The National Basketball Association or the NBA is nothing short of cultural identity for American sport. It has produced legends like Michael Jordan and Kobe Bryant and has even inspired films like Space Jam.
The energetic fans of the NBA have always found a way to cheer their favorite players and favorite teams. Ever since the founding of the NBA in 1946, the body has always found and explored ways to engage with the fans, bringing them closer to the teams, the players, and the game itself.
Incorporating the latest distributed digital ledger technology, the NBA has entered into the world of non-fungible tokens. Non-fungible tokens or NFTs, as they are commonly known, have revolutionized the way the NBA has been perceived.
Introducing NBA Top Shot
NBA Top Shot is the NFT marketplace where fans and people can buy trendy digital assets from the NBA. There is an element of pride associated with this ownership, and there is nothing more rewarding for fans than this ownership of digital assets.
NBA Top Shot was a runaway success. The platform has completed about a quarter of a billion in transactions, and about 90% of those transactions happened in 2021. NBA Top Shot is a fine example of how technology like blockchain which was once considered unnecessary for common people has now crept into everyday lives.
A bit about non-fungible tokens
So far, we have been talking a lot about non-fungible tokens, and this calls us to understand what these NFTs are. They are cryptographic tokens that are unique and cannot be interchanged without any change in value. In short, it is the polar opposite of a fungible asset, a good example of which is the dollar bill. They cannot be fragmented into smaller dimensions and the value depends primarily on uniqueness and scarcity.
The fact that the token resides on the blockchain also drinks attributes like immutability, security, and transparency. Therefore, non-fungible tokens present themselves as ideal candidates for real estate investments, purchase of virtual assets within gaming and event tickets, properties, and crypto collectibles, within which NBA Top Shot would fall under.
The usual questions
For any uninitiated person who does not know blockchain technology and its implications, and who is simply a fan of basketball, they might find the concept of NFTs weird. This presents a lot of questions for them that might need to be answered before an NBA NFT marketplace platform explores its fullest potential in terms of both reach and profit.
What would be the price of a digital asset?
The price of a digital asset depends on a multitude of factors including but not limited to the brand power of the player behind the digital asset and the rarity. It would be easier to sell a moment associated with a star player like LeBron James than that of an unknown face. It is also lately that a moment that is one among 25 is more valuable than something that is one among 500.
Is NBA Top Shot legal?
The NBA Top Shot marketplace is entirely legal and is officially licensed by the NBA. In fact, it can be considered a successor to the original NBA Top Shot and it just functions on the blockchain technology making it more traceable and secure.
How exactly do I Buy a moment?
There are multiple ways that a platform like the NBA Top Shot will provide to buy moments. You can either buy packs like sports cards when it is available for purchase. However, it could be exceptionally difficult as the availability is quite rare and it is available only in restricted quantities. Alternatively, you can purchase your moments from other users.
The good part, however, is that the NFT marketplace is quite nascent, and a lot of packs are available. Therefore, if you intend to buy them directly from the platform, it is suggested that you execute your purchase right away.
What is the use of purchasing a moment if you can watch it anyway?
The difference lies in the originality and the sense of ownership. When you own a moment on NBA Top Shot, you do not own a “copy“ of it but rather the original. There is a massive difference between owning an asset and owning a copy of an asset. It is congruent to the feeling of having the original Mona Lisa at the Louvre hanging in your bedroom!
Even within the United States, more than basketball, we have baseball and football. Looking at other countries, we have sports and games that are popular in every part of the world, like cricket in South Asia and soccer in Europe.
This opens up a lot of possibilities for entrepreneurs to create their own NFT marketplace like NBA Top Shot. Considering the intensity of fan following and The growing acceptance of non-fungible assets in the world of sporting collectibles, there is a promising opportunity for any aspiring crypto entrepreneur to reap big profits by investing in NBA Top Shot like NFT marketplace development.
Developing an NFT marketplace like NBA Top Shot requires an immense understanding of the market, the different blockchains that abound with features in line with what is required out of the marketplace, the users and their comfort in handling technology, and above everything, the technology itself.
It might not be possible to develop everything from scratch. Therefore, it is strongly recommended that you partner with a company specializing in NFT marketplace development like NBA Top Shot. They will take care to completely understand your business requirement and present you with perfect solutions with the right blockchain under the hood and garnish them with an intuitive user interface that will attract all basketball fans to engage with your NFT marketplace.
The best time to do it perhaps is right now when the appeal for NFTs is at an all-time high and when fans are finding ways to express their love for the game.