Trading volume increased 108%, surpassing Rarible and Bored Ape Yacht Club
With an impressive 108% increase in trading volume, NBA Top Shot has risen to the second place in the DappRadar NFT Collections. The basketball NFT collectibles saw close to $1 million in trading action in the past 24 hours.
Almost 20,000 traders jumped in to buy packs and trade moments. From a total of 37,244 sales they generated $959,470 in volume. That’s an average of $25.76 per purchase.
This price range makes NBA Top Shot very accessible to a mainstream audience. In comparison, the average NFT in Axie Infinity costs $354, which also explains why their community uses scholarship programs to enable people to play. In addition the average NFT sold on the NFT marketplace Rarible costs $837.
The status of NBA Top Shot
Earlier in the year, NBA Top Shot became the most popular NFT collection. The basketball NFT collection outperformed every other project. Only CryptoPunks could keep up in terms of volume, but of course not in the number of sales.
How different are things now. NBA Top Shot lost some of its momentum, and has been experiencing troubles with user retention and user satisfaction. In the past 30 days the project saw its number of active traders drop 17% to 178,534, while the trading volume dropped more than 53% to $31,9 million. Less people are active, and the value of the NFT collectibles is dropping.
However, with these numbers it’s difficult to call NBA Top Shot a failure, but the initial hype sure died down. Dapper Labs is looking to add more utility to the collectibles, as an integrated game mechanic is supposedly still on the roadmap. Keep in mind, NBA Top Shot is still in beta testing.
In addition Dapper Labs announced to be working with Collab.Land, to give users access to unique community content on Discord based on their collection. For starters, users with the complete Cool Cats set have access to a special Discord channel, and therefore will gain access to exclusive digital and physical products.