), as well as the founders of Reddit, Dreamworks, Coinbase, Zynga, and AngelList. Further, it counts NBA players Andre Iguodala and Spencer Dinwiddie on its list of investors. 

Dapper Labs recently announced it will be raising $250 million in a new funding round led by Coatue Management.

How Do NBA NFTs Work?

The Dapper Labs and NBA Top Shot teams have paid a meticulous amount of detail to translate the in-person sports card collector experience into the digital world. 

User must create an account on NBA Top Shot, which serves as both the initial purchase point and secondary market portal for trading NBA NFTs. 

Once the onboarding formalities are done, users can select their favorite NBA team, which will populate their home page with NBA NFTs of players and memorable moments. The NFTs themselves are short video moments of the event, such as a Russel Westbrook slam dunk or a Lebron James 3-pointer.

NBA Top Shot provides several different “packs” on sale for around $9.00 to $14.00. Similar to physical trading card packs, users don’t know what moments are in each pack before it is opened. 

In our experience, every single pack was sold out. 

A Sea of Sold Out

Each moment is essentially a Non-Fungible Token (NFT). Each token is completely unique to a specific moment, hence the non-fungibility. This token helps prove provenance and ownership of each moment, making it a collectible item without the risk of counterfeit or fraud. Transferring the asset can be done nearly instantly without the encumberments that come from trading physical memorabilia. 

Since the packs might be sold out if you check out NBA Top Shot yourself, wander over to the Marketplace section to get an idea of the secondary marketplace. Jimmy Butler NBA Top Shot

For example, this 3-Pointer of a 3-pointer by Jimmy Butler is being sold for anywhere between $39,995.00 to $250,000– with the highest price going towards serial number #22, which is Butler’s jersey number. 

Since it is a secondary marketplace of novel goods, the owners of the NFTs are setting current prices. In theory, the lower the serial number, the more valuable the NFT should be (with the jersey number being an exception.)

The secondary marketplace is a source for mixed feelings and speculation. 

“I’m personally not a fan of the marketplace because many of the items are overvalued due to the hype around Top Shot right now,” says Swish Goswami, the CEO of Trufan, an audience engagement platform for brandings utilizing first and third party data. “I’m waiting to buy a pack, but they sell out so quickly! Hopefully, Top Shot will allow user-generated NFTs one day– imagine being able to buy a courtside view of Anthony Edwards’s dunk on Yuti versus a Row B view.”

The Best and Highest NBA Top Shot NFT Sales

NFTs are valuable for a variety of reasons: easily verifiable, traces back to one original issuer, and therefore not replicable. 

“I like to think of NFTs as concert tickets: you get one with your name and the event name/date,” says Swish. “It’s very hard for someone else to replicate your ticket. When something can’t be replicated easily, it is scarce. If it’s a scarce asset, whether physical or digital, it’s inherently valuable. Purchasing NFTs is similar to the mindset of an art collector– you buy it because it makes you feel special, elevates your status or can be resold later.” 

Jesse Schwarz purchased a Lebron James Lakers Highlight Moment for $208,000. This purchase is particularly notable as it’s from the Cosmic Series 1 and from the first legendary set ever minted.  

LeBron James has over 8 top-selling NFT moments: “From the Top” Block: $100,000

“Holo MMXX” Dunk: $99,99, “From the Top” Block: $78,000, “From the Top” Dunk: $71,455, “From the Top” Dunk: $50,000, “Cosmic” Dunk: $49,000, “From the Top” Dunk: $48,500

Zion Williamson’s “Holo MMXX” Block sold for $100,000. 

Anthony Davis made the list with his “Deck the Hoops” Dunk going for $55,000.

Why are NFTs valuable? What’s stopping someone from just saving the image?

The true value of an NFT is in its unique attributes that can only exist in the digital world: faultless and trustless proof of ownership. 

The token standard means that only one version, or one serial number, of a particular NFT can exist. For example, if an NFT creator only reasons 10 versions of an NFT, an 11th one cannot be created or counterfeited by the market. 

Save NFT

If someone were to just save an NFT, they would have a copy of it but not true ownership. Being the sole owner of an authentic collectible asset is what makes an item worth something. For example, a 1st Edition pristine 10 Charizard trading card sold for $369,000. If it were an exact copy, but without provenance or proof of authenticity, it would be worth closer to the cardboard/paper material on which it was printed. 

“I like the Mona Lisa example for NFTs,” says Chris Hall, CEO of Hall Media and NBA NFT owner. “People can take pictures of the painting and share it wherever, but that just makes the original more valuable. The bigger or louder the meme or moment, the more valuable it becomes. So, for example, the craziest dunks will always be really cool and share-worthy, which will make them more valuable in the future.” 

So, the argument is that the NFT proves original ownership of the image, whereas every copy created will only drive attention to that scarce product. 

Are NBA Top Shot Moments Legit?

What’s stopping anyone from just creating their own NBA moment and putting it on market? Well, since the NBA Top Shot project is a partnership between Dapper Labs and the NBA, it has a stamp of authenticity impossible to replicate by a rogue NFT creator– and the NFT standard was primarily created for this reason. 

“NBA NFTs are interesting because they’re being issued by a major organization,” says Swish.The NBA has continued to dominate despite COVID. It’s become the first major organization to back NFTs and to create a marketplace around it. I’m personally not a fan of the NBA NFTs when it comes to the product itself. I wish that instead of receiving a highlight customers could get exclusive footage/interviews. That would only make the NFT more rare and valuable.” 

Are NFT’s Here to Stay?

The NBA Top Shot project may be viewed as a significant small step towards the mainstream acceptance of the ownership of unique digital assets. 

“NFTs are one of the most democratized ways to have an ownership stake in something as cool as Internet culture, whether that be memes or NBA moments,” says Troy Osinoff, Co-founder of JUICE Labs, cryptocurrency aficionado and doomed to be a Knicks fan for life. “For example, that flying Nyan cat meme NFT sold for nearly $600,000. That means someone was willing to own that piece of the internet history for $600k– it’s only logical super NBA fans may want to own their favorite NBA moments as well.” 

One is urged to look at CryptoPunks, an early version of digital collectibles described as rudimentary pixel art. A CryptoPunk recently sold for 605 ETH, or about $1.1M, to one of the largest decentralized autonomous organizations (DAOS) that primarily invests in digital collectibles called FlamingoDAO.

“I believe NFTs will be huge because it’s going to introduce cryptocurrency in an interactive and consumable manner,” says Swish.  “I especially think it will explode in the gaming space. Think about it: Fortnite sold over a billion dollars of items/skins and people didn’t have ownership over the digital assets they were purchasing. NFTs solve this. A game like Fortnite or NBA 2K could see it as a great opportunity to help its users own digital assets and buy/trade/sell it on a secondary market.” 

There appears to be some synergy between the colliding of the cryptocurrency and collection communities, as many are eagerly following the development of NBA Top Shots and its secondary market. 

“I think the space will continue to grow 100% to 500% month-over-month for a bit, says Buster Scher (@Buster), Founder of Hoops Nation. “ Most people will just swing blindly while the top 5% of artists NFT’s will rise to the long term top.”

Final Thoughts: Should I Buy Something on NBA Top Shot?

Well, as always, we’re not here to tell you how to spend your money– we’re not financial advisors nor do we give financial advice. 

NBA Top Shot NFTs are pretty polarizing, as most new technology is. The bullish case is that ownership over these NBA moments will be extremely valuable in the future, particularly as more people enter the digital asset ecosystem. The bearish case challenges the inherent value of owning a purely digital asset, as well as the long-term efficacy of partnerships between organizations like the NBA and NFT platforms like Dapper Labs.

If you’re thinking about buying something on NBA Top Shot, it may be worth waiting for more is it here of the NBA Top Shot packs to go back on sale, but they’ll likely sell out very quickly once they do. Regardless, following the NBA Top Shot is the secondary market is collector history in motion.

Source: https://coincentral.com/nba-top-shot-nfts/

Blockchain

Real Estate Giant Teams up with Gemini to Buy Bitcoin and Allow BTC Rent Payments

Republished by Plato

Published

on

Caruso, one of the largest estate companies in the US, has entered the BTC space with an undisclosed investment. The organization also revealed it will begin accepting bitcoin as payment for rent following a partnership with Gemini – the cryptocurrency exchange founded by the Winklevoss twins.

Pay Rent with Bitcoin

Without specifying the precise amount, Caruso announced earlier that it had made a “significant initial investment” in the primary cryptocurrency as part of its treasury management strategy. The move has made the company “the first to adopt the technology in the real estate industry.”

The firm completed the purchase through a partnership with Gemini, a US-based cryptocurrency exchange and custodian. The innovation reinforced the company’s confidence in the digitizing space.

Additionally, the firm enabled its tenants to pay rent with bitcoin, should they choose to do so.

Rick Caruso, founder, and CEO of the company weighed in on the topic:


ADVERTISEMENT

”We believe that cryptocurrency is here to stay. We believe that bitcoin is the right investment for us. We’ve allocated a percentage of what would normally go into the capital market into bitcoin.”

The billionaire went further and stated crypto is a long-term resolution and ”it’s not about the next year or five years”.

”We are thrilled to partner with Caruso as they continue to push the real estate sector to new heights by embracing cryptocurrency for the benefit of both their customer experience and their own business operations. We are excited to help them execute their digital asset treasury strategy and advise them more broadly throughout their cryptocurrency journey.” – commented Gemini’s CEO Tyler Winklevoss.

The Los Angeles-based company has become a part of the growing institutional adoption of bitcoin around the globe. According to experts, companies like MicroStrategy, MassMutual, Tesla, and more are a vital factor behind BTC’s recent price increase.

Bitcoin as a Form of Payment

While Caruso may be the first firm from the real estate industry to adopt BTC as a payment method, companies from other sectors have well preceded it. Most recently, the popular NBA team Sacramento Kings said it will give the option to its players to receive their salaries in the primary cryptocurrency.

Another fresh example is the UK private jet company – PrivateFly. The organization revealed that nearly 20% of its yearly payments were paid in bitcoin.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/real-estate-giant-teams-up-with-gemini-to-buy-bitcoin-and-allow-btc-rent-payments/

Continue Reading

Blockchain

Bitcoin Bull Mike Novogratz Predicts Existential Crisis Unless the US Creates a Digital Dollar

Republished by Plato

Published

on

Mike Novogratz, a veteran investor, and a huge Bitcoin supporter noted the U.S. is currently in a good economic position. Still, the nation can face a major competitive disadvantage unless it engineers a digital dollar soon.

The Importance Of An E-Dollar

Novogratz, chief executive of digital merchant bank Galaxy Digital GLXY, underlined the value that a digital dollar could bring to the US. In a Friday interview with MarketWatch, he stated:

”To me it is an existential crisis, we need a digital dollar.”

Furthermore, the investor expressed his view over the current COVID pandemic and the negative impact on the U.S. market and the world, in general. He referred to the trillions of dollars of monetary and fiscal spending done to help eliminate the worst of the economic aftershocks the disease caused:

”If our fiscal and monetary policy starts looking like it’s from a Banana Republic…you are going to run into some Minsky moment where confidence breaks down.”

With his statement, Mike Novogratz referenced Hyman Minsky, who exposed a view in the recent past that a period of distortions in the financial system eventually ends very badly.


ADVERTISEMENT

The existence of a digital dollar sounds even more important after some stock-market investors have been warning about a surge in US inflation in the past weeks.

The Competition With China

During the interview, Novgorotz claimed that while in the U.S., the development of an e-dollar is still under question and researches, China has fired the first salvo on the digital currency front.

The biggest economy in Asia conveys great support to its digital yuan. According to some experts in the field, its new currency is a weapon that the country can use to compete with the U.S. and other developed economies.

As CryptoPotato recently reported, PayPal CEO Peter Thiel said that Bitcoin could be used as a Chinese financial weapon against the U.S.

In the meantime, Novogratz said that there is ”zero evidence of the Chinese government buying Bitcoin” much less weaponizing it, referring to the comments made by Peter Thiel:

”Sometimes he likes to say things that are provocative.”

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/bitcoin-bull-mike-novogratz-predicts-existential-crisis-unless-the-us-creates-a-digital-dollar/

Continue Reading

Blockchain

Canadian Broker Enables Bitcoin, Ethereum, and Ripple Payments

Republished by Plato

Published

on

The narrative that cryptocurrencies are not used as payment methods continues to be debunked, with numerous companies enabling such transactions lately. One of the largest Canadian brokers, Matrix Mortgage Global, is the latest to introduce payments with Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), and some stablecoins.

Mortgage Payments with Crypto

Founded in 2008, Matrix Mortgage Global enables customers to receive financing on housing that has carried out over $1.5 billion in mortgage originations. The company has “championed alternative lending” since its inception, and its latest announcement could be regarded as another step in that direction.

Through a partnership with the US-based crypto service provider BitPay, Matrix Mortgage Global will enable all customers to pay for goods and services with some of the most popular crypto assets. Namely, those Bitcoin, Bitcoin Cash, Ripple, Ethereum, and several dollar-pegged stablecoins. However, the announcement didn’t specify which stablecoins the firm will implement.

The introduction of digital assets aims to expand the company into international markets where “accepting credit cards is not practical.” Furthermore, the addition will increase payment transparency, speed, and efficiency, while reducing high fees.

Matrix Mortgage Global’s initiative works in line with the Canada Revenue Agency’s views saying that crypto assets “can be used to pay for goods and services and shall be treated as a barter transaction.”


ADVERTISEMENT

“As an innovator in the mortgage industry, we decided to accept cryptocurrency to better align ourselves with the shift towards the global adoption of digital currency. Blockchain technology with the use of smart contracts is going to change the way mortgages are processed.” – commented MMG Founder Shawn Allen.

Increased Acceptance

Matrix Mortgage Global’s introduction of crypto payments comes amid a growing trend among other companies to do the same. Perhaps the most well-known name to do so since the start of the year is Elon Musk’s Tesla. After a massive BTC purchase, the electric vehicle giant said it will allow bitcoin payments for its cars.

The US has been at the forefront of this trend, including some of the country’s most popular sports leagues. The National Basketball Association has at least two representatives that accept crypto payments.

The Sacramento Kings do so since 2014, and the club’s chief said earlier this week that all employees could start to receive as much of their salaries as they like in BTC. On the other hand, the Dallas Mavericks went in another direction and enabled merchandise and ticket payments with the popular meme coin – Dogecoin.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/canadian-broker-enables-bitcoin-ethereum-and-ripple-payments/

Continue Reading
Blockchain4 days ago

Decentralized oracle solution Umbrella Network adds Huobi as validator node

Blockchain3 days ago

XRP Price Analysis: 08 April

Blockchain3 days ago

$48B Asset Manager Millennium Management Dabbles With Bitcoin

Blockchain3 days ago

Binance Smart Chain Daily Transactions 200% More Than Ethereum’s

Blockchain4 days ago

Digital yuan campaign planned for contested island in the South China Sea

Blockchain3 days ago

America’s Second-Oldest Bank State Street to Enable Crypto Trading on its Platform

Blockchain4 days ago

Tesla’s landlord accepts crypto; will Elon Musk pay rent in Bitcoin?

Blockchain3 days ago

Polkadot Price Analysis: 08 April

Blockchain4 days ago

Why JP Morgan’s CEO calls Bitcoin regulation a “serious issue”

Blockchain3 days ago

Bitcoin exchanges just saw massive Tether stablecoin deposits

Blockchain4 days ago

Bitcoin Miners Hit Jackpot as Hash Rate Peaks Again

Blockchain4 days ago

Miners are hoarding Bitcoin from record daily earnings

Blockchain4 days ago

Crypto sentiment falls even as Bloomberg tips Bitcoin will hit $400K

Blockchain4 days ago

Revolutionizing the crypto-market in India with CryptoBiz exchange

Blockchain4 days ago

Phemex Launches OTC Trading, Enables Crypto Purchase with Bank Transfers

Blockchain3 days ago

Man Gets 12 Years in Prison After Trying to Buy Lethal Chemical Weapon With Bitcoin

Blockchain3 days ago

Cardano’s Anti-Counterfeit Solution Sees First Successful Implemetation

Blockchain4 days ago

Tendermint acquires B-Harvest, creator of Cosmos-based Gravity DEX

Blockchain4 days ago

Ontology’s cross chain DeFi lending platform Wing is now live on Ethereum

Blockchain3 days ago

Ether price takes on Bitcoin — What’s behind the sharp rise in demand?

Trending