NBA Top Shot, one of the sports’ newest and biggest trends, is extremely confusing. It’s a mix of cryptocurrency, blockchain, collectibles, non-fungible tokens and other words that sound made up.
The technology platform cleared more than $230 million in transactions and has become a viable way to make money for a very small set of crazed fans.
What is the NBA Top Shot?
The best way to explain to describe the NBA Top Shot as online trading cards. Instead of a piece of cardboard with a picture on it, it’s a video on a website you keep in a profile.
You buy packs, just like packs of cards. The packs have three cards in them, and they range from $9 to $230 (and eventually $999).
There are three levels of cards: common, rare, legendary. It also features various other versions of cards like gold, metallic and holographic that you see with regular trading cards.
The type of card and rarity determines the value.
Dapper Labs, which runs NBA Top Shot, mints a certain amount of each card. For instance, a legendary card could have 49 mints, while a common card has more than 12,000 or 15,000.