What are top shot packs?
Top Shot is essentially an NFT marketplace that allows users to buy, sell and collect influential NBA scoring Moments. Moments are minted in Packs much like you’d expect from physical trading cards: you buy a pack, open it up and see what you get.
Is Top Shot legal?
NBA Top Shot is an online exchange that sells NFTs of NBA highlights, and is licensed by the NBA. Purchasers are given verified ownership of a URL that links to a site where the NBA highlight is located. The copyright owner of a digital file or asset has the exclusive legal right to create an NFT for the asset.
Are NBA Top Shots NFTs?
NBA Top Shot has established itself as an accessible, easy-to-use path to NFT collecting and crypto-powered commerce. Here’s how it works. You may have heard about NBA Top Shot, one of Boardroom’s best NFTs of 2021, and wondered what it was all about.
What is a moment in Top Shot?
Moment™ NFTs are assigned a Tier that represents their status and scarcity. There are 5 Moment Tiers: Common, Fandom, Rare, Legendary, and Ultimate.
What is an NBA NFT?
NBA Top Shot was created as a joint venture between the National Basketball Association (NBA) and Dapper Labs. Top Shot is a blockchain-based platform that allows sports fans to buy, sell, and trade non-fungible tokens (NFTs) of NBA video highlights.
What is a NBA Top Shot Challenge?
Top Shot. Challenges are an opportunity to show off a specific selection of Moment™ NFTs that give collectors an opportunity to earn exclusive prizes, packs, or Moment™ NFTs. Flash Challenges are a type of Challenge based on the stats and events of NBA games.
What blockchain is NBA Top Shot on?
Flow
The startup has built its own blockchain, called Flow, sidestepping the popular Ethereum blockchain, which the vast majority of successful NFT platforms live on today.
Do players get money from Top Shot?
Players are making money through revenue sharing That five percent is revenue shared between Top Shot, the NBA, and NBPA. When a player’s moment is sold, the cut is divided across the entire league and not just to that specific player.
How much do top shots cost?
How it works: the NBA cuts the highlights and then Dapper Labs decides how many of each highlight they are going to sell and number them. They place each highlight into digital packs, just like regular trading cards, and sell the packs on the official NBA Top Shot website for prices ranging from $9 to $230.
Is NBA Top Shot profitable?
NBA Top Shot has seen around $500 million in sales, but users are having trouble cashing out. Users eager to withdraw their profits are complaining online about the weeks-long wait times. The platform, which has seen massive growth in 2021, says it’s working through the backlog and expects the process to speed up.