After NBA Top Shot launched their Run It Back 2005-06 card pack on Oct. 15, trading volume for NBA Top Shot's non-fungible token spiked over the weekend.
According to data from Crypto Slam, Top Shot’s daily market volume jumped from $829,520 on October 14 to over $4.5 million the next day, an increase of more than 440%. On October 16, tokens worth over $4 million were also traded.
Top Shot's NFT features video highlights depicting key moments in professional basketball history, with the latest card pack celebrating the stars of the 2005-2006 season.
On Oct. 17, NBA Top Shot tweeted that nearly 10,000 Run It Back packs had been sold at a rate of seven purchases per minute in 24 hours.
Over the past 24 hours, there have been 7 purchases per minute.
The Run It Back 2005-06 Moment™️ collection alone generated 9921 purchases in the past day.
— NBA Top Shot (@nbatopshot) October 17, 2021
Priced at $169 per pack, collectors raced to snap up moments from basketball legends like LeBron James and Shaquille O'Neal. Top Shot's card packs feature three rarity levels from Common to Legendary.
According to Crypto Slam data, since July 2020, the value of secondary sales in the NBA Top Shot market has reached a whopping $744 million. Top Shot transaction activity peaked in the first quarter of 2021, with $45.7 million worth of transactions occurring within 24 hours on February 22.
While the trading volume of Top Shot NFT exceeded $200 million in February and March, the monthly trading volume has since dropped sharply, with about $20 million in transactions during September and October.
After surging over the weekend, Top Shot became the third-largest NFT project by daily secondary trading volume, with more than $2.5 million in token trading volume in the past 24 hours, according to Crypto Slam.
Over the past day, Axie Infinity topped the list with $18.6 million in volume, while CryptoPunks came in second with $6.2 million in 24-hour volume.
In late September, Dapper Labs, the team behind Top Shot, announced plans to expand beyond basketball and partner with the NFL to launch an NFT platform and marketplace. Dapper Labs is currently aiming to complete its first NFT launch by the end of 2021.
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