cryptovibes.com
The trade volume for NBA Top Shot’s non-fungible tokens (NFTs) has exploded over the weekend after the launch of their retro Run It Back 2005-06 packs on October 15, 2021. This project has enabled NFTs to celebrate considerable basketball moments from the mid-2000s and it has proved to be a major hit among the NBA Top Shot collectors.
Based on Crypto Slam, the daily volume on Top Shot’s marketplace spiked by over 440% from $829,520 on October 14 to reach over $4.5 million the next day. On October 16, there was more than $4 million worth of tokens that exchanged hands.
Top Shot’s NFTs comprise of video highlights representing key moments from the history of professional basketball, with the most recent packs celebrating the stars who dominated the 2005-2006 season.
NBA Top Shot tweeted on October 17 that almost 10,000 ‘Run It Back’ packs were sold within 24 hours at a rate of seven purchases every minute.
7️⃣ purchases a minute. For the last 24 hours. ⏰
Over the past day, we’ve seen 9,921 purchases of Run It Back 2005-06 Moment™️ Collectibles alone. 🔥
Find RIB Moments ➡️ https://t.co/fuCnRDcRJA pic.twitter.com/LcxNHsiwuE
— NBA Top Shot (@nbatopshot) October 17, 2021
The packs started at $169 each, with the NFT collectors competing to snag the moments depicting basketball legends like Shaquille O’Neal and LeBron James.
Top Shot’s packs feature three tiers of rarity ranging from “common” to “legendary.” Crypto Slam data indicates that the NBA Top Shot marketplace has hosted a staggering $744 million worth of secondary sales since July last year. Top Shot trade activity peaked in the first quarter of 2021, with $45.7 million worth of trades happening within 24 hours on February 22.
While over $200 million worth of Top Shot NFTs exchanged hands in February and March. The monthly volume has since retraced steeply with nearly $20 million of trades happening in September and October.
After the weekend surge, Top Shot ranks as the third-biggest NFT project by daily secondary volume, with over $2.5 million in tokens trading hands within 24 hours, according to Crypto Slam.
Axie Infinity is at the top of the list with $18.6 million worth of trades for the past day, while CryptoPunks is second with a 24-hour volume of $6.2 million. Dapper Labs, the team behind Top Shot, announced its plans in late September to branch out beyond basketball and launch a nonfungible token platform and marketplace in partnership with the National Football League (NFL).
Dapper Labs is currently aiming to have completed its first NFL drop by the end of 2021.