Following the release of their classic Run it Back 2005-06 packs on Friday, trade volume for NBA Top Shot’s nonfungible tokens soared over the weekend.
Daily volume on Top Shot’s marketplace increased by more than 440% from $829,520 on October 14 to more than $4.5 million the next day, according to Crypto Slam. Two days later, more than $4 million in tokens changed hands.
Top Shot’s NFTs showcase video highlights from important events in professional basketball history, with the most recent packs honoring the 2005-2006 season’s stars.
Selling like hot cakes
NBA Top Shot tweeted on October 17 that approximately 10,000 Run It Back packs had been sold in less than 24 hours, at a rate of seven per minute.
Collectors competed for moments representing basketball legends like LeBron James and Shaquille O’Neal, with packs starting at $169 apiece. The rarity of Top Shot’s packs is divided into three levels, ranging from “common” to “legendary.”
Crypto Slam data show the NBA Top Shot marketplace has hosted $744 million in secondary sales since July last year.
Top Shot trade volume peaked in the first quarter of 2021, with $45.7 million in trades taking place in under 24 hours on February 22.
While more than $200 million worth of Top Shot NFTs changing hands in February and March, monthly turnover has subsequently dropped drastically, with only about $20 million worth of trades occurring in September and October.
The third-largest NFT project
According to Crypto Slam, Top Shot is the third-biggest NFT project by daily secondary volume after its weekend surge, with more than $2.5 million in tokens occurring in the last 24 hours.
Axie Infinity is in first place with $18.6 million in trade volume for the day, while CryptoPunks is in second place with $6.2 million in 24-hour volume.
Dapper Labs, the company behind Top Shot, announced its ambitions to expand beyond hoops in late September, partnering with the National Football League to establish an NFT platform and marketplace.
By the end of 2021, Dapper Labs hopes to have accomplished its first NFL drop.
Image courtesy of Cointelegraph News/YouTube