NFT Marketplace Like NBA Top Shot
There were times when you cheered your favorite in multiple ways through various ways. In 2021, we are witnessing a new fandom. Now, it has reached beyond repping your team and loving your favorite player. “Top Shot” the latest marketplace for NFT. But, with a twist, and on fire. It is a marketplace for selling and buying the most trendy digital assets from the NBA.
Around $230 million transactions had been computed since its formation in October 2020. And 90% of it has been done in February 2021. Blockchain technology and cryptocurrency have made their presence, and NBA Topshot is the result of it.
What Is NBA Top Shot?
An online marketplace was created, which allows its users to buy, sell, and trade NBA highlights. One can make these highlights or moments and own them through unique numbers. They are virtual sports cards with a picture of player data on the back.
NFTs In Brief
NFTs or Non-Fungible Tokens are cryptographic tokens that are unique and cannot be interchanged. It is built on a blockchain to attract investors and traders. Like any other cryptocurrency, they are also made on blockchain technology, but their distinctive feature helps them stand out from the crowd. They can not be fragmented into smaller denominations, but are used as a whole for investment, trading, etc. Their metadata cannot be altered, making it immutable. They represent the following assets;
- Crypto collectibles
- Event tickets
- In-game purchases
- Real-world investments
A Marketplace Like NBA Top Shot
A Marketplace like NBA Top Shot is just similar to the original NBA Top Shot. It has all the features and functionalities of NBA Top Shot. It will allow its participants to easily buy, sell, and trade their moments at the platform.
What Does It Cost To Buy A Moment/Highlight?
The prices of moments depend on certain factors. But, yeah, if you have a moment of drunk LeBron James, then it would sell for a reasonable amount, and a drunk highlight of Denver Nuggets may not land you so much of a happy place.
The second factor is being exceptional. How rare is your highlight? The availability is finite; therefore, getting a moment that is 1 of 25 is more valuable than getting one that is 1 of 500.
How Can You Buy A Moment?
If you are a user of a platform like NBA Top Shot, you can buy packs, like sports cards, when available or purchase moments from other users. Packs are sold in exceptionally restricted quantities, so it is advisable to buy them right away.
Is It Legal?
An NFT marketplace like NBA Top Shot is entirely legal and is officially licensed by the NBA.
Usage Of Blockchain
When a moment/highlight is bought/ purchased, it is stored and saved in the Top Shot digital wallet. Therefore, the usage of blockchain technology has been inculcated in it.
What Is Blockchain Technology?
Blockchain technology, now synonymous with cryptocurrencies, is the revolutionary decentralized, distributed ledger system stacked using novel cryptographic techniques. With the ability to store and track records with exponential immutability, blockchain technology resolves the problem of data loss, data corruption, and a plethora of inefficiencies tormenting the digital arena. Facilitating seamless peer-to-peer transactions, entrepreneurs and corporations worldwide have begun to fetch ingenious ways to tap on the legion of advantages provided by a blockchain, primarily because there aren’t any third-party regulating the transactions, and the certainty of any phishing activities is almost eliminated.
According to MarketsandMarkets, the global blockchain market size is expected to exceed the $40 billion mark by 2025, all at a spectacular rate of 67.5%, an astonishing number by any industry standard. The Forbes Technology Council identifies the following sectors and stakeholders as the most-benefited parties of blockchain technology.
When You Can Watch A Highlight/Moment, Then Why Would You Pay For It?
Yes, that’s true. But, how would you feel if you have a painting of Picasso in your bedroom versus a digital print from the internet, framed and hanged? What do you think about the first case and the second case? I am sure there is a vast difference between both. Therefore, you are willing to pay for Picasso’s painting and not for the internet version.
When you own a moment/highlight, the feeling is different. You own not only the video but also the Top Shot moment.
Why Prefer CES for Developing A NFT Marketplace like NBA Top Shot?
If you are developing a Marketplace like NBA Top Shot, you can earn through transaction costs. So, grab this opportunity to build a Marketplace like NBA Top Shot for games like Badminton, Tennis, etc. with the same features and functionalities at Cryptocurrency Exchange Script. It is a leading name in blockchain with a team of certified developers, which can help you readily.