Does early access to blockchain NFTs sound good to you? I got an inside look at NBA Top Shot, and I'm excited about the possibilities! 

What is NBA Top Shot?

Image by NBA Top Shot

Remember cardboard player cards that have a static photo on one side, and some printed text on the back? The NBA is aiming to take a quantum leap forward in the sports collectibles market by using blockchain technology. Their latest venture bundles video footage of this season's most dynamic plays with statistical data that fans will enjoy. The result are fully-licensed digital NFTs called Moments. Superstars and reserve players alike will have unique Moments that can be purchased, sold, or traded. The appeal of using blockchain is that authenticity, quantities, and ownership of each Moment are preserved. Collectors will eventually be able to use Moments which they own in a yet to be released mobile game. 

Who has partnered with the NBA for this venture?

Image by Anemone123 from Pixabay 

There are a number of very prominent names who are working to bring this to project to the market. The following is a partial "roster" of who's involved:

• Dapper Labs - Known for creating Cryptokitties, the decentralized game which almost "broke" the Ethereum network at the height of its popularity.
• Samsung NEXT
• Andreessen Horowitz (helped develop Airbnb, Lyft, Pinterest, Slack,....)
• Coinbase Ventures

There are also a number of active NBA players lined up who have invested in the project, including:

• Andre Iguodala (Miami Heat)
• Aaron Gordon (Orlando Magic)
• Spencer Dinwiddie (Brooklyn Nets, yes, he tried to tokenize his NBA contract)

How was my Beta testing experience?

Photo by Science in HD on Unsplash

Dapper has shifted from using Ethereum's ERC721 protocol to a blockchain called "Flow" as their foundation.  After I was provided access to Top Shot with my Dapper account, I entered my credit card information. This enabled me able to purchase a randomized group of Moments in packs of varying size, like a loot chest. Alternatively, specific individual Moments can be bought or sold within the peer-to-peer Top Shop Marketplace.

New tokens are dropped periodically, which can be purchased in packs.

The Holo MMXX Drop 2 

Go big or go home!

I spent $230 (plus 5% services fee) to buy a Holo MMXX pack that was part of Drop 2. I was fortunate because my bounty included:

Graphic from NBA Top Shot

• Ben Simmons, Holo MMXX, Legendary, No. 43 of 50
• Pascal Siakam, Metallic Gold LE, Rare, No. 72 of 299
• LeBron James, Metallic Gold LE, Rare, No. 90 of 299

Based on prices I see on the Top Shop Marketplace, the combined value of my Moments from my pack currently exceeds the amount of money that I spent to acquire it. 

I also spent a combined $34 plus service fees buying Giannis Antetokounmpo (Common, No. 350 of 937) and Luka Doncic (Common, No. 1082 of 1357) Moments on the Marketplace.

My first impressions

There is demand for Moments, especially themed ones, among the current pool of testers with early access. Many of the themed packs sell out (including the entire Holo MMXX Drop 2 release). Prices for Moments selling in the Top Shop Marketplace range from low for common Moments ($2), to moderate, to high ($2,000 dollar of a rare LeBron James Moment). The value depends on a number of variables attributed to each Moment (Rare, theme, issue number, etc.). It's clearly not a mature market, and prices can vary wildly for different numbered moments of a single player.

However, I asked family and friends if they would buy these NFT collectibles, and virtually all of them said no. This is consistent with the fact all of them also do not care much for crypto or blockchain as a whole. 

I do question how many basketball fans would embrace collecting NFTs based on my simple survey of family and friends, but I have a feeling that the release of the mobile game will assist with adoption. Will NBA Top Shot become popular with the general population? It's definitely a gamble, but it's one that I'm willing to bet on based on the track records of the investors who have backed the project.

If you can afford them, my sense is now would be the right time to start buying moments in themed packs that will be dropping soon. Early access is limited, and I don't see any Moments on opensea.io at time of writing. Once the gates are opened for the general public, I can envision prices for sought after Moments will rise due to demand. Ultimately, experts in the collectibles industry often recommend that you should only collect things that you like. Using that rationale, I can definitely justify my investment in my Moments, regardless if they rise or fall in value!

Can I get in on the action?

A report in early August indicated there was $1.2 million worth of revenue from only 500 registered users. Early access is invite-only at this point in time. Check out the NBA Top Shot channel on Discord, and message Usman | Dapper Labs#6305 for more details. Please tell him that pusher#3546 sent you!

What are your thoughts?

I'd love to know if NBA-themed NFTs would be something you would buy. Do you think they will be popular? If not, which NFTs would be successful? I'd love to hear from you in the Comments section below!

Thanks for reading, and stay safe!

Follow me on Twitter: @kragle_t

Cover art by Dapper Labs

Lasted edited September 11, 2020

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