The trading volume of NBA Top Shot non-fungible tokens has skyrocketed during the weekend after the launch of its retro. Run It Back 2005-06 packages on Friday, October 15.
According to Crypto Slam, the daily volume in the Top Shot market increased by more than 440% from $ 829,520 on October 14 to more than $ 4.5 million the next day. Tokens worth more than $ 4 million were also traded on October 16.
Top Shot's NFTs include video highlights showing key moments in professional basketball history, with the latest packages celebrating the stars of the 2005-2006 season.
On October 17, NBA Top Shot tweeted that nearly 10,000 Run it back The packages were sold in 24 hours at a rate of seven purchases per minute.
7๏ธโฃ purchases per minute. During the last 24 hours. โฐ
During the last day, we saw 9,921 purchases of Run It Back 2005-06 Moment โข ๏ธ Collectibles alone.
Find RIB Moments โก๏ธ https://t.co/fuCnRDcRJA pic.twitter.com/LcxNHsiwuE
- Best shot in the NBA (@nbatopshot) October 17, 2021
Packages started at $ 169 each, and collectors competed to catch moments representing basketball legends like LeBron James and Shaquille O'Neal. Top Shot packs have three rarity levels ranging from "common" to "legendary".
Crypto slam data shows that the NBA Top Shot market has hosted a whopping $ 744 million in secondary sales since July 2020. Top Shot Business Activity peaked during the first quarter of 2021, with operations worth $ 45.7 million within 24 hours on February 22.
While more than $ 200 million in Top Shot NFTs changed hands during the months of February and March, the monthly volume has dropped dramatically since then with approximately $ 20 million in trading during September and October.
Related: Top Shot to Sell Exclusive NFT Moments at Live Basketball Games
Following its weekend surge, Top Shot ranks as the third-largest NFT project by daily secondary volume, with over $ 2.5 million in token exchange hands in the past 24 hours according to Crypto Slam.
Axie Infinity ranks first with $ 18.6 million in trades over the last day, while CryptoPunks ranks second with 24-hour volume of $ 6.2 million.
In late September, Dapper Labs, the team behind Top Shot, announced plans to expand beyond basketball and launch an NFT platform and marketplace in partnership with National Soccer League (NFL). Dapper Labs is currently aiming to have completed its first NFL pitch by the end of 2021.
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