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NBA Top Shot: NBA NFTs are taking over the world

Sports and big money is the perfect combination for a lot of people. In another trend that has taken over the world, the work of cryptocurrency continues to change the landscape of economics. Most recently, that is with NBA NFTs, with NBA Top Shot dominating the crypto sphere.

In a cryptocurrency world that has been filled with the likes of Bitcoin, Ethereum, etc., a new groundbreaking cryptocurrency has now hit the blockchain, basically the marketplace for cryptocurrency.

It is NBA Top Shot. Yes, you read that sentence correctly, the NBA, as in the National Basketball Association, is now a part of the cryptocurrency world.

The NBA enters the NFT space — NBA Top Shot

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NBA Top Shot launched in closed beta during May before its current open beta became available to the public in October. (Dapper Labs)

As with anything that has taken over the world, it is hard to find an angle that has not been discussed at length already. The same is the case for NBA Top Shot.

However, one angle that we feel doesn’t get discussed enough with new trends, is the reason(s) why they are trending? Why has NBA Top Shot created life-changing fortunes for many consumers?

The way that the pandemic has reacted with sports and big money is our answer here.

They are simply the three key reasons that the NBA has entered the NFT space. And why NBA Top Shot has pushed its way to the top of the world. 

Let’s start with #1: The pandemic.

The pandemic’s effect on sports betting and NBA Top Shot

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Anything in the world can be linked to COVID-19. But NBA Top Shot, like any cryptocurrency, has had a significant boost in popularity since the pandemic began.

The likes of Dave Portnoy at Barstool Sports, the rise of BitCoin, and the strange rise in GameStop stock all prove the tangible excitement and passion for something like NBA Top Shot.

Where does this passion come from? Well, with the pandemic causing people to live an insufferable amount of time in their homes, new hobbies will then arise. One of those hobbies, for many, is the Stock Market/Cryptocurrency world. 

It seems that every other week a new cryptocurrency is taking over the world. It was Bitcoin three weeks ago, NBA Top Shot last week, and Dogecoin this week.

Now for the sports side of things…

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Fans cheer during a free throw attempt in the second half as the Houston Rockets face the Golden State Warriors in Game 1 of the playoffs at Oracle Arena in Oakland, Calif., on Saturday, April 16, 2016. (via Bay City News)

For many people, sports are a big part of our lives. But as of yet, at least for me, cryptocurrency has had no importance in my life. However, that has now changed.

It takes a lot for people to try and understand the ins and outs of the cryptocurrency world because let us be honest, it is very confusing.

However, when an already established passion is involved, people will get excited, and in this case, sports is that passion.

For the sake of this argument, I will use myself as an example.

At the beginning of the pandemic, I told one of my friends I wanted to invest in the stock market. I tried to watch YouTube videos to understand what in the world was going on in the stock market, and simply how to make an investment.

That search got me nowhere, besides having even more questions than when I started.

However, now with Top Shot, I have found my passion for stocks and investments reinvigorated, because not only do I enjoy the NBA, but I understand that world.

I have no understanding of stocks, and what shares I should purchase. However, I know that a player like LeBron James is a good player, and is someone I should invest money in.

Big money means sports betting like NBA Top Shot will continue

Money is the most obvious answer to the rise in NBA Top Shot popularity. People are making an exorbitant amount of money from buying and selling sports highlights. 

According to Dapper Labs, as of February 28th, people have spent more than $230 million buying and selling these NBA highlights. As of now, I can only imagine how high that price has reached.

This is not a fad, Top Shot will not go away for a while. Even more, with more sports leagues closing in on an affiliation with NFTs, this world will begin to take on a new version of trading cards. And the popularity is not expected to dissipate worldwide.

The interest is there, the excitement is at an all-time high, and the money just keeps on building.

Don’t be surprised if, in 10 years, Top Shot is still around and thriving more than ever.