HomeNFTTHE NBA TOP SHOT NFT- AN INTERESTING STORY

THE NBA TOP SHOT NFT- AN INTERESTING STORY

The National Board of Accreditation (NBA) and the National Assessment and Accreditation Council are among India’s leading organizations responsible for higher education institution accreditation (NAAC). The NBA accredits engineering and management programs, while the NAAC accredits public schools and universities. The NBA is a full participant in the Washington Accord. 

NBA was formed in 1994 by the All India Council for Technical Education (AICTE), and it has been operating independently since 2010. It was given full participation in the Washington Accord in 2014. 

STORY OF NBA TOP SHOT NFT

<a href="https://www.freepik.com/free-photo/basketball-players-big-professional-arena-during-game_27221898.htm#query=NBA%20TOP%20SHOT&position=39&from_view=search&track=ais&uuid=f8290b66-b35a-4e2d-88a3-812df9cc2412">Image by viarprodesign</a> on Freepik

Rather than institutes, the NBA accredits programs. Diplomas and undergraduate and postgraduate programs are some examples. Accredited subjects include engineering and technology, management, pharmacy, architecture, applied arts and crafts, computer applications, and hospitality and tourism management.

While accreditation is optional, the AICTE declared in 2017 that universities that do not accredit at least 50% of their programs would be barred from receiving licenses. NBA TOP SHOT NFT is a blockchain-minted NFT compilation of videos from historic basketball contests.

Also read: EPIC STORY BEHIND THE LAUNCH OF COCA-COLA’S FRIENDSHIP LOOT BOX NFT

WHAT IS NBA TOP TURNING SLAM DUNK INTO NFT 

NBA collaborated with Dapper Labs, the same firm that launched the play-to-earn game Cryptokitties, to build the NBA Top Shot NFT.

Tokenized representations of real-world commodities like art, photos, movies, cards, melodies, and so on are known as non-fungible tokens (NFTs). The NFT is given its blockchain address, which contains information on the NFT and its owner.

NBA Top Shot NFTs are known as “Moments,” They are kept on the Flow blockchain by Dapper Labs. 

One of the most expensive Top Shot NBA NFTs ever is the #23 LeBron James Dunk video clip from the Cosmic series (screenshot below), which sold for $208,000 in February 2021.

HOW DOES NBA TOP SHOT WORK? – DIGITAL TRADING CARDS OF HISTORICAL MOMENTS IN SPORTS – NEW ONES ADDED EVERY WEEK 

On Top Shot, users may buy, trade, and collect NBA NFT Moments. Trading cards represent moments. They are manufactured in small quantities, resulting in variable levels of scarcity based on the NBA NFT.

There are four different sorts of NBA Top Shot moments, each with its rarity:

  • Common Moments: NBA Top Shot’s most comprehensive collection, accounting for 95.8% of all NFTs. They are the most readily available and least costly set in the entire series. The Random Top Shot foundation packs provide a range of common situations. 
  • Fandom NFTs usually capture key events throughout a season. Around 2.5% of all NBA NFT best shots are from the fandom collection. Killian Hayes Assist has a huge NBA NFT following. Fandom moments appear in random bundles regularly, albeit in smaller numbers.
  • Uncommon Moments: As the name suggests, these top-shot NFTs are exceptionally rare and difficult to get, making them extremely expensive. They are responsible for around 1.6% of all NBA Top Shot NFTs. These NFTs are frequently sold out when they are released.
  • Legendary Moments: Typically, these NFTs incorporate video excerpts from noteworthy prior games. Legendary moments comprise around 0.09% of the total top Shot NBA NFT collection. They have the most valuable collection, accounting for the majority of the most expensive Top Shot NFTs. With just 25 pieces, the Ja Morant Dunk Holo MMXX (Series 1) is one of the most expensive Legendary Moment NFT sets. 

In 2021, trade tickets were introduced, allowing collectors to move Moments immediately. They are always helpful, regardless of rarity. Every second is worth one Trade ticket. Trade tickets cannot be purchased, exchanged, or distributed. They can only be accumulated and redeemed for unique packs of top-shot NFTs. 

500 MILLION IN REVENUE 

Panini, a sports card company, published digital blockchain cards of famous players in standard basketball card packs, but they could have been better accepted. This notion did not catch on until the creation of NBA Top Shot, which rethought what sports card fans would expect from a digital version.

NBA Top Shot is the all-time best-selling NFT product, with over $500 million in sales since its launch through the distribution of digital card packs comprising short video clip moments of NBA players. NBA Top Shot is the top NFT player and a project demonstrating the general usage of NFT digital collectibles. It was produced in partnership with the NBA and NBAPA. 

The same business that launched CryptoKitties, the market’s first viral NFT game, developed the NBA Top Shot. At its peak, CryptoKitties accounted for more than 25% of all Ethereum transactions, making it a global phenomenon.

After suffering excessive fees due to overburdening the network with transactions, CryptoKitties created Flow, a more functional blockchain designed to serve their apps better. Flow enables players to explore all of their NFT games and treasures quickly. The user experience is adjusted to appear more like a classic online game than the more demanding blockchain versions now accessible. 

Dapper Labs intends to target a different, more conventional market with NBA Top Shot, which values provenance, notoriety, fandom, and real-world pleasure above digital cats. They received substantial aid and finance to launch NBA Top Shot, but it was a novel concept that no one knew how the market would react to. 

Also read: 7 MOST EXPENSIVE NFTs

HOW TO PURCHASE NBA TOP SHOT NFT

1. Create an account on NBA Top Shot. 

To create an NBA Top Shot account, go to nbatopshop.com and sign up. Sign up using your email address or linking your Google account to the website.

Following that, you’ll be invited to copy a one-time code that you may use to restore your account; keep this code secure in case you need it again. Following that, you’ll watch a series of films explaining what NBA Top Shots are and how to obtain them.

2. Purchase a wallet (optional).

Retain your NBA Top Shots NFTs in your Dapper Wallet if you intend to keep them for a long time. Dapper provides a one-of-a-kind Flow Blockchain wallet, which can be downloaded from Dapper’s website. Cryptocurrency wallets are significantly safer places to hold your crypto assets than exchanges, which expose your cash to hacking. These NFTs, unlike standard NFTs, cannot be held in an Ethereum wallet since they are stored on the Flow blockchain.

3. Purchase an item from the collection.

Individual Top Shots and card packs can be purchased on the secondary market and directly from the NBA Top Shots. All card packs are presently out of stock and often sell out quickly once introduced.

In NBA Top Shot, there are two card packs: base sets and Rising Stars packs. The ordinary box is $9, but the Rising Stars pack is $199 and has a far higher chance of holding a rare collectible.

You’ll have to acquire Top Shots on the secondary market if you don’t snag a pack when they initially come out. Buying from the secondary market also lets you choose the card you want. 

WHAT IS THE LATEST GLOBAL CAMPAIGN OF THE NBA TOP SHOT TRADEMARK?

According to reports, the National Basketball Association (NBA) applied for new non-fungible token (NFT) trademarks under the name ‘The Association’ earlier this month. The April 6 trademark applications were made public on Monday, April 11.

NFTs-authenticated game tickets, game programs, trading cards, souvenirs, collectibles, jerseys, and memes are all included in the trademark filing. According to CoinDesk, the NBA also appears to have registered its second Ethereum Name Service (ENS) domain and now controls the ‘nba.eth’ and ‘theassociationnft.eth’ domains. 

The domain ‘nba.eth’ was moved from NFT collector ‘disco.eth’ to ENS core team member Brantly Millegan’s Wallet in December 2021 to Adrienne O’Keeffe’s Wallet as head of gaming and digital assets. In March, ‘theassociationnft.eth’ was moved from a fictitious wallet to the same address. Millegan previously stated in an interview with CoinDesk that the project encourages ‘.eth’ squatters to give up or sell domains linked with well-known enterprises for free or at reasonable pricing. He said the ‘disco. eth’ transfer occurred after ‘nba.eth’ became aware of it. 

It is still unknown what prompted the transfer of the second ENS. In any case, the league’s recent trademark applications are part of its plans to expand into the metaverse and Web 3.0, as well as a precursor to the league developing its unique NFTs. The NBA also aims to debut its cryptocurrency assets earlier than previously planned.

A trademark lawyer named Josh Gerben was among the first to discover the NBA’s NFT trademark application. On Tuesday, April 12, he tweeted that the NBA had submitted a trademark application with the US Patent and Trademark Office on April 6 for the phrase “THE ASSOCIATION” (USPTO).

The NBA has applied for a new trademark for “THE ASSOCIATION.” 

Dapper’s Durant-centric ad campaign will air on TV, social, and digital media throughout July as the brand celebrates a big milestone. Top Shot, which dominated the NFT and basketball worlds last year, is on its way to a $1 billion revenue milestone owing to its Flow blockchain.

KD and Boardroom’s engagement with NBA Top Shot is just getting started, with more inventive activations to follow in the coming weeks.

NBA Top Shot wants to maintain its popularity in 2022 and beyond, following a successful 2021 in which sales increased significantly.

And they could have a Hall of Famer on their side this time.

FINALLY 

To begin with, investing in NFTs is a misnomer because NFTs are not an asset class in and of themselves. NFTs use blockchain technology to digitally represent ownership, making them more analogous to a car title than the vehicle itself.

Just as you would not buy a vehicle just for the paper title, it is not a good idea to acquire an asset solely because it has been tokenized into an NFT. This is not to say that investing in tokenized assets is necessarily a poor decision.

If you identify a suitable asset and have the necessary funds, you may desire to purchase it. If the asset’s ownership is tokenized, you can use the additional benefits of NFTs. But be careful also to understand the risks related to investing in NFT

FAQs

HOW MUCH IS NBA TOP SHOT WORTH?

Users may exchange digital assets based on video samples from NBA games using the software, which operates on Dapper Labs’ Flow blockchain. NFL All Day and UFC Strike are two more sports NFT exchanges enabled by the Flow blockchain.

As of September 2021, NBA Top Shot had over 1 million registered users. Over 500,000 NBA Top Shot clients have transacted over $1 billion in total volume on the platform since its introduction, according to NFT marketplace tracker DappRadar

WHERE CAN WE BUY NBA TOP-SHOT NFT?

You may purchase cryptocurrency on exchanges like eToro or Uphold and deposit it into your Dapper Wallet to purchase Top Shot NFTs!

The NBA has collaborated with Dapper Labs to produce a digital version of NBA trading cards. These digital artifacts, on the other hand, aren’t even cards.

Top Shots, on the other hand, are in-game highlights from NBA stars that may be unlocked. NBA Top Shot periodically sells Top Shot packs on its website, and they quickly sell out. Non-fungible tokens are the technology that enables these digital products.

Top Shots, unlike other NFTs, are not ERC-721 tokens; instead, these collectibles are NFTs on the Flow Blockchain, which Dapper Labs designed specifically for NFTs. Dapper Labs created its own blockchain network for Top Shot after clogging the Ethereum network with Cryptokitties in 2017.

Non-fungible tokens typically employ Ethereum’s blockchain to prevent the reproduction of collectibles. Ethereum tokens for digital art, concert tickets, and collectibles adhere to the ERC-721 Ethereum token standard. ERC-721 tokens are differentiated by their non-fungibility, meaning each token can have a unique value. 

ON WHICH BLOCKCHAIN NBA TOP SHOT NFT IS MINTED?

NBA Top Shot enables users to purchase, sell, and accumulate NBA NFTs representing critical “Moments” generated on the FLOW blockchain. Some moments are more precious than others, but the most valuable ones are difficult to come by.

Moments are distributed in “Packs,” akin to traditional trading cards. Packs are part of the Sets Series. Each Series’ schedule correlates to the NBA season. Consequently, customers may purchase new digital packs of NFT Events highlighting the season’s most crucial weekly moments.

Despite the fact that current season happenings influence pack drops, legacy fans will still have their favorite historical plays. Plays. There are numerous methods for obtaining retroactive Moments. You could use Michael Carter-Williams’ 2013 dunk, for example.

The project’s ultimate purpose is to provide fans with a gamified experience. NFTs may be used to enter Top Shot events to receive prizes, moments, and limited packs. To win a Series 3 2022 All-Star Standard pack, users had to submit 12 separate Series 3 metallic silver fandom edition moments in one challenge. 

FLOW BLOCKCHAIN 

Flow was built by the same company that produced CryptoKitties in 2017. Flow was designed to provide scalability solutions and digital content applications such as apps, games, and other digital content. Flow aims to create a blockchain that avoids network sharing while retaining reliable decentralization.

Flow distributes jobs and data among five types of nodes rather than having each node keep all of the blockchain’s data. The purpose of distributing work among nodes is to increase efficiency by lowering the amount of time and effort spent on nodes.

This technique overcomes the Verifier’s problem by utilizing ‘SPoCKs,’ or Specialized Proofs of Confidential Knowledge, a technology invented by Flow inventors. Flow was also created to give developers and consumers the flexibility to use upgradeable smart contracts, as well as additional features like human-readable security.

The blockchain uses VMware Research’s Proof-of-Stake algorithm, and smart contracts ensure that each transaction fulfills the ACID (Atomicity, Consistency, Isolation, and Durability) standards.  

Ilmahttps://www.finthora.com
Hi, My Name is Ilma. I am the Founder and Author of Finthora. By Profession, I am a Web Developer. However, I love to learn new Technology-based stuffs like NFT, Metaverse and Crypto. I learn & then apply my knowledge, and then here, I am sharing my experience with my valuable audience.
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