Now, if you deal with Cryptocurrencies in general, you have heard the NFT word many times. It’s been the craze in 2021, and the trend is ongoing. Instead of explaining what it is and how to use I will go on a different route. I’m going to describe my experience with a very popular NFT which is NBA Top Shot.
Now let’s get the NFT definition out of the way:
A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can represent items such as photos, videos, audio, and other types of digital files.
Need more explaining? Here are two video examples:
Now to our topic in hand. What is NBA Top Shot?
NBA Top Shot is a blockchain-based platform that allows fans to buy, sell, and trade numbered versions of specific, officially licensed video highlights. Once you purchase a pack, those highlights go into your encrypted, secure highlight wallet to be “showcased” or re-sold on the NBA Top Shot Marketplace.
So overall is a new version of sports trading cards. But with highlights, it tells you the number, time, and how many highlights are in the store.
At first, I thought it would be easy, but I think it took me three times to get my first pack. After I saw this, it let me knohttps://nbatopshot.com/w that the hype was real. So after my third time, I manage to get a basic pack. The first pack, since it was a basic one, I had to wait for them to deliver to my email.
After I got my pack and opened it felt like the digital age of sports trading cards was here. The presentation is impressive, and once you see the highlights for the first time, if you are a basketball fan, you would want more, especially from your favorite team.
Now I was able to get three packs overall which were around $37 dollars. I sold a few of my highlights, and I manage to make over a $100 so the market for buying and trading is there, but I will see if it stays.
Some things that I don’t really like is that everything has to be done via the NBA top shot website; I can’t trade or sell on another market (at least that I know of), Which is one of the best things in blockchain that you can transfer from to different wallets. There are also no dapps built into it, so it is very closed and centralized now. This does not mean it will stay this way since it’s still in the beta version.
Overall dapper laps, the company that creates top shot, has other projects on the way, such as the UFC, and places like WAX just teamed up with Topps to sell MLB NFT. I will see what the future hold, but overall it looks promising.
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