Kristian Ferrell
NBA Top Shot is a peer-to-peer marketplace built on a decentralized blockchain called Flow that brought professional sports NFTs into mainstream culture. Collectors can buy, sell, and collect NBA NFTs that showcase influential “Moments” minted on the FLOW blockchain. Each collectible is tied to a blockchain, which gives each NFT a unique and non-hackable certificate of authenticity. Collectors can buy mystery Packs of NFTs or swap NFTs on NBA Top Shot's secondary market. Before buying your first NBA Top Shot NFT, you must set up an account on the Flow blockchain by visiting the official website and clicking Sign Up.
| Characteristics | Values |
|---|---|
| Type of NFT | Basketball |
| NFT Name | NBA Top Shot |
| NFT Description | NBA highlights |
| Blockchain | Flow |
| Blockchain Creator | Dapper Labs |
| Blockchain Features | Beginner-friendly, low fees |
| Payment Methods | Crypto, credit card, fiat currency |
| NFT Scarcity | Limited number of NFTs |
| NFT Rarity | Common, Rare, Legendary, Genesis Ultimate, Platinum Ultimate |
| NFT Purchase Options | Individual NFTs, Mystery Packs |
| NFT Sales | Over $230 million |
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What You'll Learn
NBA Top Shot: the crypto-collectible
NBA Top Shot is a blockchain-based trading card system that has generated over $230 million in gross sales. It is a peer-to-peer marketplace built on a decentralised blockchain called "Flow", which was created by Dapper Labs in 2019. The Flow blockchain offers NFT traders a fast and low-fee alternative to Ethereum.
Collectors can set up an account on the Flow blockchain by visiting the NBA Top Shot website and clicking "Sign Up" in the top right corner. After confirming their email and creating a password, collectors can open their Dapper balance by clicking on their profile icon. Dapper Labs lets customers deposit cryptocurrencies or use a credit card to transfer money to their wallet.
Every NFT on NBA Top Shot has a specific serial number, description, and transaction history to verify ownership on the Flow network. The NFTs are organised into different rarity tiers, with the scarcest being in the "Legendary", "Genesis Ultimate", and "Platinum Ultimate Categories". Collectors can buy mystery "Packs" of NFTs or swap NFTs on the secondary market.
NBA Top Shot has tapped into an enthusiastic consumer base, driving blockchain adoption by lowering barriers to entry and requiring minimal understanding of the underlying technology. The platform offers sports fans and collectors of trading cards and other sports memorabilia an intuitive and accessible digital marketplace.
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How to set up an account on the Flow blockchain
To set up an account on the Flow Blockchain, you will need to create a wallet and fund it with the correct currency. The three main wallet options are Dapper, Blocto, and Lilico, with Dapper and Blocto being the most widely used.
To set up a Blocto wallet, you can download the app on your Android or iPhone by visiting https://blocto.portto.io/en/download. Once you have downloaded the app, you can fund your wallet with $FLOW or $FUSD tokens, which you can use to purchase NFTs on the Flow Blockchain.
If you are purchasing an NFT with USD on Dapper, you will need to top up your Dapper wallet balance. You can do this by adding USD via credit/debit card, bank account, or transfer of cryptocurrency. Once your Dapper wallet is funded, you can go to the marketplace and purchase the NFT you would like.
For Lilico, you will also need to set up and fund the wallet before purchasing an NFT.
It is important to note that some NFT marketplaces have their own in-built payment options, so you may not always need to create a wallet. However, most websites and marketplaces that sell Flow Blockchain NFTs require you to connect with a Blocto wallet.
To manage your assets, access your Flow account, and interact with the blockchain, you can use Flow Port, which serves as a gateway to all things Flow Blockchain.
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Paying with fiat currency or cryptocurrency
To purchase basketball NFTs, you will need to set up an account on a blockchain platform. One of the most popular platforms for basketball NFTs is NBA Top Shot, which is built on the Flow blockchain. To get started, you can visit the NBA Top Shot website and sign up with your email address or an existing Google or Apple account. Once you have confirmed your email and created a password, you can open your Dapper wallet by clicking on your profile icon.
After setting up your account, you can choose your preferred payment method. NBA Top Shot accepts both fiat currencies and cryptocurrencies as payment for NFTs. If you prefer to pay with fiat currency, you can link a credit card to your Dapper wallet or use it to transfer money directly to your NBA Top Shot account. This option is convenient for those who do not own cryptocurrencies or prefer to keep their crypto assets separate from their NFT purchases.
On the other hand, if you want to pay with cryptocurrency, you can link your crypto wallet to your NBA Top Shot account. Supported cryptocurrencies include Ethereum, which can be sent directly to the platform. Additionally, NBA Top Shot partners with crypto companies like Circle and Coinbase to facilitate payments with fiat currencies and cryptocurrencies. These partnerships make it easier for customers to purchase NFTs using their preferred payment methods.
It is worth noting that NBA Top Shot is not the only platform for basketball NFTs. Other sites like Crypto.com, OpenSea, NFT.com, and Magic Eden also offer professional sports-related NFTs, including basketball-themed ones. These platforms provide collectors with a diverse range of options to find and purchase their desired basketball NFTs. When exploring these platforms, be sure to review their accepted payment methods, as they may differ from NBA Top Shot.
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The different rarity tiers of NBA Top Shot NFTs
NBA Top Shot is an NFT marketplace that allows users to collect, trade and showcase licensed NBA highlights. Known as "Moments", these highlights are short video clips of memorable NBA plays. Each Moment has a unique serial number and a limited supply, with their scarcity and player popularity contributing to their value.
Moments come in different rarity levels: Common, Rare and Legendary. The scarcest NBA Top Shot NFTs are in the "Legendary", "Genesis Ultimate" and "Platinum Ultimate" categories. The other two major NFT types are "Common" and "Rare" editions.
Collectors can buy mystery "Packs" of NFTs, which are similar to trading card packs. Each Pack contains Moments of varying rarity levels. Base Sets are the most affordable, starting at $9, and always contain Common Moments. Non-Base Sets contain Packs with the possibility of Rare or Legendary Moments, and are therefore more expensive.
The value of Moments can also depend on the player involved and the type of play. For example, a LeBron James dunk Moment sold for over $200,000.
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Building an NBA-like roster with NFT moments
The NBA Top Shot is a blockchain-based virtual trading card platform that allows users to collect and trade video highlights attached to NFTs. These video highlights are known as "Moments" and are licensed by the NBA and WNBA. Each Moment has a unique digital serial number that authenticates the clip and indicates its rarity.
To start building an NBA-like roster with NFT Moments, you must first set up an account on the Flow blockchain, which is the decentralized platform on which NBA Top Shot runs. You can sign up on the NBA Top Shot website using your email or an existing Google or Apple account. Once your email is confirmed, create a password and set up your Dapper wallet, which allows you to deposit cryptocurrencies or transfer money using a credit card.
With funds in your NBA Top Shot profile, you can explore and purchase NFT Moments. The "Drops" section on the website shows current and upcoming releases, with Packs being the most affordable option. These Packs are released weekly or bi-weekly, containing the most significant plays from the ongoing NBA season. You can also purchase mystery Packs, which guarantee a specific rarity tier but keep the content a surprise until opened, similar to physical trading card packs.
If you're looking for specific Moments, the "Marketplace" section allows you to search for NFTs on the secondary market. Here, you can also trade your existing Moments for others, ensuring that every Moment has utility. Additionally, the "Challenges" page offers the chance to qualify for free NBA Top Shot NFTs by holding specific Moments within a limited time frame.
By strategically purchasing and trading NFT Packs and Moments, you can gradually build an NBA-like roster of your favorite players and their iconic plays.
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Frequently asked questions
NBA Top Shot is a crypto-collectible consumers can purchase as a non-fungible token (NFT). Each collectible is tied to a blockchain, similar to blockchains used for digital currencies like bitcoin. This gives each NFT a unique and non-hackable certificate of authenticity.
Before buying your first NBA Top Shot NFT, you must set up an account on the Flow blockchain. Visit the NBA Top Shot website and click "Sign Up" in the top right corner. Enter your email address or sign up with a pre-existing Google or Apple account. After confirming your email and creating a password, open your Dapper balance by clicking your profile icon on the top right.
Dapper Labs lets customers deposit cryptocurrencies or use a credit card to transfer money to their wallet. You can also send coins like Ethereum to NBA Top Shot or load your account with a credit card.
It is important to set a budget you are comfortable with and never invest more than you are willing to lose. Always have a plan and check Moment circulation. The more scarce the Moment, the better. Consider the historical significance of the Moment as well.
