96.7% increase in 7-day sales volume amidst pack drops and updates
NFT collectible game NBA Top Shot is on track for MVP this week as it sees an almost 100% surge in its sales volume week over week. The Flow blockchain-based NBA moments game is seeing renewed interest amidst an announcement about a further utility being added to legendary cards. As well as the run-it-back 05/06 pack drop, which always proves popular as collectors fight it out to get their hands on the best moments of past seasons.
At the time of writing NBA TopShot has had a 13% uptick in the number of active wallets interacting with the platform. Regarding NFT collectible moments, we see a 96% surge in sales volume brought about by 66,388 traders that generated 227,888 sales. An average of approximately 3 purchases per trader. This would be made up of those that got the pack drop first hand through the platform and then the secondary trades occurring in the aftermath.
NBA Top Shot arguably introduced average joes to NFTs but the sheer volume of new NFT offers and collections in 2021 meant NBA TopShot has had to fight to be heard. Two reasons seem to have brought traders back to NBA TopShot after a year that started all guns blazing.
We see a huge spike in the number of active wallets between the 14th and 15th of October. When active wallets increased from around 16,000 to 74,000. No coincidence this was the day the run-it-back collection dropped. The sale went so well that the platform took to Twitter to announce that they had been processing seven transactions a minute for the last 24-hours. Leading them to add another 500 packs to the second drop.
Another reason for the spike in activity was caused by NBA TopShot announcing that the first step toward enabling non-custodial options to sell moments had been rolled out. This means that holders of especially valuable moments can now put them into a custodial wallet – where they hold the keys, and therefore the NFT. Starting Friday 15th October – after the run-it-back drop ended — Legendary tier Top Shot Moments could be sent to third-party wallets. The move signals the first steps towards the bigger ecosystem evolution DapperLabs outlined for Flow and NBA Top Shot from the get-go.
Now, when players send moments to a non-custodial wallet, they will be able to move them to approved marketplace partners, starting with BloctoBay and VIV3, with Versus soon to come. Moreover, this move could stimulate higher prices on the most valuable NBA Top SHot Moments as new buyers and collectors enter the market via one of the new marketplaces.
Go with the Flow
The Flow blockchain is designed to meet the mainstream developer and consumer expectations without sharding the network or compromising decentralization. The involvement of entertainment brands like Warner Music Group and Ubisoft as well as high growth innovators like Animoca Brands, developers of crypto games including F1 Delta Time and Sandbox show the Flow blockchains intent and user adoption strategy. NBA Top Shot has already smashed multiple NFT sale records and amassed thousands of users as it added to its arsenal. Including opening the platform to a female audience with the introduction of WNBA moments. It’s going to be fascinating to see how other projects develop on Flow.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, NIOX, AGIX, MATIC, MANA, SAFEMOON, SDAO, CAKE, HEX, LINK, GRT, CRO, OMI, GO, SHIBA INU, AND OCEAN.