Can NBA Bring Nft Into The Mainstream?
NFT has found an impossible partner for mainstream recognition – the best shot moment in NBA
So I just met the morbid T.J. McConnell’s best shooting moment in the NBA. He rushed out of the goal line, sweet and expressionless passing behind his head made Myles Turner stand out from the undisputed dunk.
I immediately remembered the days when Beckett magazine was still a thing. When these and similar magazines are in a world that completely simulates the price catalog of NBA transaction cards. Some of us do not enjoy the world. But I stray from the subject. At that moment, I seemed to recall my childhood that I had never experienced before. I have my own NBA trading card, but none is as attractive as this(unless it is “rare” in the physical sense).
With this concept, the NBA has led NFT to the mainstream.
NBA Hot Scene: Digital Collection Space Change
NBA Top Shot is an online virtual basketball card trading platform where fans can buy and sell virtual basketball cards. “Time”; in the block chain – on a unique digital 3D cube, not rectangular cardboard. Although this is obviously not the first cooperation between sports associations and blockchain technology companies, the size of the NBA eclipses other competitors.
NFT is a permanent token existing in the blockchain, casting an asset rather than another “token”. Original “; may exist. These assets can be mp3, digital art, lease agreement, Twitter or status update
NFT has become popular in the mainstream media, with a growing trend. For example, according to the legend of the best universe series 1 in the NBA, LeBron James NFT took a wonderful picture of Nemanja Bjerica, a new Sacramento striker, playing as the hero at a price of $208000. This is just one of the 49 existing photos on the blockchain. By contrast, I bought one of 15000.
Got it Got it I heard all kinds of arguments about NFT. Yes, you can find free video clips on YouTube. Yes, you can see it on some connected highlight reels. Then set it as a poor low price real hip-hop music, and you can enjoy it.
Here’s the thing. As far as ownership is concerned, technically, those wonderful videos are not yours.
On the other hand, NFT guarantees that there is only one original copy of a specific digital asset, and the blockchain is regarded by everyone as proof that you own the asset.
Due to scarcity, this unique value of the blockchain guarantees the value that could not be perceived before.
NBA Top Shot is created by the partnership between NBA, Players Association and Vancouver blockchain technology company Dapper Lab.
working principle
Dapper Lab shot the latest wonderful movies in the NBA, then processed them into clips, and cast them on the chain with non fungal tokens. Each session records a unique ID in the block chain. Compared with other moments like LeBron’s slam dunk master mentioned earlier, the company decided to make several versions(or NFT) at all times.
NBA Top Shot may be one of the first examples of the full mainstreaming of NFT. In the end, $500 million in sales will not go wrong.
The NFT schedule applies to all partners. The revenue comes from package listing and transaction costs, especially 5% of all transactions in the market(borne by the seller).
In addition, the NBA and the players’ association received part of the market transaction. Whenever a user withdraws money from the selected bank from Dapper, Dapper Lab will charge a fee to pay for the bank transfer fee.
The key to success
Top Shot successfully introduced NFT to a wider range of customers for the following reasons:
● This is a user-friendly and intuitive platform.
● The huge popularity of NBA.
● That’s close to taking transaction cards as a hobby.
There is no problem with the way Top Shot displays the platform. It’s simple. This is its success. In the end, only the two concepts of loving basketball and understanding rare concepts are important.
Most Top Shot users do not need to directly use the blockchain or understand internal operations. In fact, this word is hardly mentioned in the market. Top Shot is not created for people who are proficient in encryption technology, nor for people who have basic conceptual business knowledge. On the contrary, Dapper Lab created Top Shot, which focuses on NFT and encryption technology.
You can purchase these NFTs directly from the NBA Top Shot. Because the limited edition varies from $9 to $999 depending on the rarity and availability. You can also buy in the market. There, owners can buy and sell personal moments in the above packages with cash.
conclusion
The prospect of Top Shot is bright. Dapper Labs recently announced that it had raised 357 million US dollars in the last fund raising, attracting a large amount of investment in the course led by Philippe Lafont, in addition to a small number of current and former professional player celebrities such as Kevin Durant, Clay Thompson, Shawn Mendes, etc.
If the latest developments in social media and cryptocurrencies have taught us something, it is valuable to be an early adopter. If the situation of Top Shot continues to be good, we will eventually see NFT break through the mainstream audience in a large-scale way. The NBA may gain in the end, but Top Shot may be the blueprint followed by other brands or sports. Time will prove everything.