NBA Top Shot transaction volume swells 40% in 24 hours

Posted by
Ian Kane

LeBron James card sells for $179,000!

Digital collectibles game NBA Top Shot continues its stellar rise in 2021 as the platform saw an almost 40% increase in transaction volume overnight. Moreover, a 17% increase in sales and an 8% increase in the number of traders within the last 24-hours shows NBA Top Shot has really planted its flag in concrete in the world of NFTs.

Source: DappRadar

Alongside this, a highly valuable 19/20 LeBron James dunk card has changed hands for over $179,000 at the time of writing making it the 5th highest NFT sale in the last 24-hours. 

Source: DappRadar

Recently, there has been some negativity surrounding NBA Top Shot as the platform became the victim of its own success. Marketplace suspensions, website updates, and general demand has left early adopters feeling a little displaced. The team is obviously doing everything they can to keep the NBA Top Shot audience engaged whilst still enticing newbies. 

NBA Top Shot has quickly caught up with established NFT collectibles such as CrypoPunks and Sorare in regards to generating sales and volume. Interestingly, the number of traders and the hundreds of smaller transactions for NBA Top Shot are adding value as well as landmark sales such as the LeBron James card mentioned previously. Currently, there’s no blockchain project attracting more active traders than NBA Top Shot.

Looking at the last 30-days data for the top 5 collections gives a solid indication of the type of trading occurring within the dapps, i.e large price, low quantity, low price, high quantity, or a mix of both.

Source: DappRadar

NBA Top Shot has 1,500,620 sales that have generated almost $308 million in volume meaning the average sale price for a Top Shot collectible is around $205. Meanwhile, CryptoPunks has just 2,271 sales which have generated around $129 million in volume meaning the average sale price for a Punk is around $57,000. A big difference that speaks volumes about the current state of the blockchains each project runs on. 

Whilst NFT buyers and sellers pay high gas fees on Ethereum marketplaces to complete a transaction, users on the Flow blockchain are not having any of those issues. They can buy and sell freely. In that context, it makes sense that the higher value NFT collectibles are still on Ethereum as paying a $50 gas fee on a $14,000 transaction isn’t as bad as paying the same fee for a $100 purchase. 

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