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The past year can be said to be the craziest bullish year in the history of investment. Based on financial policies, hot money from various countries is flowing everywhere. In addition to investment targets such as stocks, bonds, real estate and cryptocurrency, the most topical ones are A "non-fungible token" that is too abbreviated as NFT (Non-Fungible Token).
So far, the vast majority of currencies, whether they are legal currencies recognized by the central bank today or cryptocurrencies derived from blockchain technology such as Bitcoin and Ethereum, are homogeneous tokens, while non-fungible tokens (hereinafter referred to as NFTs) are Although they are similar to each other, each has different characteristics, so they cannot replace each other.
Although NFT is also regarded as a part of assets, it is not mainly used for transactions, that is, the digitization of ownership certificates for special collections. When we buy physical limited edition products, they will usually be accompanied by a paper certificate of ownership. Now NFT uses the characteristics of blockchain to digitize the certificate and eliminate the risk of piracy.
The current application of NFT is mainly in artistic creation, digital works or collectibles. The most famous NFT auction at present is that Twitter founder Jack Dorsey auctioned his first post "just setting up my twtr" for nearly NT$80 million. Sold for USD.
The NBA immediately followed this NFT trend and cooperated with Dapper Labs and the Players Association to jointly launch the NBA's official authorized card collection application "NBA Top Shot". Dapper Labs is a well-known blockchain development team. Its most famous work is the popular blockchain game CryptoKitties. They also created a public chain called Flow to accelerate development efficiency. NBA Top Shot is also on Flow. Establish.
A first look at the introductory gameplay of NBA Top Shot
In short, NBA Top Shot is an officially authorized player video. These short films may include slam dunks, three-pointers and other highlight clips and text narratives, recording the glorious moments of the player's career, so they are called moments, such as the currently highest-priced Top Shot. One of the Shots was LeBron James’ dunk in tribute to Kobe Bryant. NBA Top Shot players can collect the moments they are interested in by trading, quoting, bidding and bidding on the Market Place platform.
NBA Top Shot has received many investments since its concept stage, including giants such as a16z, Coinbase Venture, Digital Currency Group, USV, Samsung Next, Appworks... and Michael Jordan is also one of the investors. As of mid-May 2021, a total of 500,000 people have been trading on it, and the transaction volume has exceeded 570 million US dollars, surpassing the veteran NFT platform CryptoPunks.
NBA Top Shot cards are divided into three levels. Common cards have a circulation of about 35,000, Rare cards have a circulation of about 2,000, and Legendary cards have a circulation of about 100. In addition to the level, factors that affect the value of a card include stars, card numbers and special cards. Stars are easy to understand, while card numbers include several types that are particularly valuable, such as #1, which has the same number as the player, while special cards are official Challenge activities will be launched from time to time, with the opportunity to obtain popular or retired star cards. The value of these types of cards will quickly increase.
There are 4 ways to obtain it. You can purchase it by entering the Marketplace of the NBA official website. The cheapest one is 9 US dollars, which contains 3 common cards. Many people will also choose the card pack for 229 US dollars, which contains 1 rare card and 6 common cards. All cards are currently sold out.
Caty Tedman, marketing director of Dapper Labs, said that Top Shots has generated $230 million in sales so far, most of which are transactions after purchasing cards.
"This is a brand new experience for NBA player card enthusiasts. It is exciting just to think about having exclusive moments of your favorite players." said Lars Rensing, CEO of blockchain service provider Protokol.
Why NBA Top Shot is so popular
Star cards have a long history. As early as the 1990s, a tobacco company in the United States gave away star cards, mainly featuring baseball stars, to consumers as cigarette gifts, and received favorable reviews. In 1951, a company named Topps sensed a business opportunity and began to focus on the production of star cards, and even monopolized the market for a time. Since then, star cards have gradually developed a series of industrial chains including authorized production, sales, valuation, trading, and collection, and have developed into a cultural symbol with unique characteristics and a broad audience. Similar to "shoe speculation", star cards have become a product with both collection and investment potential.
However, fewer and fewer new generations of young people are interested in player cards. Coupled with rampant piracy and the lack of official certification, physical cards have huge friction costs in transactions. The NBA has finally adopted the blockchain after trying all aspects. Find new business models driven by technology.
The NBA is one of the most difficult IPs in the world to obtain, but it is also the most willing business organization to embrace new technologies. It is said that NBA officials and the players union have cooperated with Dapper Labs as early as 2019. The NFT card issued by NBA Top Shot is not just a digital card, but a digital collection of wonderful shots. Many NFTs are worth more than 240,000 US dollars.
However, although NBA Top Shot is built on new technologies, the gameplay avoids difficult technical questions such as blockchain and cryptocurrency. The law of supply and demand for player cards remains essentially the same, but the gameplay is more diverse.
