The trading volume of NBA Top Shot non-fungible tokens skyrocketed over the weekend following the launch of their Run It Back 2005-06 retro packs on Friday October 15th.
According to the crypto slam, Top Shot’s daily market volume increased more than 440%, from $ 829,520 on October 14 to over $ 4.5 million the following day. On October 16, tokens worth more than 4 million US dollars were also exchanged.
Top Shot NFTs contain videos of key moments in professional basketball history, and the latest packs celebrate the stars of the 2005-2006 season.
On October 17th, NBA Top Shot tweeted that nearly 10,000 Run It backpacks were sold in 24 hours at a rate of seven purchases per minute..
7ï¸ ?? â ?? £ purchases per minute. For the past 24 hours. â ?? °
Over the past day we’ve seen 9,921 purchases from Run It Back 2005-06 Right now ?? ¢ ï¸ ?? Collectibles alone.
Find RIB moments â ?? ¡Ï¸ ?? https://t.co/fuCnRDcRJA pic.twitter.com/LcxNHsiwuE
to???? NBA top shot (@nbatopshot) October 17, 2021
7ï¸ ?? â ?? £ purchases per minute. In the past 24 hours. â ?? °
On the last day we made 9,921 purchases of Run It Back Collectibles 2005-06 Momentâ ?? ¢ ï¸ ?? only. Find the RIB Moments – https://t.co/fuCnRDcRJA pic.twitter.com/LcxNHsiwuE
The packs started at $ 169 each, and collectors vie for moments that represent basketball legends like LeBron James and Shaquille O’Neal. Top Shot Packs offer three levels of rarity from “Common” to “Legendary”.
Crypto Slam data shows the NBA top shot market has seen $ 744 million in secondary sales since July 2020. Top Shot’s business peaked in the first quarter of 2021 with $ 45.7 million in business in the 24 hours of February 22nd.
During the months of February and March over $ 200 million in Top Shot’s NFT changed hands, Monthly volume has declined sharply since then, with around $ 20 million in trades in September and October.
After its weekend surge, Top Shot is NFT’s third largest project by daily secondary volume, with more than $ 2.5 million in tokens traded in the past 24 hours, according to Crypto Slam.
Axie Infinity ranks first at $ 18.6 million on the last day, while CryptoPunks is second with a 24-hour volume of $ 6.2 million.
In late September, Dapper Labs, the team behind Top Shot, announced their plans to go beyond basketball and work with the National Football League (NFL) to launch an NFT platform and marketplace, for its English acronym). Dapper Labs is currently aiming to complete its first NFL tranche by the end of 2021.