Slam dunk! If you thought things were crazy in the crypto world, then get a load of this. NBA now has a mind-blowing new cryptocurrency called Top Shot that has quickly taken the sports world by storm.
The product has been around since last year, but has absolutely exploded in popularity this past month.
How it works is simple, if not exactly novel.
NBA Top Shot allows users to buy, sell, and collect officially licensed NBA video highlights, known as Moments. Fans can build and share personal collection of these Moments, and complete challenges like compiling a group of Moments featuring players from the same team.
Sure, these highlight clips can be watched online and on social media, but Top Shot goes beyond that. It provides scarcity, and a shiny new product protected by the blockchain technology.
Only a limited number of each Moments are released. Common ones in the thousands, rarer moments less than a hundred, limited editions of just one. Each collectible comes with its own unique serial number, and all moments are securely stored in a wallet, fully encrypted.
This is the same system behind Bitcoin and a bunch of other cryptocurrencies.
Essentially, think of Top Shot as digital trading cards — a modernization of the popular and lucrative trading card industry by getting in on the cryptocurrency craze that has taken over the world.
How much money are we talking, then?
In the last seven days, a full $130 million of Moments were traded. This makes for a rise of 936.91% compared to the week earlier, and its rising quickly. A Moment featuring a LeBron James dunk sold for an eyewatering $100,000 last week, and another one went for $208,000 soon after.
And right now, there are Moments up for sale with an asking price north of $250,000.
They are still a form of cryptocurrency, known as NFT. Or non-fungible tokens. But the skyrocketing popularity of Top Shot very clearly underlines potential of just how entrenched the world can be in this new frontier of digital coins and tokens.
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