NBA All-Star Weekend will capitalize on the NFT Craze.
NBA Top Shot creates digital collectibles for a team of “rising stars” that will never really play together.
An online marketplace for blockchain-based digital collectibles, NBA Top Shot doesn’t care if there is no Rising Stars game this NBA All-Star Weekend.
Rising Stars is an annual game between American and international first and second-year NBA Players. Because of the COVID restrictions, there will be no game this year. However, the National Basketball Association today released the rosters that fans will see. They included New Orleans Pelicans rookie Zion Williamson and last year’s Rookie of the Year, Ja Morant.
Seeing it as an opportunity to increase revenue in a hot market for NFTs, NBA Top Shot, which is partnered with the league, is now selecting highlights for every team member and turning them into a single set of digital collectibles on March 7, the day of the game.
To have a concept of how valuable the company’s products are, a Top Shot NFT of Rookie of the Year candidate LaMelo Ball is now going for $4,495. Rui Hachimura’s layup move will be for $150.
February 2021 trading volumes topped $340 million in February after doing just $12 million in volume just two months earlier. Artists like Grimes are creating quasi-music videos in NFT format, mega-band Kings of Leon will be releasing its next album as an NFT, and also Paris Hilton and Lindsay Lohan are using the trend to stay ahead of the pop-culture curve.
However, Top Shot is now the king. Basketball fans devoured the highlights in NFT format last February. The $225 million in volume accounted for 65% of total NFT volumes.
That is why minting more is an easy way to score points with the fans.
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