Take a stroll on social media and you won't see a shortage of people talking about "NBA Top Shot," a blockchain-based collector's repository of highlights that has been around since July 2019, but it was over 50 last week US dollar caught fire. M income from people who are still trying to get to the first floor of the pseudocryptocurrency.

Scarcity attracts people to Top Shot, and the system is not in the charts. Right now, the most expensive top shot available at auction is the Zion Williamson vs Nuggets block from January 2020 - with a ridiculous price tag of $ 250,000.

It's addicting and exciting for those involved and the stupidest thing in the world for outsiders. Why are people paying for "bundles" of random moments that you can watch for free on YouTube with no material value? Is this the future of sports collectibles or mass dismantling? And will the first followers be millionaires or the next generation of beanie baby collectors in 10 years?

What is NBA Top Shot?

The NBA Top Shot is an online collection of NBA highlights that you can get when you purchase "packs" or at auction. Think of it like buying sports tickets, but in the form of a video. You can crack the pack and get the buzz for Steph Curry's three-point, which is only released 99 times. When those 99 clips are gone, no one is going to experience the same big moment, and Top Shot claims that this clip will stay with you forever.

Clips are created using blockchain - the same technology as Bitcoin, Ethereum and other cryptocurrencies. I'm going to save you a very bad job trying to explain the complex blockchain technology that you can read about in detail here, but the important part is that it is fully encrypted, cannot be hacked, and that it is impossible to copy these files. Whatever it costs when you buy the NBA Top Shot, it is absolutely your collectible item.

For the price of the whole house, you can buy a Zion blocking shot bowl instead, which is only available on the internet and can only be bought and sold at Top Shot.

Before you say, "Well, people can ask what they want, it doesn't mean they get it." Understand that the best shots of Zion Williamson and LeBron James sold for $ 100,000 each on the site last week.

Can You Make Money With The NBA Top Shot?

In theory yes, but it's a little more complicated than you might expect. The technology behind Top Shot is the product of Dapper Labs, a blockchain service that, on its own website, “harnesses the power of the game to deliver a blockchain-based experience that is designed for you and ready to use in the real world . This means that the NBA and the blockchain service have teamed up to replicate the sports card market in an online environment to replicate scarcity and scarcity and seize those moments.

Unlimited packages available. Instead, they come in limited-edition "blobs" that can be sold out. Imagine a group of PS5s arriving at Walmart and trying to get one in a rush. This is the basic concept. This ensures that the market is not saturated and the deficit persists. It has just peaked the system. Regular Moments now sell for an average of $ 20-30, which means you can make money right away - and good money at the same time. Provided you are lucky enough to receive the tutu.

However, we don't know how the market will adapt when there are more of them in the wild. Basic logic is that something bought for an average of 36 cents cannot be sold for $ 20 indefinitely. Every time a rate drops and more moments are added to the economy, the price goes down, especially for weaker players or unwanted moments.

It's Top Shot's heyday right now - especially for people who made it to the ground floor in 2019 and may have a huge collection of moments. There will no doubt be stories of people becoming millionaires outside of Top Shot, and there will be stories of people who are left with their pockets when the eventual crash happens and the market improves.

Why are people so addicted to Top Shot?

The NBA and Dapper Labs created the perfect storm. A beautiful user interface that combines the fun of collecting sports cards with the promise of participating in the cryptocurrency. It just happened at the perfect time.

The Covid pandemic, which left people trapped in their homes, sparked the interest of millions of people in activities they might otherwise not be able to do, and by the end of 2020 we saw many new traders flooding the stock market. Robinhood has 13 million new merchants, and the recent craze for GameStop has pushed the idea of ??trading into the mainstream.

Many people can be confused or intimidated by the stock market, but they understand the NBA and its players and feel they have more control over the products they buy. In addition, Top Shot keeps the stick on the stick by promising financial independence.

Everyone has the FOMO of not being able to buy Bitcoin when it sold for less than $ 1 and previously hit its current value of $ 53,000, and we've seen that with the recent proliferation of Doge Coin, one supposedly worthless coin, bitcoin people are drowning. Money now, from the same dream, to see how they achieved great success. Whenever a new technology like Top Shot hits the market, it will have an interest and people will believe they can settle for life.

As long as such an opportunity exists, it is also impossible to predict the future of the market. Maybe it will stay and become the blockchain's main product, or people will lose interest and get stuck in dozens of cases where they've invested real money with no market to sell it back to. It's a risk to get involved in something like this, but while Top Shot is on fire and people gobble it up.

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