What is the NBA Top Shot? A beginner's guide
- NBA Top Shot is a series of collectible cards issued as non-fungible tokens or NFTs.
- Each NFT represents a "moment" in basketball history.
- NBA Top Shot is the latest cryptocurrency craze, in which the most iconic moments in NBA history are converted into non-fungible tokens, or NFTs.
An NFT is a unique cryptocurrency token, which means that, like physical collectibles such as trading cards, they are in limited supply. And they are becoming a worldwide phenomenon, with NBA Top Shot leading the way.
According to data providers, 100,000 people have bought NBA Top Shot moments in the last month alone. CryptoSlam hopes to own a photo of their favorite star or make money by selling it at a higher price.
With increasing attention, NBA Top Shots prices are going up. Current fees range from $14 for a Rudy Gay jumper to $240,000 for a Ja Morant jumper.
What are NBA TopShot collectibles?
NBA Top Shots are the best example of digital collectible cards. You can think of them as trading cards, but they are stored on a blockchain instead of being printed on a card. This means you can keep them in your digital wallet and send them to others or sell them on online marketplaces.
Each Top Shot presents a moment in basketball history in the form of a short video clip.
Like collectible cards, there are several cards for every moment. Collectibles are released in packs of various sizes, with more miniature packs increasing the rarity of the cards. The most common collectibles come in packs of 10,000 cards or more. The rarest collectibles are from 150-4,999 cards, and the legendary level limits them to 25-499 cards.
Within each package, each card has its serial number. But this can cause prices to vary significantly. For example, the lowest price for a Jayson Tatum card in an outdoor shot is $52, while the highest price for serial number 5206 is $28,000. That's a big difference for the same card, something to keep in mind if you want to resell it.
There are also several series of trades. For example, the "For The Win" series has ten specific moments, from one of Spencer Dinwiddie's shots to a three-pointer by Nemanja Bjelica. All are rare cards.
Create a Dapper Labs account
Unlike traditional cards, these collectibles are not printed on paper or sold in physical stores. Instead, NBA Top Shot cards are stored on the blockchain stream, built by Dapper Labs (the team behind the first NFT phenomenon, CryptoKitties). So it's a bit harder to obtain them.
You will need to register for NBA Top Shot with Dapper to get started. You can do this by clicking "sign up" on the Top Shot website. Creating a Dapper account provides you with a wallet that stores funds and purchases cryptocurrencies.
Signing up for Dapper is easy. First, you sign up via Google or email, then provide your phone number and verify it. Next, Dapper gives you a code that you should keep in a safe place if you lose access through the device you are registering from. You must write it down somewhere and keep it in a safe place, as it controls access to your account.
How to get started with NBA TopShot
Once you have registered with Dapper, you can go directly to NBA Top Shot and use your account to log in.
The first time you register, you will be greeted with a couple of introductory videos before asking if you would like to join the NBA Top Shot Discord channel. You will then be able to select the team you support.
Once you are in, you will see your randomly generated username. You can easily change it by clicking on "change username" in your Dapper Labs profile and choosing the one you prefer.
Now you can explore the collectibles on offer (which are usually out of stock!) AND the market where you can buy second-hand cards. But to purchase anything, you will need some funds.
Add funds to your account.
To purchase an NBA Top Shot moment, you will need to fund your Dapper account.
You can do this by going to "Payments and Payments" on the site. Here, you choose how much you want to deposit into your account; you will have to agree to Dapper's terms and conditions. You can then pay by credit card by entering your details or cryptocurrency. Dapper accepts Bitcoin, Ethereum, Bitcoin Cash, and two stable currencies: DAI and USDC.
Once you've added funds to your account, you may have to wait for them to arrive in your wallet (cryptocurrencies can be a bit slow at times) before they're ready to use. You will also have to pay network fees when you make a cryptocurrency transaction, so be sure to check how much it will cost and keep this in mind (Bitcoin fees currently hover around $13 per transaction).
Browsing the NBA Top Shot Platform
The platform can be a bit overwhelming, as there are thousands of Top Shot cards, but there are ways to narrow down the list. For example, you can select schedules for specific teams or players and sort the cards by price.
If you wish to purchase a card, you will need to search for the desired time and select the card's serial number. Then click buy, and you will be able to pay with funds from your Dapper account.
So what can you do with them? Well, you can keep the cards and view the moments whenever you want. Then you can put them up for sale or, if you are generous enough, give them to a friend as a gift. What you can't. What you must not do is use the Top Shot images yourself or modify them without permission; in fact, the NBA's lawyers have drawn up a list of prohibitions restricting what you can do with their expensive intellectual property.